Renovated Two-Unit
For Sale
$239,000
41 Bay Street, Waterville, ME 04901
Two residential units offer a two-bedroom and three-bedroom configuration with tenant parking.
Property Size2,037 SF
Price / SF$117.33
Days on Market146
Property Features for 41 Bay Street
General Information
Standard status
Active
Size
2,037 SF
Property subtype
Multi-Family
Zoning
CD
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Asking Price
$239,000
Taxes and HOA fees
Annual Taxes
$2,761
Amenities
large tenant parking area
Other Heat System, Hot Water, Forced Air, Direct Vent Heater, Baseboard
2
Full, Unfinished
Wood, Laminate, Carpet
No
Yes
2.00
Shingle
Exterior Only
No Vehicle Storage
Wood Siding, Vinyl Siding, Wood Frame
Porch
Building Details
Year Built
1860
Buildings
1
Units
2
Listing Agency:
OwnerEntry.com
(617) 542-9300
Listed By:
David White · License #10371201849
(617) 542-9300
Source:
Compass
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 6:00PM
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 OwnerEntry.com
Investment Insights
Based on property information with market context.
This 2,037-square-foot duplex contains two separate residential units in a wood-frame building constructed in 1860. The lower apartment includes two bedrooms and a spacious laundry area, while the upper apartment provides three bedrooms and washer and dryer hookups. Interior finishes include wood, laminate, and carpet, with baseboard and forced-air heating systems noted.
Recent property improvements include a new heating system, asphalt shingle roof, updated lateral and sewer system, and vinyl windows throughout. The building also offers a large tenant parking area and a porch. The property is identified with CD zoning and includes an unfinished full basement.
Recent property improvements include a new heating system, asphalt shingle roof, updated lateral and sewer system, and vinyl windows throughout. The building also offers a large tenant parking area and a porch. The property is identified with CD zoning and includes an unfinished full basement.
Key Highlights
- 2,037‑square‑foot duplex with two residential units
- Unit mix includes a 2‑bedroom lower apartment and 3‑bedroom upper apartment
- Recent updates include heating system, asphalt roof, lateral/sewer system, and vinyl windows
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
$19,844
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
8.30%
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%
$396,880
$396.9K
Cap Rate 7%
$283,486
$283.5K
Cap Rate 9%
$220,489
$220.5K
Market Conditions
NOI Build-Up for 2,037 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
$36.7K $18.00/SF
− Vacancy
−$587 −$0.29/SF
EGI
$36.1K $17.71/SF
− OpEx
−$16.2K −$7.97/SF
NOI
$19.8K $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 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%
$396,880
Cap Rate 7%
$283,486
Cap Rate 9%
$220,489
Alternative Uses
Best Use
Multifamily LT 5
$325.0K
$284.4K – $379.1K
NOI $22,748 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$283.5K
$248.1K – $330.7K
NOI $19,844 @ 7.0% cap · market cap 8.30%
Theoretical Best
Warehouse
$3.04M
$2.66M – $3.55M
NOI $212,730 @ 7.0% cap · market cap 89.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
772
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer a two-bedroom and three-bedroom configuration with tenant parking.
Where is this duplex located?
The property is located at 41 Bay Street Waterville, ME.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 2,037‑square‑foot duplex with two residential units; Unit mix includes a 2‑bedroom lower apartment and 3‑bedroom upper apartment; Recent updates include heating system, asphalt roof, lateral/sewer system, and vinyl windows
