2-Unit Duplex with Attached
For Sale
$500,000
370 Main Street, Gorham, ME 04038
OR zoning allows for office, retail, or personal service uses subject to local ordinances.
Property Size2,136 SF
Price / SF$234.08
Days on Market210
Property Features for 370 Main Street
General Information
Standard status
Active
Size
2,136 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
OR
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,996
Building Details
Building Size
2,136 SF
Year Built
1980
Buildings
1
Units
2
Listing Agency:
Portside Real Estate Group
(207) 619-7571
Listed By:
Sarah Delisl Courtney Sweeton
(207) 523-9183
Source:
Amerorealty
Added: Apr 6
Changed: Oct 31
Last Checked: Oct 31 at 2:22PM
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 Portside Real Estate Group
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Investment Insights
Based on property information with market context.
This 2,136-square-foot duplex was built in 1980 and contains two units, each with two bedrooms and one full bathroom. The first-floor unit includes a private deck. The lower-level unit has an open kitchen and living area and was renovated. An attached two-car garage provides workshop and storage space, and the property has a backyard. Public water and sewer serve the property, and the roof was replaced in 2019.
Located at 370 Main Street in Gorham, the property is within the Office-Residential (OR) District. Office, retail, and personal service uses are possible subject to local ordinances. Gorham Village and the University of Southern Maine are described as minutes away.
Located at 370 Main Street in Gorham, the property is within the Office-Residential (OR) District. Office, retail, and personal service uses are possible subject to local ordinances. Gorham Village and the University of Southern Maine are described as minutes away.
Key Highlights
- Two‑unit property with two bedrooms and one full bathroom in each unit
- 2,136 square feet; built in 1980
- Lower‑level unit features an open kitchen and living area and has been renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,746
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$754,920
$754.9K
Cap Rate 7%
$539,229
$539.2K
Cap Rate 9%
$419,400
$419.4K
Market Conditions
NOI Build-Up for 2,136 SF
Gross rent
$57.7K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$53.9K $25.25/SF
− OpEx
−$16.2K −$7.57/SF
NOI
$37.7K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$754,920
Cap Rate 7%
$539,229
Cap Rate 9%
$419,400
Alternative Uses
Best Use
Multifamily LT 5
$539.2K
$471.8K – $629.1K
NOI $37,746 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$501.7K
$439.0K – $585.3K
NOI $35,117 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$587.1K
$513.7K – $684.9K
NOI $41,096 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 04038, ME
18,336
Population
6,527
Households
2.8
Avg Household Size
39
Median Age
46%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
362
Density / Sq Mi
$110,181
Median Household Income
$53,122
Median Earnings
$1,567
Median Rent
$426,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - OR zoning allows for office, retail, or personal service uses subject to local ordinances.
Where is this duplex located?
The property is located at 370 Main Street Gorham, ME.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑unit property with two bedrooms and one full bathroom in each unit; 2,136 square feet; built in 1980; Lower‑level unit features an open kitchen and living area and has been renovated
