Waterfront Duplex With Barn
For Sale
$2,265,000
38 Pine Ridge Road, Saco, ME 04072
MULTI_FAMILY - Contemporary, Colonial - Saco, ME
Property Size4,026 SF
Lot Size4.32 Acres
Price / SF$562.59
Days on Market31
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 5, Bathroom 1, Bathroom 3, Basement, Bathroom 2, Bathroom 4
Parking features
Carport, Off Street, Open
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
Daylight, Full, Walk-Out Access, Finished
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
Radiant, Hot Water(Heating), Propane (Heating), Natural Gas, Forced Air, Baseboard
Cooling system
Central Air
Water source
Public
Water front features
Stream, Waterfront
Water front
1
Amenities
central air conditioning
irrigation
generator
sunroom
deck
garage
finished basement
workshop
Building Details
Year built
1985
Number of units
2
Flooring type
Composition, Hardwood
Building materials
Wood Frame, Clapboard, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial, Contemporary
Additional Structures
Storage, Other
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Julie Herbert
(207) 409-0606
Added: Jul 13
Changed: Aug 12
Last Checked: Aug 12 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 4,026-square-foot duplex property combines a remodeled main residence with an additional apartment in a nearby barn. The primary home was built in 1985 and updated in 2016, including a first-floor primary suite, three-season sunroom, two-story glass features, central air conditioning, irrigation, composite decking, a Viessmann boiler system, and generator. A finished daylight basement adds river views, a full bath, workout area, and workshop.
Set on 4.32 acres along the Saco River, the property includes approximately 400 feet of river frontage and water views from much of the main house. The barn apartment offers two bedrooms, two baths, an updated kitchen with granite counters, a primary suite, and a large deck. Below, a two-bay garage provides parking and storage, with additional electricity, a half bath, and room for a lift or crane. Public water and sewer serve the property, which is zoned LDR.
Set on 4.32 acres along the Saco River, the property includes approximately 400 feet of river frontage and water views from much of the main house. The barn apartment offers two bedrooms, two baths, an updated kitchen with granite counters, a primary suite, and a large deck. Below, a two-bay garage provides parking and storage, with additional electricity, a half bath, and room for a lift or crane. Public water and sewer serve the property, which is zoned LDR.
Key Highlights
- 4.32‑acre waterfront property with approximately 400 feet along the Saco River
- 4,026 SF property with a main residence and additional two‑bedroom, two‑bath apartment
- Main home built in 1985 and remodeled in 2016
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
47
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 - Remodeled waterfront property includes a two-bedroom apartment and substantial accessory space for parking, hobbies, or storage.
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 SF property with a main residence and additional two‑bedroom, two‑bath apartment; Main home built in 1985 and remodeled in 2016
