Residential Income Property with Guest
For Sale
$1,175,000
44 Johnson Road, Windham, ME 04062
Down-to-the-studs remodel completed in 2023 featuring two primary suites and a separate guest/income wing with a second kitchen.
Property Size4,580 SF
Price / SF$256.55
Days on Market129
Property Features for 44 Johnson Road
General Information
Standard status
Active
Size
4,580 SF
Property subtype
Multi-family
Building Details
Year Built
1979
Listing Agency:
Beacon Realty
Listed By:
Laura Burden
(603) 866-2942
Source:
Profoundrealestate
Added: May 7
Changed: Sep 11
Last Checked: Sep 11 at 12:57PM
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 Beacon Realty
Investment Insights
Based on property information with market context.
A residential income property fully remodeled “down-to-the-studs” and completed in 2023. The main home features 6 bedrooms and 5 bathrooms with an open layout designed for entertaining, including two living areas with a wood stove and a propane fireplace. The chef’s kitchen includes Brazilian quartzite, handmade custom cabinetry, and designer fixtures, and the home also offers two distinct first-floor primary suites, custom tile showers, built-in nightstands, and powered blinds. Additional highlights include a speakeasy-style bar, three separate laundry locations, and interior flex rooms that can support a variety of uses.
The guest wing/income suite is accessed via an indoor breezeway or a private outdoor entrance and is located above the 3-car garage. This second-level space includes 2 bedrooms, 2 bathrooms, and a full second kitchen, with the option to be used as multi-generational space or closed off as a premium rental income suite.
Outside, the property is set on a tranquil lot and includes multiple elevated “treehouse” decks, a greenhouse shed, and a cedar spa. It also includes deeded right-of-way access down the road to Highland Lake for swimming, kayaking, and summer recreation.
The guest wing/income suite is accessed via an indoor breezeway or a private outdoor entrance and is located above the 3-car garage. This second-level space includes 2 bedrooms, 2 bathrooms, and a full second kitchen, with the option to be used as multi-generational space or closed off as a premium rental income suite.
Outside, the property is set on a tranquil lot and includes multiple elevated “treehouse” decks, a greenhouse shed, and a cedar spa. It also includes deeded right-of-way access down the road to Highland Lake for swimming, kayaking, and summer recreation.
Key Highlights
- 6BR/5BA home built in 1979 with down‑to‑the‑studs remodel completed in 2023
- Dual first‑floor primary suites—one on each side of the main residence
- Chef’s kitchen with Brazilian quartzite, handmade custom cabinetry, and designer fixtures
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
$80,935
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
6.89%
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%
$1,618,700
$1.6M
Cap Rate 7%
$1,156,214
$1.2M
Cap Rate 9%
$899,278
$899.3K
Market Conditions
NOI Build-Up for 4,580 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
$123.7K $27.00/SF
− Vacancy
−$8.0K −$1.76/SF
EGI
$115.6K $25.25/SF
− OpEx
−$34.7K −$7.57/SF
NOI
$80.9K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,618,700
Cap Rate 7%
$1,156,214
Cap Rate 9%
$899,278
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.01M – $1.35M
NOI $80,935 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$1.08M
$941.2K – $1.25M
NOI $75,298 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,117 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
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 - Down-to-the-studs remodel completed in 2023 featuring two primary suites and a separate guest/income wing with a second kitchen.
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 $1,175,000.
What are key features of this property?
This property features: 6BR/5BA home built in 1979 with down‑to‑the‑studs remodel completed in 2023; Dual first‑floor primary suites—one on each side of the main residence; Chef’s kitchen with Brazilian quartzite, handmade custom cabinetry, and designer fixtures
