Remodeled Duplex with Lake
For Sale
$1,175,000
44 Johnson Road, Windham, ME 04062
Multi-Family, Windham, ME
Property Size4,580 SF
Lot Size1.84 Acres
Price / SF$256.55
Days on Market42
Property Features for 44 Johnson Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
FR
Bathrooms
5
Full bathrooms
5
Rooms
Basement, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bathroom 1
Parking features
Heated, Open, Off Street
Patio and Porch features
Deck, Porch
Pets allowed
No
Interior features
Walk-in Closets, In-Law Apartment, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Bathtub, Pantry, Shower, Storage, Primary Bedroom w/Bath
Exterior features
Animal Containment System
Basement
Walk-Out Access, Full, Daylight
Appliances
ENERGY STAR Qualified Appliances
Lot features
Near Country Club, Rolling/ Sloping, Level, Wooded, Near Golf Course, Near Shopping, Near Town, Subdivided, Suburban
Standard status
Active
Size
4,580 SF
Lot size
1.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8583
HOA Fee
$350 Annually
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Baseboard, Radiant, Wood Stove, Wood, Propane (Heating), Zoned, Other (Heating), Electric (Heating)
Water source
Private, Well
Water front features
Lake
Water front
1
Amenities
wood stove
propane fireplace
custom tile showers
built-in nightstands
powered blinds
speakeasy-style bar
3 separate laundry locations
greenhouse shed
cedar spa
treehouse decks
deeded right-of-way access to Highland Lake
Building Details
Year built
1979
Floors in Building
4
Number of units
2
Flooring type
Tile - Ceramic, Wood, Hardwood, Tile
Building materials
Wood Frame, Metal Clad, Vertical Siding, Other Exterior
Roof type
Shingle, Fiberglass
Architectural style
Modern, Contemporary
Additional Structures
Storage, Outbuilding
Listing Agency:
Beacon Realty
(207) 776-1083
Listed By:
Laura Burden
(207) 332-6458
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 30 at 6:06PM
MLS# 1663644
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.
Classified as a duplex, this 4,580-square-foot property on 1.84 acres combines a remodeled main residence with a separate guest wing above the 3-car garage. The home includes 6 bedrooms and 5 bathrooms, two first-floor primary suites, two living areas, a wood stove, a propane fireplace, and three laundry locations. The upper suite has 2 bedrooms, 2 bathrooms, a full second kitchen, and access through either an indoor breezeway or a private outdoor entrance.
The 2023 renovation includes Brazilian quartzite, custom cabinetry, designer fixtures, ceramic tile, hardwood, radiant heat, and ENERGY STAR Qualified Appliances. Exterior amenities include multiple decks, a porch, a greenhouse shed, and a cedar spa. Deeded right-of-way access leads to Highland Lake for swimming, kayaking, and seasonal recreation. The property uses a private well and septic system and is zoned FR.
The 2023 renovation includes Brazilian quartzite, custom cabinetry, designer fixtures, ceramic tile, hardwood, radiant heat, and ENERGY STAR Qualified Appliances. Exterior amenities include multiple decks, a porch, a greenhouse shed, and a cedar spa. Deeded right-of-way access leads to Highland Lake for swimming, kayaking, and seasonal recreation. The property uses a private well and septic system and is zoned FR.
Key Highlights
- 4,580‑square‑foot duplex on 1.84 acres
- 6 bedrooms and 5 bathrooms, including two first‑floor primary suites
- Guest wing above the 3‑car garage with 2 bedrooms, 2 bathrooms, and a full second kitchen
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37
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 - Flexible configuration includes a guest suite with its own kitchen, private entry, and connection to the main residence.
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: 4,580‑square‑foot duplex on 1.84 acres; 6 bedrooms and 5 bathrooms, including two first‑floor primary suites; Guest wing above the 3‑car garage with 2 bedrooms, 2 bathrooms, and a full second kitchen
