Income Producing Duplex on Quiet
For Sale
Contact for pricing
4 Pare St, Waterville, ME 04901
Income-producing duplex with recent updates, convenient location, and owner-occupancy potential.
Property Size1,704 SF
Price / SF$134.92
Days on Market99
Property Features for 4 Pare St
General Information
Standard status
Active
Size
1,704 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
Res
Building Details
Year Built
1900
Stories
2
Units
2
Listing Agency:
Real Broker
(207) 314-8443
Listed By:
Corey Lee · License #ME BA924970
Source:
Crexi
Added: May 25
Changed: Aug 8
Last Checked: Aug 31 at 2:56AM
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 Real Broker
Investment Insights
Based on property information with market context.
This income-producing two-unit property is located on a quiet, dead-end road. The property will be vacant upon sale, making it suitable for an owner-occupant looking to live in one unit and select a tenant for the other to offset mortgage costs. Both units feature identical layouts with three bedrooms each, offering spacious living arrangements. Each unit has its own propane Rinnai heating source for efficient and separate utilities. Recent updates include a new monitor heater, new roof, rebuilt back porch, paved driveway, new garage with electricity and heat, and a new storage shed. The property also features a fenced backyard. The garage and shed provide added storage. Located in a quiet walking neighborhood, the property is minutes from downtown Waterville, the highway, hospital, and local colleges. The property size is 1704 square feet.
Key Highlights
- Vacant Upon Sale: Ideal for owner‑occupant to choose their own tenant and offset mortgage.
- Income‑Producing 2‑Unit Property: Opportunity for rental income.
- Each Unit Features 3 Bedrooms: Spacious and practical living arrangements.
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
$19,030
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
8.28%
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%
$380,600
$380.6K
Cap Rate 7%
$271,857
$271.9K
Cap Rate 9%
$211,444
$211.4K
Market Conditions
NOI Build-Up for 1,704 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
$27.6K $16.20/SF
− Vacancy
−$420 −$0.25/SF
EGI
$27.2K $15.95/SF
− OpEx
−$8.2K −$4.79/SF
NOI
$19.0K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$380,600
Cap Rate 7%
$271,857
Cap Rate 9%
$211,444
Alternative Uses
Best Use
Multifamily LT 5
$271.9K
$237.9K – $317.2K
NOI $19,030 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$237.1K
$207.5K – $276.7K
NOI $16,600 @ 7.0% cap · market cap 7.22%
Theoretical Best
Warehouse
$2.54M
$2.22M – $2.97M
NOI $177,954 @ 7.0% cap · market cap 77.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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?
Duplex - Income-producing duplex with recent updates, convenient location, and owner-occupancy potential.
Where is this duplex located?
The property is located at 4 Pare St Waterville, ME.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Vacant Upon Sale: Ideal for owner‑occupant to choose their own tenant and offset mortgage.; Income‑Producing 2‑Unit Property: Opportunity for rental income.; Each Unit Features 3 Bedrooms: Spacious and practical living arrangements.
