Duplex With In-Law
For Sale
$789,900
47 Union Street, South Berwick, ME 03908
Character-rich property with renovated baths, flexible living areas, and a separate apartment for extended household use.
Property Size3,187 SF
Price / SF$247.85
Days on Market215
Property Features for 47 Union Street
General Information
Standard status
Active
Size
3,187 SF
Property subtype
Multi-Family
Zoning
RESD
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,150
Amenities
exposed beams
exposed brick
custom built-ins
sunken living room
farmhouse sink
butcher block counters
quartz island
mudroom
sunroom
workshop
home gym area
dedicated office
large deck
mature landscaping
washer/dryer
Hot Water, Baseboard
True
Wood, Tile, Carpet
No
Yes
Laundry - 1st Floor, Main Level
In-Law Apartment, 1st Floor Primary Bedroom w/Bath, Bathtub, Shower, Storage
Concrete Perimeter
4.00
4
Shingle, Wood
Wood Siding, Wood Frame
Building Details
Year Built
1991
Units
2
Listing Agency:
Red Post Realty
(978) 846-5287
Listed By:
Jaime O'Gorman
(978) 846-5287
Source:
Compass
Added: Jan 27
Changed: Aug 29
Last Checked: Aug 29 at 4:18PM
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 Red Post Realty
Investment Insights
Based on property information with market context.
This 3,187-square-foot duplex, built in 1991, combines distinctive interior details with a range of updated and flexible spaces. Exposed beams, brick accents, custom built-ins, a sunken living room, and open living areas define the main residence. The kitchen includes a farmhouse sink, butcher block countertops, and a quartz island. Additional spaces include a mudroom, sunroom, workshop, home gym area, office, deck, and multiple living areas. Renovated bathrooms add contemporary finishes.
An accessory in-law apartment provides one bedroom, a full bathroom, kitchen, and washer/dryer. The property also includes a first-floor primary bedroom with a bath, a first-floor laundry area, mature landscaping, and sunset views. Located at 47 Union Street in South Berwick, the property is walkable to downtown and offers access to nearby shops, restaurants, trails, the Salmon Falls River, Vaughan Woods, Hamilton House, The Links at Outlook, and local community events. Zoning is RESD.
An accessory in-law apartment provides one bedroom, a full bathroom, kitchen, and washer/dryer. The property also includes a first-floor primary bedroom with a bath, a first-floor laundry area, mature landscaping, and sunset views. Located at 47 Union Street in South Berwick, the property is walkable to downtown and offers access to nearby shops, restaurants, trails, the Salmon Falls River, Vaughan Woods, Hamilton House, The Links at Outlook, and local community events. Zoning is RESD.
Key Highlights
- 3,187 SF duplex built in 1991
- Accessory in‑law apartment with one bedroom, full bathroom, kitchen, and washer/dryer
- Renovated bathrooms and a kitchen with quartz island, butcher block counters, and farmhouse sink
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
$53,950
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
6.83%
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%
$1,079,000
$1.1M
Cap Rate 7%
$770,714
$770.7K
Cap Rate 9%
$599,444
$599.4K
Market Conditions
NOI Build-Up for 3,187 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
$81.1K $25.44/SF
− Vacancy
−$4.0K −$1.26/SF
EGI
$77.1K $24.18/SF
− OpEx
−$23.1K −$7.25/SF
NOI
$54.0K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$1,079,000
Cap Rate 7%
$770,714
Cap Rate 9%
$599,444
Alternative Uses
Best Use
Multifamily LT 5
$770.7K
$674.4K – $899.2K
NOI $53,950 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$703.6K
$615.7K – $820.9K
NOI $49,253 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$1.01M
$884.0K – $1.18M
NOI $70,718 @ 7.0% cap · market cap 8.95%
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
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 03908, ME
7,468
Population
3,169
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
98%
High-School Grad
31.9 sq mi
ZIP Area
234
Density / Sq Mi
$97,927
Median Household Income
$52,008
Median Earnings
$1,535
Median Rent
$385,000
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 - Character-rich property with renovated baths, flexible living areas, and a separate apartment for extended household use.
Where is this duplex located?
The property is located at 47 Union Street South Berwick, ME.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: 3,187 SF duplex built in 1991; Accessory in‑law apartment with one bedroom, full bathroom, kitchen, and washer/dryer; Renovated bathrooms and a kitchen with quartz island, butcher block counters, and farmhouse sink
