Duplex with Flexible Lower
For Sale
$475,000
35 Fort Hill Avenue, Old Orchard Beach, ME 04064
The property combines a three-bedroom main residence with a lower-level one-bedroom unit and added flexible living space.
Property Size2,160 SF
Price / SF$219.91
Days on Market181
Property Features for 35 Fort Hill Avenue
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi-Family
Zoning
R-2
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,430
Amenities
Heat Pump
Heat Pump, Baseboard
Interior, Walk-Out Access, Finished, Full, Exterior Only
Wood, Vinyl
Yes
Block
2.00
2
Shingle
Shed(s)
Vinyl Siding, Wood Frame
Building Details
Year Built
2004
Units
2
Listing Agency:
Logic Realty LLC
(603) 716-0946
Listed By:
Breandan Garland
(603) 716-0946
Source:
Compass
Added: Mar 3
Changed: Aug 31
Last Checked: Aug 31 at 12:02AM
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 Logic Realty LLC
Investment Insights
Based on property information with market context.
Located at 35 Fort Hill Avenue in Old Orchard Beach, this 2,160-square-foot duplex contains two residential units. The main residence offers 3 bedrooms and 1 bathroom, while the lower-level unit includes 1 bedroom and 1 bathroom, along with additional flexible living space. The lower level has walk-out access and finished areas.
Built in 2004, the property features heat pump and baseboard heating, wood and vinyl interior finishes, wood-frame construction, vinyl siding, and a shingle exterior. A shed provides additional on-site storage. The property carries R-2 zoning and sits on a dead-end street described as a 10-minute walk from Old Orchard Beach.
Built in 2004, the property features heat pump and baseboard heating, wood and vinyl interior finishes, wood-frame construction, vinyl siding, and a shingle exterior. A shed provides additional on-site storage. The property carries R-2 zoning and sits on a dead-end street described as a 10-minute walk from Old Orchard Beach.
Key Highlights
- 2,160‑square‑foot duplex with two residential units
- Main residence includes 3 bedrooms and 1 bathroom
- Lower‑level unit offers 1 bedroom and 1 bathroom
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
$36,565
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
7.70%
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%
$731,300
$731.3K
Cap Rate 7%
$522,357
$522.4K
Cap Rate 9%
$406,278
$406.3K
Market Conditions
NOI Build-Up for 2,160 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
$55.0K $25.44/SF
− Vacancy
−$2.7K −$1.26/SF
EGI
$52.2K $24.18/SF
− OpEx
−$15.7K −$7.25/SF
NOI
$36.6K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$731,300
Cap Rate 7%
$522,357
Cap Rate 9%
$406,278
Alternative Uses
Best Use
Multifamily LT 5
$522.4K
$457.1K – $609.4K
NOI $36,565 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$476.9K
$417.3K – $556.4K
NOI $33,381 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$684.7K
$599.1K – $798.8K
NOI $47,930 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
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?
Duplex - The property combines a three-bedroom main residence with a lower-level one-bedroom unit and added flexible living space.
Where is this duplex located?
The property is located at 35 Fort Hill Avenue Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,160‑square‑foot duplex with two residential units; Main residence includes 3 bedrooms and 1 bathroom; Lower‑level unit offers 1 bedroom and 1 bathroom
