Two-Unit Duplex with
For Sale
$404,900
42 Summer Street, Biddeford, ME 04005
Corner-lot property near downtown dining, breweries, shops, and the Mill District.
Property Size2,327 SF
Price / SF$174
Days on Market19
Property Features for 42 Summer Street
General Information
Standard status
Active
Size
2,327 SF
Total Parking Spaces
2
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1880
Listing Agency:
PO-GO REALTY
Listed By:
Julie Chandler
(603) 433-3350
Source:
Greatislandrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 30 at 6:54PM
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 PO-GO REALTY
Investment Insights
Based on property information with market context.
This 2,327-square-foot duplex, built in 1880, contains two residential units with distinct layouts. The first unit offers three bedrooms and one bathroom, while the second includes one bedroom and one bathroom. A two-car garage provides off-street parking and additional storage.
Positioned on a corner lot in downtown Biddeford, the property is close to local restaurants, craft breweries, retail shops, and the revitalized Mill District. The configuration supports both rental use and an owner-occupied arrangement, as described in the property information.
Positioned on a corner lot in downtown Biddeford, the property is close to local restaurants, craft breweries, retail shops, and the revitalized Mill District. The configuration supports both rental use and an owner-occupied arrangement, as described in the property information.
Key Highlights
- 2,327‑square‑foot duplex built in 1880
- Two units with 3‑bedroom and 1‑bedroom layouts
- Both units include 1 bathroom
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
$35,962
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
8.88%
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%
$719,240
$719.2K
Cap Rate 7%
$513,743
$513.7K
Cap Rate 9%
$399,578
$399.6K
Market Conditions
NOI Build-Up for 2,327 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
$69.0K $29.64/SF
− Vacancy
−$3.6K −$1.54/SF
EGI
$65.4K $28.10/SF
− OpEx
−$29.4K −$12.64/SF
NOI
$36.0K $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%
$719,240
Cap Rate 7%
$513,743
Cap Rate 9%
$399,578
Alternative Uses
Best Use
Multifamily LT 5
$562.7K
$492.4K – $656.5K
NOI $39,392 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$513.7K
$449.5K – $599.4K
NOI $35,962 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$737.6K
$645.4K – $860.6K
NOI $51,635 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,148
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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?
Duplex - Corner-lot property near downtown dining, breweries, shops, and the Mill District.
Where is this duplex located?
The property is located at 42 Summer Street Biddeford, ME.
What is the asking price?
The asking price for this property is $404,900.
What are key features of this property?
This property features: 2,327‑square‑foot duplex built in 1880; Two units with 3‑bedroom and 1‑bedroom layouts; Both units include 1 bathroom
