Turnkey 6-Unit Multifamily
For Sale
$675,000
42 Spruce Street, Sanford, ME 04073
Six renovated, separately metered units include one studio, one 1-bedroom, and four 2-bedroom apartments.
Property Size3,514 SF
Price / SF$192.09
Days on Market97
Property Features for 42 Spruce Street
General Information
Standard status
Active
Size
3,514 SF
Property subtype
Multi-family
Additional Details
Cap Rate
8.3%
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
The Boulos Company
Listed By:
Noah Stebbins · License #BR928219
(207) 400-6737
Source:
Profoundrealestate
Added: Jul 5
Changed: Oct 7
Last Checked: Oct 7 at 1:34PM
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 The Boulos Company
Investment Insights
Based on property information with market context.
42 Spruce Street is a turnkey six-unit multifamily property with a unit mix of one studio, one 1-bedroom unit, and four 2-bedroom units. The apartments have all been renovated and the units are separately metered for electric.
Recent improvements include a new roof, vinyl siding, and decks installed in 2025. The building is located in an in-town Sanford neighborhood with convenient access to downtown amenities, services, and major commuter routes just off Route 202.
Additional opportunity may exist to add three bedrooms in the attic space if egress is installed, subject to confirmation with the City of Sanford.
Recent improvements include a new roof, vinyl siding, and decks installed in 2025. The building is located in an in-town Sanford neighborhood with convenient access to downtown amenities, services, and major commuter routes just off Route 202.
Additional opportunity may exist to add three bedrooms in the attic space if egress is installed, subject to confirmation with the City of Sanford.
Key Highlights
- Turnkey 6‑unit multifamily property with one studio, one 1‑bedroom, and four 2‑bedroom units
- All units have been renovated and are separately metered for electric
- Recent improvements include new roof, vinyl siding, and decks (2025)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,306
Cap Rate
8.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,086,120
$1.1M
Cap Rate 7%
$775,800
$775.8K
Cap Rate 9%
$603,400
$603.4K
Market Conditions
NOI Build-Up for 3,514 SF
Gross rent
$104.2K $29.64/SF
− Vacancy
−$5.4K −$1.54/SF
EGI
$98.7K $28.10/SF
− OpEx
−$44.4K −$12.64/SF
NOI
$54.3K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,086,120
Cap Rate 7%
$775,800
Cap Rate 9%
$603,400
Alternative Uses
Best Use
Apartment 5plus
$775.8K
$678.8K – $905.1K
NOI $54,306 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$974.7K – $1.30M
NOI $77,974 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 04073, ME
17,283
Population
7,772
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
90%
High-School Grad
37.7 sq mi
ZIP Area
458
Density / Sq Mi
$69,135
Median Household Income
$42,758
Median Earnings
$1,145
Median Rent
$259,500
Median Home Value
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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?
Apartment building - Six renovated, separately metered units include one studio, one 1-bedroom, and four 2-bedroom apartments.
Where is this apartment building located?
The property is located at 42 Spruce Street Sanford, ME.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Turnkey 6‑unit multifamily property with one studio, one 1‑bedroom, and four 2‑bedroom units; All units have been renovated and are separately metered for electric; Recent improvements include new roof, vinyl siding, and decks (2025)
