Building Details

Building Size 9,440 SF

Year Built 2020

Buildings 2

Listing Agency: Portside Real Estate Group i***@portsidereg.com Show Phone

Listed By: James Mcfarlane Jr Show Phone

Source: Integrityhomesrealestategroup

Added: Apr 10, 2025 Changed: Oct 30 Last Checked: Oct 30 at 2:10AM

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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 Portside Real Estate Group

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

The property comprises two residential buildings with four units in each. Every unit contains 1,180 square feet, with three bedrooms, two bathrooms, laundry, and a pantry. Built in 2020, the buildings provide a consistent eight-unit configuration.

The property is zoned RC+ RP2.

Key Highlights

• Eight units across two buildings
• Each unit contains 1,180 square feet
• Three bedrooms and two bathrooms per unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$155,199

Cap Rate

4.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,103,980 $3.1M

Cap Rate 7%

$2,217,129 $2.2M

Cap Rate 9%

$1,724,433 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,440 SF

Gross rent

$300.2K $31.80/SF

− Vacancy

−$18.0K −$1.91/SF

EGI

$282.2K $29.89/SF

− OpEx

−$127.0K −$13.45/SF

NOI

$155.2K $16.44/SF

Area

Cumberland County, ME

Vacancy

6.00%

Lease Rate

$31.80 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,103,980

Cap Rate 7%

$2,217,129

Cap Rate 9%

$1,724,433

Alternative Uses

Best Use

Apartment 5plus

$2.22M

$1.94M – $2.59M (±1% cap)

NOI $155,199 @ 7.0% cap · market cap 4.78%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.59M

$2.27M – $3.03M (±1% cap)

NOI $181,621 @ 7.0% cap · market cap 5.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Lease Details

8

Residential units

Location Intelligence

Trade Area within ½ mile

117

Businesses Nearby

Explore this area Business Placement

Demographics for 04107, ME

9,575

Population

4,007

Households

2.4

Avg Household Size

49

Median Age

77%

College-Educated

99%

High-School Grad

14.9 sq mi

ZIP Area

643

Density / Sq Mi

$145,464

Median Household Income

$69,964

Median Earnings

$2,191

Median Rent

$659,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - Two residential buildings offer three-bedroom layouts with in-unit laundry and pantry space.

Where is this multifamily property located?

The property is located at 51-53 Aster Lane Cape Elizabeth, ME.

What is the asking price?

The asking price for this property is $3,250,000.

What are key features of this property?

This property features: Eight units across two buildings; Each unit contains 1,180 square feet; Three bedrooms and two bathrooms per unit