Updated Three-Unit
For Sale
$750,000
383 Main Street, Westbrook, ME 04092
Three-unit multifamily property with upgraded heating, newer windows, roof improvements, and off-street parking.
Property Size2,858 SF
Price / SF$262.42
Days on Market8
Property Features for 383 Main Street
General Information
Standard status
Active
Size
2,858 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
J T Leahy Real Estate
Listed By:
Jonathan Leahy
(603) 433-3350
Source:
Greatislandrealty
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 21 at 6:32AM
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.
Located at 383 Main St in Westbrook, this three-unit multifamily property contains two first-floor one-bedroom units and a larger second-floor two-bedroom unit. The 2,858-square-foot building, constructed in 1890, includes an unfinished attic, a walkout basement, and off-street parking.
Recent property improvements include a high-efficiency natural gas heating system, newer vinyl windows, and a newer roof. The property is served by the Metro bus line and offers access to I-95 and Downtown Portland. Its Westbrook setting places the building within walking distance of area businesses and amenities.
Recent property improvements include a high-efficiency natural gas heating system, newer vinyl windows, and a newer roof. The property is served by the Metro bus line and offers access to I-95 and Downtown Portland. Its Westbrook setting places the building within walking distance of area businesses and amenities.
Key Highlights
- Three‑unit property with two 1‑bedroom units and one 2‑bedroom unit
- 2,858‑square‑foot building constructed in 1890
- 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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit multifamily property with upgraded heating, newer windows, roof improvements, and off-street parking.
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 with two 1‑bedroom units and one 2‑bedroom unit; 2,858‑square‑foot building constructed in 1890; High‑efficiency natural gas heating system
