Two-Unit Colonial
New
For Sale
$459,000
61 South Street, Biddeford, ME 04005
MULTI_FAMILY - Colonial - Biddeford, ME
Property Size1,967 SF
Lot Size0.11 Acres
Price / SF$233.35
Days on Market2
Property Features for 61 South Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MSRD2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Basement
Partial, Unfinished
Lot features
Sidewalks, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
1,967 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5214
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Amenities
yard
Building Details
Year built
1920
Number of units
2
Flooring type
Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:06PM
MLS# 1672348
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.
This 1,967-square-foot Colonial duplex, built in 1920, contains two apartments with distinct layouts. The first-floor residence has four bedrooms and one bathroom and is occupied by a long-term tenant. Upstairs, the refreshed unit includes two bedrooms, two bonus rooms formerly used as bedrooms, and one and a half bathrooms. A single-car garage adds enclosed parking or storage, while the property also includes a small yard.
Located at 61 South Street in Biddeford, the property occupies 0.11 acres and is identified as MSRD2 zoning. The building has wood-frame construction with vinyl siding, vinyl flooring, a shingle roof, natural-gas hot-water baseboard heat, public water, and public sewer.
Located at 61 South Street in Biddeford, the property occupies 0.11 acres and is identified as MSRD2 zoning. The building has wood-frame construction with vinyl siding, vinyl flooring, a shingle roof, natural-gas hot-water baseboard heat, public water, and public sewer.
Key Highlights
- Two‑unit Colonial duplex with 1,967 square feet, built in 1920
- Second‑floor apartment includes 2 bedrooms, 2 bonus rooms, and 1.5 bathrooms
- First‑floor apartment offers 4 bedrooms and 1 bathroom
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
$33,298
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
7.25%
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%
$665,960
$666.0K
Cap Rate 7%
$475,686
$475.7K
Cap Rate 9%
$369,978
$370.0K
Market Conditions
NOI Build-Up for 1,967 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
$50.0K $25.44/SF
− Vacancy
−$2.5K −$1.26/SF
EGI
$47.6K $24.18/SF
− OpEx
−$14.3K −$7.25/SF
NOI
$33.3K $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%
$665,960
Cap Rate 7%
$475,686
Cap Rate 9%
$369,978
Alternative Uses
Best Use
Multifamily LT 5
$475.7K
$416.2K – $555.0K
NOI $33,298 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$434.3K
$380.0K – $506.7K
NOI $30,399 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$623.5K
$545.6K – $727.5K
NOI $43,647 @ 7.0% cap · market cap 9.51%
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
1,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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 - Two spacious apartments, a single-car garage, and flexible bonus-room space create a practical multifamily configuration.
Where is this duplex located?
The property is located at 61 South Street Biddeford, ME.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Two‑unit Colonial duplex with 1,967 square feet, built in 1920; Second‑floor apartment includes 2 bedrooms, 2 bonus rooms, and 1.5 bathrooms; First‑floor apartment offers 4 bedrooms and 1 bathroom
