Waterfront Residential Income
38 Pine Ridge Road, Saco, ME 04072
For Sale
$2,265,000
4.32-acre Saco River setting with remodeled main house and a separate two-bedroom barn apartment.
Property Size4,026 SF
Price / SF$562.59
Days on Market394
Property Features for 38 Pine Ridge Road
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
EXP Realty
Listed By:
Julie Herbert
(207) 409-0606
Source:
Profoundrealestate
Added: Oct 14, 2025
Changed: Nov 10
Last Checked: Nov 10 at 7:30AM
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 EXP Realty
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Investment Insights
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This waterfront residential income property features a main house originally built in 1985 and completely remodeled in 2016. The home includes a first-floor primary suite, an expansive three-season sunroom, and two stories of glass designed for river views from almost every room. Additional improvements include true central air conditioning, irrigation, a new Viessmann boiler system, composite decking, and a generator. A finished daylight basement adds more river views, workout space, a full bath, and a workshop.
The land totals 4.32 acres and extends approximately 400 feet along the Saco River, positioned at the end of a quiet neighborhood. The property also offers boat and recreation access with Marsten’s Marina about five minutes away, Biddeford-Saco Country Club roughly eight minutes away, and Bayview Beach, Ferry Beach, and Camp Ellis within an easy bike ride.
To the right of the main home’s river views is Saco Island and to the left is Thunder Island. A nearby barn/apartment provides additional income space with two bedrooms, two bathrooms, an updated kitchen with granite counters, and a large deck with peek-a-boo river views. Below the deck is a two-bay garage sized for storage for four cars (or six Mini Coopers), with electricity, a half bath, and the option to add heat; there is also room to accommodate a lift and crane.
The land totals 4.32 acres and extends approximately 400 feet along the Saco River, positioned at the end of a quiet neighborhood. The property also offers boat and recreation access with Marsten’s Marina about five minutes away, Biddeford-Saco Country Club roughly eight minutes away, and Bayview Beach, Ferry Beach, and Camp Ellis within an easy bike ride.
To the right of the main home’s river views is Saco Island and to the left is Thunder Island. A nearby barn/apartment provides additional income space with two bedrooms, two bathrooms, an updated kitchen with granite counters, and a large deck with peek-a-boo river views. Below the deck is a two-bay garage sized for storage for four cars (or six Mini Coopers), with electricity, a half bath, and the option to add heat; there is also room to accommodate a lift and crane.
Key Highlights
- 4.32‑acre property on the Saco River with approximately 400 ft of river frontage
- Main home remodeled in 2016; originally built in 1985
- True central air plus updated heating including a new Viessmann boiler system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,153
Cap Rate
3.01%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
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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
$370,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in York County, ME
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Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - 4.32-acre Saco River setting with remodeled main house and a separate two-bedroom barn apartment.
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 property on the Saco River with approximately 400 ft of river frontage; Main home remodeled in 2016; originally built in 1985; True central air plus updated heating including a new Viessmann boiler system
