Two-Family Duplex with
For Sale
$499,000
38-40 Middle Street, Biddeford, ME 04005
Both apartments are vacant, with separate layouts and off-street parking on a corner lot.
Property Size2,166 SF
Price / SF$230.38
Days on Market172
Property Features for 38-40 Middle Street
General Information
Standard status
Active
Size
2,166 SF
Property subtype
Multi Family Home
Zoning
MSRD-2
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,117
Building Details
Building Size
2,166 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listed By:
Dan Amero
(207) 762-8053
Source:
Amerorealty
Added: May 5
Changed: Oct 22
Last Checked: Oct 22 at 2:37PM
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 Dan Amero
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Investment Insights
Based on property information with market context.
This 2,166-square-foot duplex, built in 1920, contains two apartments and is currently vacant. The first-floor unit has a 2–3-bedroom layout, while the upper unit has 2 bedrooms. Both feature generous room layouts, porches, and original details. Heating is provided by a boiler, and the property is zoned MSRD-2.
Set on a corner lot, the property includes off-street parking and a yard. Restaurants, coffee shops, brew pubs, and everyday services are described as a short distance away. The University of New England and Amtrak service are also nearby, with rail connections to Boston and other destinations.
Set on a corner lot, the property includes off-street parking and a yard. Restaurants, coffee shops, brew pubs, and everyday services are described as a short distance away. The University of New England and Amtrak service are also nearby, with rail connections to Boston and other destinations.
Key Highlights
- Two‑family property with 2,166 SF of building area
- First‑floor apartment has 2–3 bedrooms; second‑floor apartment has 2 bedrooms
- Built in 1920 and zoned MSRD‑2
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,667
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$733,340
$733.3K
Cap Rate 7%
$523,814
$523.8K
Cap Rate 9%
$407,411
$407.4K
Market Conditions
NOI Build-Up for 2,166 SF
Gross rent
$55.1K $25.44/SF
− Vacancy
−$2.7K −$1.26/SF
EGI
$52.4K $24.18/SF
− OpEx
−$15.7K −$7.25/SF
NOI
$36.7K $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 Rate 5%
$733,340
Cap Rate 7%
$523,814
Cap Rate 9%
$407,411
Alternative Uses
Best Use
Multifamily LT 5
$523.8K
$458.3K – $611.1K
NOI $36,667 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$478.2K
$418.4K – $557.9K
NOI $33,474 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$686.6K
$600.8K – $801.1K
NOI $48,063 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,148
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are vacant, with separate layouts and off-street parking on a corner lot.
Where is this duplex located?
The property is located at 38-40 Middle Street Biddeford, ME.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑family property with 2,166 SF of building area; First‑floor apartment has 2–3 bedrooms; second‑floor apartment has 2 bedrooms; Built in 1920 and zoned MSRD‑2
