Upgraded Three-Unit
New
For Sale
$750,000
383 Main Street, Westbrook, ME 04092
Multi-Family, Westbrook, ME
Property Size2,858 SF
Lot Size0.17 Acres
Price / SF$262.42
Days on Market4
Property Features for 383 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CCD
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Parking features
Off Street
Basement
Full, Unfinished
Lot features
Well Landscaped, Sidewalks, Intown
Standard status
Active
Size
2,858 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
5594
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1890
Number of units
3
Flooring type
Carpet, Tile, Laminate, Hardwood
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Other
Listing Agency:
J T Leahy Real Estate
Listed By:
Jonathan Leahy
(207) 939-8366
Added: Sep 18
Last Checked: Sep 21 at 11:06AM
MLS# 1681169
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 2,858-square-foot triplex, built in 1890, contains two first-floor one-bedroom units and a larger second-floor two-bedroom unit. Improvements include a high-efficiency natural gas heating system, newer vinyl windows, and a shingle roof. The property also provides off-street parking, a walkout basement, and a large unfinished attic. Public water and public sewer serve the building, with zoning identified as CCD.
Positioned in downtown Westbrook, the property is within walking distance of area amenities and businesses and sits on the Metro bus line. Access to I-95 and Downtown Portland supports commuting throughout the surrounding area. The three-unit layout offers separate residential spaces within a single multifamily property.
Positioned in downtown Westbrook, the property is within walking distance of area amenities and businesses and sits on the Metro bus line. Access to I-95 and Downtown Portland supports commuting throughout the surrounding area. The three-unit layout offers separate residential spaces within a single multifamily property.
Key Highlights
- Three‑unit configuration with two 1‑bedroom units and one 2‑bedroom unit
- 2,858 square feet on a 0.17‑acre lot
- High‑efficiency natural gas heating system
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
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Current Use
Lease Details
3
Residential units
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Three-unit multifamily property with updated systems, off-street parking, and flexible unfinished storage areas.
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 configuration with two 1‑bedroom units and one 2‑bedroom unit; 2,858 square feet on a 0.17‑acre lot; High‑efficiency natural gas heating system
