Renovated Furnished
For Sale
$389,900
34 Western Avenue, Waterville, ME 04901
Multi-Family, Waterville, ME
Property Size2,741 SF
Lot Size0.40 Acres
Price / SF$142.25
Days on Market76
Property Features for 34 Western Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RD
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2, Basement
Patio and Porch features
Porch
Pets allowed
No
Interior features
Storage
Basement
Unfinished
Lot features
Open, Level, Intown
Standard status
Active
Size
2,741 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3221
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Forced Air, Electric (Heating), Oil, Zoned
Water source
Public
Water front features
Stream
Water front
1
Amenities
in-building laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle, Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Jeffrey Jolicoeur
(207) 649-6893
Added: Jul 6
Changed: Sep 14
Last Checked: Sep 19 at 12:06AM
MLS# 1670280
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,741-square-foot triplex on a 0.4-acre parcel contains three furnished apartments with recently updated kitchens, bathrooms, and flooring. In-building laundry, storage, porches, smart locks, and self-check-in capability are in place. The property was built in 1900 and includes wood-frame construction with vinyl siding, public water, public sewer, and a combination of forced-air and baseboard heating. A stream borders the property, and the roof includes both metal and shingle sections.
Located at 34 Western Avenue in Waterville, the property is a five-minute walk from Main Street and Colby College. Nearby demand sources identified for the established short-term rental operation include colleges, a hospital, and business travelers. The RD-zoned property is furnished and set up for short-term rentals, while the three-apartment configuration also supports consideration of long-term tenancy or owner occupancy.
Located at 34 Western Avenue in Waterville, the property is a five-minute walk from Main Street and Colby College. Nearby demand sources identified for the established short-term rental operation include colleges, a hospital, and business travelers. The RD-zoned property is furnished and set up for short-term rentals, while the three-apartment configuration also supports consideration of long-term tenancy or owner occupancy.
Key Highlights
- Three‑apartment property spanning 2,741 square feet on 0.4 acres
- Fully renovated kitchens, bathrooms, and flooring across the apartments
- Furnished units with smart locks and self‑check‑in capability
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,610
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,200
$612.2K
Cap Rate 7%
$437,286
$437.3K
Cap Rate 9%
$340,111
$340.1K
Market Conditions
NOI Build-Up for 2,741 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.4K $16.20/SF
− Vacancy
−$675 −$0.25/SF
EGI
$43.7K $15.95/SF
− OpEx
−$13.1K −$4.79/SF
NOI
$30.6K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,200
Cap Rate 7%
$437,286
Cap Rate 9%
$340,111
Alternative Uses
Best Use
Multifamily LT 5
$437.3K
$382.6K – $510.2K
NOI $30,610 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 6.85%
Theoretical Best
Warehouse
$4.09M
$3.58M – $4.77M
NOI $286,251 @ 7.0% cap · market cap 73.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three furnished apartments feature updated interiors, in-building laundry, and smart-lock access for short-term rental operations.
Where is this triplex located?
The property is located at 34 Western Avenue Waterville, ME.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three‑apartment property spanning 2,741 square feet on 0.4 acres; Fully renovated kitchens, bathrooms, and flooring across the apartments; Furnished units with smart locks and self‑check‑in capability
