Mixed-Use 3-Unit
For Sale
$449,000
38 Jefferson Street, Biddeford, ME 04005
Three-unit configuration combines residential apartments with a first-floor commercial space.
Property Size3,076 SF
Price / SF$145.97
Days on Market147
Property Features for 38 Jefferson Street
General Information
Standard status
Active
Size
3,076 SF
Property subtype
Multi-Family
Zoning
MSRD1
Additional Details
Floor
First Floor
Office Units
1
Taxes and HOA fees
Annual Taxes
$5,108
Amenities
Baseboard
Daylight, Dirt Floor, Full, Unfinished
Wood
No
Yes
2.50
3
2.10
Shingle
Bulkhead2, Interior
No Vehicle Storage
Wood Siding, Wood Frame
Building Details
Year Built
1848
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(207) 284-3043
Listed By:
Daniel Weber Nicholas Laverriere
(207) 284-3043
Source:
Compass
Added: Apr 7
Changed: Aug 31
Last Checked: Aug 31 at 2:28AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1848, this 3076-square-foot mixed-use property contains three units. The first floor includes a 1-bedroom apartment and a commercial suite previously used as a medical office, while the upper level is arranged as a large 2-bedroom apartment. The building also features wood framing, wood siding, and shingle exterior materials.
Located at 38 Jefferson Street in Biddeford, the property is within walking distance of downtown and the Mills. Recent exterior work includes a new roof and extensive siding improvements completed in the last 3 years. MSRD1 zoning is in place, and the configuration supports a combination of residential and commercial occupancy.
Located at 38 Jefferson Street in Biddeford, the property is within walking distance of downtown and the Mills. Recent exterior work includes a new roof and extensive siding improvements completed in the last 3 years. MSRD1 zoning is in place, and the configuration supports a combination of residential and commercial occupancy.
Key Highlights
- Three‑unit mixed‑use building with 1‑bedroom and 2‑bedroom apartments plus a commercial unit
- 3076 square feet of building area
- Commercial unit was previously used as a medical office
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
$38,204
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
8.51%
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%
$764,080
$764.1K
Cap Rate 7%
$545,771
$545.8K
Cap Rate 9%
$424,489
$424.5K
Market Conditions
NOI Build-Up for 3,076 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
$66.4K $21.60/SF
− Vacancy
−$5.3K −$1.73/SF
EGI
$61.1K $19.87/SF
− OpEx
−$22.9K −$7.45/SF
NOI
$38.2K $12.42/SF
Area
York County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$764,080
Cap Rate 7%
$545,771
Cap Rate 9%
$424,489
Alternative Uses
Best Use
Multifamily LT 5
$743.9K
$650.9K – $867.9K
NOI $52,071 @ 7.0% cap · market cap 11.60%
Second Best
Office B
$719.8K
$629.8K – $839.8K
NOI $50,385 @ 7.0% cap · market cap 11.22%
Theoretical Best
Office A
$975.1K
$853.2K – $1.14M
NOI $68,255 @ 7.0% cap · market cap 15.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,399
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit configuration combines residential apartments with a first-floor commercial space.
Where is this mixed-use property located?
The property is located at 38 Jefferson Street Biddeford, ME.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit mixed‑use building with 1‑bedroom and 2‑bedroom apartments plus a commercial unit; 3076 square feet of building area; Commercial unit was previously used as a medical office
