Four-Unit Quadplex with Private
For Sale
$269,000
348 Main Street, Corinth, ME 04427
Residential-zoned property with a two-bedroom unit, one-bedroom unit, and two efficiency units.
Property Size936 SF
Price / SF$287.39
Days on Market258
Property Features for 348 Main Street
General Information
Standard status
Active
Size
936 SF
Property subtype
Multi-Family
Zoning
Residential
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 1 x 1BR, 2 x efficiency
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,762
Amenities
Baseboard
Partial, Exterior Only
Vinyl, Laminate, Carpet
No
Yes
Stone, Granite
4.00
4
Shingle
Vinyl Siding, Wood Frame
Building Details
Year Built
1900
Buildings
1
Units
4
Listing Agency:
NextHome Experience
(207) 343-2157
Listed By:
Shirley Wright · License #SA929084,PersonLicenseNumber
(207) 343-2157
Source:
Compass
Added: Dec 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NextHome Experience
Investment Insights
Based on property information with market context.
This four-unit property at 348 Main Street includes one two-bedroom apartment, one one-bedroom apartment, and two efficiency units. Built in 1900, the building has received recent upgrades and uses a single oil-fired furnace for heat. Private water and sewer serve the property, while the interior includes vinyl, laminate, and carpet flooring along with stone and granite finishes.
The property is located in Corinth, between Bangor and Dover-Foxcroft, with access from Main Street. Its road access and visible position support straightforward tenant access and day-to-day management. Residential zoning is in place, and the building’s compact unit mix provides a range of apartment configurations within one property.
The property is located in Corinth, between Bangor and Dover-Foxcroft, with access from Main Street. Its road access and visible position support straightforward tenant access and day-to-day management. Residential zoning is in place, and the building’s compact unit mix provides a range of apartment configurations within one property.
Key Highlights
- Four‑unit apartment property with one two‑bedroom, one one‑bedroom, and two efficiency units
- Built in 1900 with several recent upgrades
- Single oil‑fired furnace provides centralized heat
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
$8,578
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
3.19%
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%
$171,560
$171.6K
Cap Rate 7%
$122,543
$122.5K
Cap Rate 9%
$95,311
$95.3K
Market Conditions
NOI Build-Up for 936 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
$12.9K $13.80/SF
− Vacancy
−$663 −$0.71/SF
EGI
$12.3K $13.09/SF
− OpEx
−$3.7K −$3.93/SF
NOI
$8.6K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$171,560
Cap Rate 7%
$122,543
Cap Rate 9%
$95,311
Alternative Uses
Best Use
Multifamily LT 5
$122.5K
$107.2K – $143.0K
NOI $8,578 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$112.7K
$98.6K – $131.5K
NOI $7,889 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$302.3K
$264.5K – $352.7K
NOI $21,161 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 04427, ME
2,900
Population
1,288
Households
2.3
Avg Household Size
41
Median Age
20%
College-Educated
94%
High-School Grad
40.3 sq mi
ZIP Area
72
Density / Sq Mi
$60,612
Median Household Income
$40,776
Median Earnings
$773
Median Rent
$123,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential-zoned property with a two-bedroom unit, one-bedroom unit, and two efficiency units.
Where is this quadplex located?
The property is located at 348 Main Street Corinth, ME.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Four‑unit apartment property with one two‑bedroom, one one‑bedroom, and two efficiency units; Built in 1900 with several recent upgrades; Single oil‑fired furnace provides centralized heat
