Well-Maintained Five-Unit Apartment
For Sale
$940,000
365 Main Street, Biddeford, ME 04005
Five-unit residential income building with solid mechanical systems in an in-town setting near shopping and dining.
Property Size3,705 SF
Price / SF$253.71
Days on Market210
Property Features for 365 Main Street
General Information
Standard status
Active
Size
3,705 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
5
Building Details
Year Built
1900
Listing Agency:
Realty Sales Inc
Listed By:
David Trottier
(207) 985-4000
Source:
Greatislandrealty
Added: Apr 11
Changed: Nov 5
Last Checked: Nov 4 at 5:34PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,258
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,145,160
$1.1M
Cap Rate 7%
$817,971
$818.0K
Cap Rate 9%
$636,200
$636.2K
Market Conditions
NOI Build-Up for 3,705 SF
Gross rent
$109.8K $29.64/SF
− Vacancy
−$5.7K −$1.54/SF
EGI
$104.1K $28.10/SF
− OpEx
−$46.8K −$12.64/SF
NOI
$57.3K $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 Rate 5%
$1,145,160
Cap Rate 7%
$817,971
Cap Rate 9%
$636,200
Alternative Uses
Best Use
Apartment 5plus
$818.0K
$715.7K – $954.3K
NOI $57,258 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,213 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,154
Businesses Nearby
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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
$351,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Biddeford, ME
Properties on Market for Apartment buildings in Biddeford
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
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 $940,000.
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
