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 Market56
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
(207) 400-6737
Listed By:
Noah Stebbins · License #BR928219
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 29
Changed: Aug 23
Last Checked: Aug 18 at 4:20AM
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 = 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
$54,306
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
8.05%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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)
