2-Unit Residential
48 Palmer Road, Newport, ME 04953
For Sale
$300,000
Both residences have two bedrooms, one bathroom, and separate heating systems.
Property Size1,440 SF
Price / SF$208.33
Days on Market146
Property Features for 48 Palmer Road
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Site & Location
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Additional Details
Furnished
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
1st Floor Bedroom
Building Details
Building Size
Year Built
Buildings
Units
Tenancy
Listing Agency:
NextHome Experience
(207) 573-7400
Listed By:
Beverly Weaver
(207) 951-5025
Source:
Amerorealty
Added: Jun 18
Changed: Nov 10
Last Checked: Nov 9 at 8:23PM
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 NextHome Experience
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Investment Insights
Based on property information with market context.
Built in 1993, this rural duplex contains 1,440 square feet across two units. Each residence has two bedrooms and one bathroom, and each is equipped with its own heating system. Both units are currently rented. Appliances, including washers and dryers, are included with the property.
The property is zoned Rural and offers access to an interstate for regional travel. The owner currently pays for heat and internet; the separate heating systems allow heat to be managed independently for each unit.
The property is zoned Rural and offers access to an interstate for regional travel. The owner currently pays for heat and internet; the separate heating systems allow heat to be managed independently for each unit.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,440 square feet; built in 1993
- Both units currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,197
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$263,940
$263.9K
Cap Rate 7%
$188,529
$188.5K
Cap Rate 9%
$146,633
$146.6K
Market Conditions
NOI Build-Up for 1,440 SF
Gross rent
$19.9K $13.80/SF
− Vacancy
−$1.0K −$0.71/SF
EGI
$18.9K $13.09/SF
− OpEx
−$5.7K −$3.93/SF
NOI
$13.2K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$263,940
Cap Rate 7%
$188,529
Cap Rate 9%
$146,633
Alternative Uses
Best Use
Multifamily LT 5
$188.5K
$165.0K – $220.0K
NOI $13,197 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$173.4K
$151.7K – $202.3K
NOI $12,138 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$465.1K
$407.0K – $542.6K
NOI $32,556 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 04953, ME
3,139
Population
1,830
Households
1.7
Avg Household Size
47
Median Age
29%
College-Educated
92%
High-School Grad
29.5 sq mi
ZIP Area
106
Density / Sq Mi
$62,708
Median Household Income
$46,538
Median Earnings
$884
Median Rent
$213,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Penobscot County, ME
Properties on Market for Duplexes in Penobscot County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have two bedrooms, one bathroom, and separate heating systems.
Where is this duplex located?
The property is located at 48 Palmer Road Newport, ME.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,440 square feet; built in 1993; Both units currently rented
