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    Multi-Unit with Conversion Potential Title is generated by Realmo AI

    35 Academy Street, Auburn, ME 04210

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    For Sale
    $335,000

    Multi-unit in Auburn with potential for conversion and prime location.

    Type:Multi-Family
    Property size:
    2,428 SF
    Price / SF:
    $137/SF
    Added:
    Jan 2, 2026
    Days on Market:
    150
    Last Refresh:
    Apr 14 at 10:14 pm

    Property Features for 35 Academy Street

    General Information

    Standard status
    Active
    Size
    2,428 SF
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1879

    We can help!

    Listing Contact
    Yulia Glasgow

    Listing agent Yulia Glasgow

    Listing office Maine Real Estate Co

    Listing date Jan 2, 2026

    Source Compass

    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 Maine Real Estate Co

    HighLights

    • Potential to convert to a 3‑unit property (pending town approval) offering increased investment value.
    • Prime location in the heart of Auburn, close to downtown Lewiston Auburn shops, restaurants, and the Riverwalk.
    • Proximity to major employers, Bates College, St Marys Regional Medical Center, and Central Maine Community College.
    • Strong rental demand supported by spacious layouts and well‑defined living areas.
    • Close to outdoor recreation including parks, lakes, hiking trails, Lake Auburn, Mount Apatite, and Lost Valley Ski Area.
    • Located in Auburn, a growing city with a vibrant arts scene and easy access to Portland and Augusta.

    Overview

    This multi-unit property, currently listed as a 2-unit, presents an opportunity for investors or owner-occupants. There is potential to convert it into a 3-unit, pending town approval. The property features spacious layouts and well-defined living areas. Situated in Auburn, the location provides access to downtown Lewiston Auburn shops, local restaurants, coffee spots, and the Riverwalk along the Androscoggin River. Nearby are Bates College, St Marys Regional Medical Center, and Central Maine Community College, as well as major employers. The location also offers proximity to parks, lakes, hiking trails, and four-season recreation, including Lake Auburn, Mount Apatite, and Lost Valley Ski Area. The property size is 2428 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $34.7k $14.28
    − Vacancy −$461 −$0.19
    EGI $34.2k $14.09
    − OpEx −$10.3k −$4.23
    NOI $23.9k $9.86
    2,428 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $342.1K
    $299.3K – $399.1K (±1% cap)
    NOI $23,947 @ 7.0% cap · market cap 7.15%
    Second Best
    Apartment 5plus
    $325.0K
    $284.4K – $379.2K (±1% cap)
    NOI $22,753 @ 7.0% cap · market cap 6.79%
    Theoretical Best
    Warehouse
    $4.31M
    $3.77M – $5.03M (±1% cap)
    NOI $301,862 @ 7.0% cap · market cap 90.11%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Auburn
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.2278707
    Latitude
    44.0928638

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    FAQs

    What type of property is this?
    Duplex - Multi-unit in Auburn with potential for conversion and prime location.
    Where is this duplex located?
    The property is located at 35 Academy Street Auburn, ME.
    What is the asking price?
    The asking price for this property is $335,000.
    What are key features of this property?
    This property features: Potential to convert to a 3‑unit property (pending town approval) offering increased investment value.; Prime location in the heart of Auburn, close to downtown Lewiston Auburn shops, restaurants, and the Riverwalk.; Proximity to major employers, Bates College, St Marys Regional Medical Center, and Central Maine Community College.
    (603) 264-7839
    We can help!
    Listing Contact
    Yulia Glasgow
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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