Two-Unit Duplex with
New
For Sale
$404,900
42 Summer Street, Biddeford, ME 04005
Multi-Family, Biddeford, ME
Property Size2,327 SF
Lot Size0.10 Acres
Price / SF$174
Days on Market6
Property Features for 42 Summer Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MSRD2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Attic
Basement
Crawl Space, Dirt Floor
Lot features
Corner Lot, Intown
Standard status
Active
Size
2,327 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4521
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Flooring type
Laminate, Vinyl, Carpet
Building materials
Wood Frame, Aluminum Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
PO-GO REALTY
(207) 839-3300
Listed By:
Julie Chandler
(207) 839-8516
Added: Aug 19
Last Checked: Aug 24 at 11:06AM
MLS# 1676896
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Colonial-style duplex contains 2,327 square feet across two residential units. The larger apartment has 3 bedrooms and 1 bathroom, while the second offers 1 bedroom and 1 bathroom. A 2-car garage provides off-street parking and additional storage. The property was built in 1880 and includes an attic, wood-frame construction, aluminum siding, and a shingle roof. Heating is provided by oil-fired baseboard systems, with public water and public sewer service.
Set on a 0.1-acre corner lot in downtown Biddeford, the property is near restaurants, craft breweries, shops, and the Mill District. MSRD2 zoning and the existing two-unit configuration support its current multifamily character.
Set on a 0.1-acre corner lot in downtown Biddeford, the property is near restaurants, craft breweries, shops, and the Mill District. MSRD2 zoning and the existing two-unit configuration support its current multifamily character.
Key Highlights
- 2,327‑square‑foot duplex with two residential units
- Unit 1 includes 3 bedrooms and 1 bathroom
- Unit 2 includes 1 bedroom and 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 duplex with two residential layouts and off-street garage parking.
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 with two residential units; Unit 1 includes 3 bedrooms and 1 bathroom; Unit 2 includes 1 bedroom and 1 bathroom
