Six-Unit Victorian Apartment
New
For Sale
$580,000
62 Church Street, Gardiner, ME 04345
Multi-Family, Gardiner, ME
Property Size4,438 SF
Lot Size0.18 Acres
Price / SF$130.69
Days on Market3
Property Features for 62 Church Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HDR
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 1, Bathroom 5, Bathroom 2, Bathroom 4, Basement
Parking features
Off Street
Patio and Porch features
Porch
Basement
Full
Lot features
Corner Lot, Intown
Standard status
Active
Size
4,438 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4618
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Baseboard, Other (Heating)
Water source
Public
Amenities
high ceilings
tenant parking
Building Details
Year built
1875
Floors in Building
2
Number of units
5
Flooring type
Wood, Carpet
Building materials
Wood Frame, Clapboard, Wood Siding
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Tim Dunham Realty
(207) 729-7297
Listed By:
Bonnie Hollander
(207) 380-9599
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 14 at 10:06PM
MLS# 1680367
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.
Built in 1875, this 4,438-square-foot Victorian apartment property contains six units, all currently occupied. The wood-frame building features clapboard and wood siding, high ceilings, wood and carpet flooring, a shingle roof, and a porch. Baseboard heating is supplied by propane, and the property includes a basement and off-street parking.
Located at 62 Church Street in Gardiner, the property is near downtown amenities, restaurants, shopping, and the Kennebec River. Public water and public sewer serve the site, which encompasses 0.18 acres and is zoned HDR.
Located at 62 Church Street in Gardiner, the property is near downtown amenities, restaurants, shopping, and the Kennebec River. Public water and public sewer serve the site, which encompasses 0.18 acres and is zoned HDR.
Key Highlights
- Six apartment units, all currently occupied
- 4,438‑square‑foot Victorian building constructed in 1875
- 0.18‑acre property at 62 Church Street, Gardiner, ME 04345
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
$43,233
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
7.45%
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%
$864,660
$864.7K
Cap Rate 7%
$617,614
$617.6K
Cap Rate 9%
$480,367
$480.4K
Market Conditions
NOI Build-Up for 4,438 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
$79.9K $18.00/SF
− Vacancy
−$1.3K −$0.29/SF
EGI
$78.6K $17.71/SF
− OpEx
−$35.4K −$7.97/SF
NOI
$43.2K $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 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%
$864,660
Cap Rate 7%
$617,614
Cap Rate 9%
$480,367
Alternative Uses
Best Use
Apartment 5plus
$617.6K
$540.4K – $720.6K
NOI $43,233 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.62M
$5.79M – $7.72M
NOI $463,475 @ 7.0% cap · market cap 79.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic wood-frame apartments with occupied units, off-street parking, and public water and sewer.
Where is this apartment building located?
The property is located at 62 Church Street Gardiner, ME.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Six apartment units, all currently occupied; 4,438‑square‑foot Victorian building constructed in 1875; 0.18‑acre property at 62 Church Street, Gardiner, ME 04345
