Well-Maintained Five-Unit Apartment
365 Main Street Biddeford, ME 04005
365 Main Street, Biddeford, ME, 04005
$1,040,000
For Sale
$1,040,000
Five-unit residential income building with solid mechanical systems in an in-town setting near shopping and dining.
Property Size3,705 SF
Price / SF$280.70
Days on Market111
Property Features for 365 Main Street
General Information
- Standard status
- Active
- Size
- 3,705 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing Agency
Realty Sales Inc
Listed by
David Trottier
(603) 433-3350
Source
Greatislandrealty
Added: Apr 2 Updated: Jul 20 at 4:18 pm Checked: Jul 20 at 4:18 pm
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.
365 Main Street is an exceptionally well maintained five-unit apartment building. The property is described as having solid mechanical systems and includes long-term tenants.
The building is located in the heart of the revitalized downtown, within walking distance to cafes, shops, restaurants, the Riverwalk, and Amtrak. The remarks note that many tenants are “Tenants At Will,” which may affect the timing of income alignment to current market rates.
Showings are scheduled for Tuesdays at 12:00 and Fridays at 12:00, with 48 hours’ notice required. The seller has owned the buildings for a long time and is retiring.
The building is located in the heart of the revitalized downtown, within walking distance to cafes, shops, restaurants, the Riverwalk, and Amtrak. The remarks note that many tenants are “Tenants At Will,” which may affect the timing of income alignment to current market rates.
Showings are scheduled for Tuesdays at 12:00 and Fridays at 12:00, with 48 hours’ notice required. The seller has owned the buildings for a long time and is retiring.
Key Highlights
- Five‑unit residential income building (Year built: 1900) with solid mechanical systems
- Exceptionally well maintained 5‑unit property with long‑term tenants
- Tenants are mostly "Tenants At Will," with potential for rents to move toward current market rates
Local Financial Insights For Apartment 5plus
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 | $109.8k | $29.64 |
| − Vacancy | −$5.7k | −$1.54 |
| EGI | $104.1k | $28.10 |
| − OpEx | −$46.8k | −$12.64 |
| NOI | $57.3k | $15.45 |
3,705 SF · lease $29.64/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$818.0K
$715.7K – $954.3K
NOI $57,258 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,213 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit residential income building with solid mechanical systems in an in-town setting near shopping and dining.
Where is this apartment building located?
The property is located at 365 Main Street Biddeford, ME.
What is the asking price?
The asking price for this property is $1,040,000.
What are key features of this property?
This property features: Five‑unit residential income building (Year built: 1900) with solid mechanical systems; Exceptionally well maintained 5‑unit property with long‑term tenants; Tenants are mostly "Tenants At Will," with potential for rents to move toward current market rates
