Two-Unit Duplex with In-Unit
41 Lotts Drive, Windham, ME 04062
For Sale
$599,900
One apartment is expected to be vacant at closing, while the other is currently leased.
Property Size2,252 SF
Price / SF$266.39
Days on Market210
Property Features for 41 Lotts Drive
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
off-street parking
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Dream Home Realty LLC
Listed By:
Sarah Msuya
(207) 608-5006
Source:
Oceanviewproperties
Added: Apr 15
Changed: Nov 10
Last Checked: Nov 9 at 9:27PM
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 Dream Home Realty LLC
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Investment Insights
Based on property information with market context.
This 2,252-square-foot duplex, built in 1929, contains a 3-bedroom apartment and a 2-bedroom apartment. The 3-bedroom unit is slated for delivery vacant at closing and has a single-level layout with an open kitchen, dining, and living area, plus a mud room. Granite countertops, stainless steel appliances, and an in-unit washer and dryer are included. The 2-bedroom unit also has its own washer and dryer and is currently leased. Utilities are paid by the tenants, and off-street parking is available.
The property is on Lotts Drive in Windham, just off a rotary with access to I-95. North Windham amenities and Sebago Lake are nearby. The listing also identifies connections to Gorham, Westbrook, Gray, Cumberland, downtown Portland, and the Jetport, with approximate drive times of 20–25 minutes to Portland and about 20 minutes to the Jetport.
The property is on Lotts Drive in Windham, just off a rotary with access to I-95. North Windham amenities and Sebago Lake are nearby. The listing also identifies connections to Gorham, Westbrook, Gray, Cumberland, downtown Portland, and the Jetport, with approximate drive times of 20–25 minutes to Portland and about 20 minutes to the Jetport.
Key Highlights
- 2,252‑square‑foot duplex built in 1929
- Two apartments: one 3‑bedroom unit and one 2‑bedroom unit
- 3‑bedroom apartment expected to be vacant at closing; 2‑bedroom apartment is currently leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,796
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$795,920
$795.9K
Cap Rate 7%
$568,514
$568.5K
Cap Rate 9%
$442,178
$442.2K
Market Conditions
NOI Build-Up for 2,252 SF
Gross rent
$60.8K $27.00/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$56.9K $25.25/SF
− OpEx
−$17.1K −$7.57/SF
NOI
$39.8K $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 Rate 5%
$795,920
Cap Rate 7%
$568,514
Cap Rate 9%
$442,178
Alternative Uses
Best Use
Multifamily LT 5
$568.5K
$497.5K – $663.3K
NOI $39,796 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$528.9K
$462.8K – $617.1K
NOI $37,024 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$619.0K
$541.6K – $722.1K
NOI $43,327 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Cumberland County, ME
Properties on Market for Duplexes in Cumberland County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One apartment is expected to be vacant at closing, while the other is currently leased.
Where is this duplex located?
The property is located at 41 Lotts Drive Windham, ME.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,252‑square‑foot duplex built in 1929; Two apartments: one 3‑bedroom unit and one 2‑bedroom unit; 3‑bedroom apartment expected to be vacant at closing; 2‑bedroom apartment is currently leased
