3-Unit Multifamily
For Sale
$309,000
4 Sherwin Street, Waterville, ME 04901
Vacant apartments offer a two-bedroom first-floor layout and three bedrooms on each upper level.
Property Size2,800 SF
Price / SF$110.36
Days on Market105
Property Features for 4 Sherwin Street
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi Family Home
Zoning
RC
Units
Unit Mix
1 x 2BR, 2 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,759
Amenities
dedicated storage room
laundry hookups
Building Details
Building Size
2,800 SF
Year Built
1935
Stories
3
Units
3
Listing Agency:
Hearth & Key Realty
(207) 241-2327
Listed By:
Ryley Austin
(207) 576-1951
Source:
Hayesrealestate
Added: Jul 16
Changed: Oct 25
Last Checked: Oct 26 at 4:01AM
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 Hearth & Key Realty
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Investment Insights
Based on property information with market context.
This 2,800-square-foot multifamily building in Waterville contains three apartments, with one unit on each floor. The first-floor apartment has two bedrooms; the second- and third-floor apartments each have three. All units are vacant. Each apartment has a separate storage room outside the unit, while the full walk-in basement provides laundry hookups and additional utility and storage space. The property is zoned RC and was built in 1935.
Improvements include a roof installed two years ago, a furnace installed less than two years ago, and an oil tank replaced in 2022. Electrical panels have been updated, and plumbing improvements, replacement windows, interior paint, trim, cabinets, and flooring are also noted. Final cosmetic work is underway.
Improvements include a roof installed two years ago, a furnace installed less than two years ago, and an oil tank replaced in 2022. Electrical panels have been updated, and plumbing improvements, replacement windows, interior paint, trim, cabinets, and flooring are also noted. Final cosmetic work is underway.
Key Highlights
- Three vacant apartments: one 2‑bedroom unit and two 3‑bedroom units
- 2,800‑square‑foot building with one apartment on each floor
- Separate storage room for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,276
Cap Rate
8.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$545,520
$545.5K
Cap Rate 7%
$389,657
$389.7K
Cap Rate 9%
$303,067
$303.1K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$50.4K $18.00/SF
− Vacancy
−$806 −$0.29/SF
EGI
$49.6K $17.71/SF
− OpEx
−$22.3K −$7.97/SF
NOI
$27.3K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$545,520
Cap Rate 7%
$389,657
Cap Rate 9%
$303,067
Alternative Uses
Best Use
Multifamily LT 5
$446.7K
$390.9K – $521.2K
NOI $31,269 @ 7.0% cap · market cap 10.12%
Second Best
Apartment 5plus
$389.7K
$341.0K – $454.6K
NOI $27,276 @ 7.0% cap · market cap 8.83%
Theoretical Best
Warehouse
$4.18M
$3.66M – $4.87M
NOI $292,413 @ 7.0% cap · market cap 94.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Vacant apartments offer a two-bedroom first-floor layout and three bedrooms on each upper level.
Where is this triplex located?
The property is located at 4 Sherwin Street Waterville, ME.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Three vacant apartments: one 2‑bedroom unit and two 3‑bedroom units; 2,800‑square‑foot building with one apartment on each floor; Separate storage room for each apartment
