Upgraded Three-Unit
For Sale
$750,000
383 Main Street, Westbrook, ME 04092
Fully occupied multifamily property with two first-floor one-bedroom units and a larger second-floor two-bedroom residence.
Property Size2,858 SF
Price / SF$262.42
Days on Market162
Property Features for 383 Main Street
General Information
Standard status
Active
Size
2,858 SF
Property subtype
Multi-Family
Zoning
CCD
Taxes and HOA fees
Annual Taxes
$5,594
Amenities
Zoned, Hot Water, Baseboard
Full, Exterior Only, Unfinished
Tile, Laminate, Carpet
No
Yes
3.00
3
Pitched, Shingle
Asbestos, Wood Frame
Building Details
Year Built
1890
Units
3
Listing Agency:
J T Leahy Real Estate
(207) 939-8366
Listed By:
Jonathan Leahy
(207) 939-8366
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 11:19PM
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 J T Leahy Real Estate
Investment Insights
Based on property information with market context.
Built in 1890, this 2,858-square-foot triplex contains three residential units: two one-bedroom apartments on the first floor and a larger two-bedroom unit on the second floor. The property is fully occupied and includes a high-efficiency natural gas furnace, newer vinyl windows, a newer roof, off-street parking, an unfinished attic, and a walkout basement. Interior finishes include tile, laminate, and carpet, with baseboard heat and hot water service.
Located at 383 Main Street in Downtown Westbrook, the property is zoned CCD and offers a multifamily configuration with existing occupancy and functional supporting spaces. The attic and basement provide additional unfinished areas within the building.
Located at 383 Main Street in Downtown Westbrook, the property is zoned CCD and offers a multifamily configuration with existing occupancy and functional supporting spaces. The attic and basement provide additional unfinished areas within the building.
Key Highlights
- Three‑unit property totaling 2,858 SF
- Two 1‑bedroom first‑floor units and one 2‑bedroom second‑floor unit
- Fully occupied multifamily asset
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
$50,505
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
6.73%
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%
$1,010,100
$1.0M
Cap Rate 7%
$721,500
$721.5K
Cap Rate 9%
$561,167
$561.2K
Market Conditions
NOI Build-Up for 2,858 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
$77.2K $27.00/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$72.2K $25.25/SF
− OpEx
−$21.6K −$7.57/SF
NOI
$50.5K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /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%
$1,010,100
Cap Rate 7%
$721,500
Cap Rate 9%
$561,167
Alternative Uses
Best Use
Multifamily LT 5
$721.5K
$631.3K – $841.8K
NOI $50,505 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$671.2K
$587.3K – $783.1K
NOI $46,987 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$785.5K
$687.3K – $916.5K
NOI $54,987 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
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?
Triplex - Fully occupied multifamily property with two first-floor one-bedroom units and a larger second-floor two-bedroom residence.
Where is this triplex located?
The property is located at 383 Main Street Westbrook, ME.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,858 SF; Two 1‑bedroom first‑floor units and one 2‑bedroom second‑floor unit; Fully occupied multifamily asset
