Updated 3-Unit
51 Spring Street, Gardiner, ME 04345
For Sale
$320,000
Recent improvements include a newer heating system, roof, water heater, windows, and remodeled kitchens.
Property Size2,683 SF
Price / SF$119.27
Days on Market174
Property Features for 51 Spring Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Units
Listing Agency:
Coldwell Banker Realty
(207) 480-1050
Listed By:
Richard Fraser
(207) 859-0056
Source:
Integrityhomesrealestategroup
Added: May 22
Changed: Nov 11
Last Checked: Nov 11 at 2:28AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 3-unit multifamily property in Gardiner contains 2,683 square feet and dates to 1900. Improvements include a newer heating system, windows, water heater, and roof, along with kitchen remodeling. The property has a history of long-term tenancy.
The building is a short walk from historic downtown Gardiner, with shops, restaurants, and other local amenities nearby. Zoning is listed as 12.
The building is a short walk from historic downtown Gardiner, with shops, restaurants, and other local amenities nearby. Zoning is listed as 12.
Key Highlights
- Three‑unit multifamily property with 2,683 square feet
- Built in 1900
- Newer heating system, windows, water heater, and roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,137
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$522,740
$522.7K
Cap Rate 7%
$373,386
$373.4K
Cap Rate 9%
$290,411
$290.4K
Market Conditions
NOI Build-Up for 2,683 SF
Gross rent
$48.3K $18.00/SF
− Vacancy
−$773 −$0.29/SF
EGI
$47.5K $17.71/SF
− OpEx
−$21.4K −$7.97/SF
NOI
$26.1K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$522,740
Cap Rate 7%
$373,386
Cap Rate 9%
$290,411
Alternative Uses
Best Use
Multifamily LT 5
$428.0K
$374.5K – $499.4K
NOI $29,963 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$373.4K
$326.7K – $435.6K
NOI $26,137 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,378 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
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Business Placement
Demographics for 04345, ME
12,052
Population
5,562
Households
2.2
Avg Household Size
43
Median Age
29%
College-Educated
97%
High-School Grad
71.7 sq mi
ZIP Area
168
Density / Sq Mi
$68,844
Median Household Income
$42,559
Median Earnings
$956
Median Rent
$208,700
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Kennebec County, ME
Properties on Market for Triplexes in Kennebec County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Recent improvements include a newer heating system, roof, water heater, windows, and remodeled kitchens.
Where is this triplex located?
The property is located at 51 Spring Street Gardiner, ME.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,683 square feet; Built in 1900; Newer heating system, windows, water heater, and roof
