Waterfront Duplex With
For Sale
$2,265,000
38 Pine Ridge Road, Saco, ME 04072
Multi-Family, Saco, ME
Property Size4,026 SF
Lot Size4.32 Acres
Price / SF$562.59
Days on Market58
Property Features for 38 Pine Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LDR
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 5, Basement
Parking features
Open, Carport, Off Street
Patio and Porch features
Porch
Pets allowed
No
Interior features
Other Amenities, Walk-in Closets, In-Law Apartment, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Attic, Pantry, Storage, Primary Bedroom w/Bath
Basement
Walk-Out Access, Full, Finished, Daylight
Lot features
Near Country Club, Well Landscaped, Level, Wooded, Near Golf Course, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Subdivided, Irrigation System
Standard status
Active
Size
4,026 SF
Lot size
4.32 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
15468
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Radiant, Hot Water(Heating), Forced Air, Propane (Heating), Baseboard
Cooling system
Central Air
Water source
Public
Water front features
Waterfront, Stream
Water front
1
Building Details
Year built
1985
Number of units
2
Flooring type
Hardwood, Composition
Building materials
Wood Frame, Clapboard, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial, Contemporary
Additional Structures
Other, Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Julie Herbert
(207) 409-0606
Added: Jul 13
Changed: Sep 5
Last Checked: Sep 8 at 10:06AM
MLS# 1641390
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This waterfront duplex property includes a primary residence and a separate apartment in a nearby barn. The 4,026-square-foot main home was built in 1985 and remodeled in 2016, with a first-floor primary suite, three-season sunroom, glass-lined living areas, finished daylight basement, workshop, full bath, central air conditioning, irrigation, generator, and updated heating systems. The home also provides hardwood flooring, public water, and public sewer.
Set on 4.32 acres along the Saco River, the property has approximately 400 feet of river frontage and water views from much of the main residence. The apartment contains two bedrooms, two bathrooms, an updated kitchen with granite counters, and a private deck. Below it is a two-bay garage with electricity, a half bath, and capacity for four cars. The property is located at 38 Pine Ridge Road in Saco, Maine, and is zoned LDR.
Set on 4.32 acres along the Saco River, the property has approximately 400 feet of river frontage and water views from much of the main residence. The apartment contains two bedrooms, two bathrooms, an updated kitchen with granite counters, and a private deck. Below it is a two-bay garage with electricity, a half bath, and capacity for four cars. The property is located at 38 Pine Ridge Road in Saco, Maine, and is zoned LDR.
Key Highlights
- 4.32‑acre waterfront property with approximately 400 feet along the Saco River
- 4,026‑square‑foot primary residence built in 1985 and remodeled in 2016
- Separate apartment includes 2 bedrooms, 2 bathrooms, updated kitchen, and private deck
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
$68,153
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
3.01%
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%
$1,363,060
$1.4M
Cap Rate 7%
$973,614
$973.6K
Cap Rate 9%
$757,256
$757.3K
Market Conditions
NOI Build-Up for 4,026 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
$102.4K $25.44/SF
− Vacancy
−$5.1K −$1.26/SF
EGI
$97.4K $24.18/SF
− OpEx
−$29.2K −$7.25/SF
NOI
$68.2K $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 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%
$1,363,060
Cap Rate 7%
$973,614
Cap Rate 9%
$757,256
Alternative Uses
Best Use
Multifamily LT 5
$973.6K
$851.9K – $1.14M
NOI $68,153 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$888.8K
$777.7K – $1.04M
NOI $62,219 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,336 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Explore this area
Business Placement
Demographics for 04072, ME
20,381
Population
9,619
Households
2.1
Avg Household Size
43
Median Age
40%
College-Educated
96%
High-School Grad
38.6 sq mi
ZIP Area
528
Density / Sq Mi
$84,328
Median Household Income
$47,419
Median Earnings
$1,268
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Riverfront property combines a remodeled primary residence with a separate apartment, garage space, and substantial outdoor improvements.
Where is this duplex located?
The property is located at 38 Pine Ridge Road Saco, ME.
What is the asking price?
The asking price for this property is $2,265,000.
What are key features of this property?
This property features: 4.32‑acre waterfront property with approximately 400 feet along the Saco River; 4,026‑square‑foot primary residence built in 1985 and remodeled in 2016; Separate apartment includes 2 bedrooms, 2 bathrooms, updated kitchen, and private deck
