Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Modern Multi-Family Near Highland Lake Title is generated by Realmo AI

    44 Johnson Road, Windham, ME 04062

    View on Map
    Claim this Listing
    New
    For Sale
    $1,250,000

    MULTI_FAMILY - Modern, Contemporary - Windham, ME

    Property size:
    4,580 SF
    Lot size:
    1.84 Acres
    Price / SF:
    $272/SF
    Added:
    May 28, 2026
    Days on Market:
    4
    Last Refresh:
    May 31 at 7:06 pm

    Property Features for 44 Johnson Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Zoning
    FR
    Bathrooms
    5
    Rooms
    Bathroom 5, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Basement
    Parking features
    Open, Off Street, Heated
    Patio and Porch features
    Porch, Deck
    Pets allowed
    No
    Interior features
    Walk-in Closets, In-Law Apartment, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Bathtub, One-Floor Living, Pantry, Shower, Storage, Primary Bedroom w/Bath
    Exterior features
    Animal Containment System
    Basement
    Walk-Out Access, Full, Daylight
    Appliances
    ENERGY STAR Qualified Appliances
    Standard status
    Active
    Size
    4,580 SF
    Lot size
    1.84 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8583

    Utilities

    Sewer type
    Septic Tank, Private Sewer
    Heating system
    Radiant, Wood Stove, Zoned, Other (Heating), Electric (Heating), Baseboard, Wood, Propane (Heating)
    Water source
    Private, Well
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1979
    Floors in Building
    4
    Number of units
    2
    Flooring type
    Wood, Tile, Tile - Ceramic, Hardwood
    Building materials
    Wood Frame, Metal Clad, Vertical Siding, Other Exterior
    Roof type
    Fiberglass, Shingle
    Architectural style
    Modern, Contemporary
    Additional Structures
    Storage, Outbuilding

    We can help!

    Listing Contact
    Laura Burden
    Laura Burden

    Listing agent Laura Burden

    Listing office Beacon Realty 385 Stevens Avenue, Portland, ME

    Listing date May 28, 2026

    MLS# 1663644 Listing URL

    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.

    HighLights

    • Deeded access to Highland Lake for swimming, kayaking, and lake activities.
    • Flexible living spaces: Functions as a single‑family estate, multi‑family with income‑producing apartment, or multi‑generational compound.
    • Redesigned modern architectural masterpiece (2023‑2026) with premium design.
    • Private‑access guest wing/flexible income suite that can be configured as a 2‑bed/1‑bath apartment or a 4‑bed/2‑bath suite.
    • Dual primary suites: Convenient first‑floor suite and a luxury primary retreat on the 2nd floor.
    • Indoor‑outdoor oasis with multi‑level decks, cedar sauna, sunroom with radiant floors, and artist's shed.

    Overview

    This property, redesigned between 2023 and 2026, offers a blend of design and lifestyle versatility. It can function as a single-family estate, a multi-family property with an income-producing apartment, or a multi-generational compound. The property includes a main residence and a private-access guest wing or flexible income suite. The main residence features dual primary suites, with a first-floor suite and a primary retreat on the second floor. The upper level includes two additional bedrooms with a shared bath and a dedicated laundry room. The top-floor flex space is suitable for a home cinema, fitness studio, executive office, or two additional bedrooms. The flexible apartment or guest wing has private entrances and direct 3-car garage access to both the home and apartment. It configures as a 2-bed, 1-bath apartment or expands to a 4-bed, 2-bath multi-generational or income suite. Multi-level tree house style decks overlook the wooded lot. A newly oiled cedar sauna is included. There is a sun-drenched sunroom with radiant floors, and a detached sunlit artists shed. An expansive daylight basement and dedicated workshop offer potential for projects and future square footage. The property has deeded access to Highland Lake, located a mile away. The property size is 4580 square feet and the lot size is 1.84 acres.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $123.7k $27.00
    − Vacancy −$8.0k −$1.76
    EGI $115.6k $25.25
    − OpEx −$34.7k −$7.57
    NOI $80.9k $17.67
    4,580 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.16M
    $1.01M – $1.35M (±1% cap)
    NOI $80,935 @ 7.0% cap · market cap 6.47%
    Second Best
    Apartment 5plus
    $1.08M
    $941.2K – $1.25M (±1% cap)
    NOI $75,298 @ 7.0% cap · market cap 6.02%
    Theoretical Best
    Office A
    $1.26M
    $1.10M – $1.47M (±1% cap)
    NOI $88,117 @ 7.0% cap · market cap 7.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Department Store Skin Care Clinic Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Windham
    County
    Cumberland
    State
    Maine
    Longitude
    -70.371541
    Latitude
    43.772198

    Nearby Similar for Sale

    • $599,000
      2,940 SF

      Windham Multi-Unit Investment Opportunity

      Multi-unit property near Sebago Lake with income potential.
      96 Mineral Spring Road, Windham, ME 04062
      View Details
    • $3,750,000
      50,056 SF

      Historic Warehouse Along Presumpscot River

      Unique, historic, well-maintained warehouse facility with redevelopment potential.
      3-4 Mallison Falls Road, Windham, ME 04062
      View Details
    • $750,000
      2,772 SF

      Windham Commercial Building on Route 302

      Commercial building in prime location with high visibility and traffic.
      989 Roosevelt Trail, Windham, ME 04062
      View Details
    • $695,000
      4,000 SF

      Commercial Building with Office, Warehouse

      4,000 SF commercial building with office and warehouse space.
      16 Danielle Dr, Windham, ME 04062
      View Details
    • $3,750,000
      50,000 SF

      Historic Warehouse Along Presumpscot River

      Unique warehouse facility with redevelopment potential near Portland.
      3 Mallison Falls Rd, Windham, ME 04062
      View Details

    FAQs

    What type of property is this?
    Duplex - Redesigned multi-family property with lake access in Windham, Maine.
    Where is this duplex located?
    The property is located at 44 Johnson Road Windham, ME.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Deeded access to Highland Lake for swimming, kayaking, and lake activities.; Flexible living spaces: Functions as a single‑family estate, multi‑family with income‑producing apartment, or multi‑generational compound.; **Redesigned modern architectural masterpiece (2023‑2026) with premium design.**
    (207) 332-6458
    We can help!
    Listing Contact
    Laura Burden
    Laura Burden
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    44 Johnson Road, Windham, ME 04062
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!