Well-Maintained Five-Unit Apartment
For Sale
$950,000
350 Main Street, Biddeford, ME 04005
A well-maintained 5-unit apartment building with solid mechanical systems, offered for sale with 48-hour showing notice.
Property Size3,503 SF
Price / SF$271.20
Days on Market116
Property Features for 350 Main Street
General Information
Standard status
Active
Size
3,503 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
5
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Realty Sales Inc
Listed By:
David Trottier
(603) 866-2942
Source:
Profoundrealestate
Added: Apr 19
Changed: Aug 11
Last Checked: Aug 11 at 10:37AM
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 Realty Sales Inc
Investment Insights
Based on property information with market context.
350 Main Street offers a well-maintained five-unit apartment building with solid mechanical systems. The property has been carefully managed by the current owner, who is retiring, and it features long-term tenant occupancy.
Located in the heart of downtown, the building is within walking distance to cafes, shops, restaurants, the Riverwalk, and Amtrak.
The rental income structure includes many tenants described as “Tenants At Will,” which may allow rents to move toward current market rates over time. Showings are scheduled for Tuesdays at 12:00 PM and Fridays at 12:00 PM, with 48-hour notice required.
Located in the heart of downtown, the building is within walking distance to cafes, shops, restaurants, the Riverwalk, and Amtrak.
The rental income structure includes many tenants described as “Tenants At Will,” which may allow rents to move toward current market rates over time. Showings are scheduled for Tuesdays at 12:00 PM and Fridays at 12:00 PM, with 48-hour notice required.
Key Highlights
- Well‑maintained 5‑unit apartment building at 350 Main Street
- Year built: 1930
- Solid mechanical systems reported
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
$54,136
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
5.70%
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%
$1,082,720
$1.1M
Cap Rate 7%
$773,371
$773.4K
Cap Rate 9%
$601,511
$601.5K
Market Conditions
NOI Build-Up for 3,503 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
$103.8K $29.64/SF
− Vacancy
−$5.4K −$1.54/SF
EGI
$98.4K $28.10/SF
− OpEx
−$44.3K −$12.64/SF
NOI
$54.1K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,082,720
Cap Rate 7%
$773,371
Cap Rate 9%
$601,511
Alternative Uses
Best Use
Apartment 5plus
$773.4K
$676.7K – $902.3K
NOI $54,136 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$971.6K – $1.30M
NOI $77,730 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,154
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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?
Apartment building - A well-maintained 5-unit apartment building with solid mechanical systems, offered for sale with 48-hour showing notice.
Where is this apartment building located?
The property is located at 350 Main Street Biddeford, ME.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Well‑maintained 5‑unit apartment building at 350 Main Street; Year built: 1930; Solid mechanical systems reported
