Duplex with Third-Floor
For Sale
$349,000
62 Dennison Street, Auburn, ME 04210
Two apartments share a building with a garage, while the third floor offers additional space subject to CEO approval.
Property Size2,804 SF
Price / SF$124.47
Days on Market8
Property Features for 62 Dennison Street
General Information
Standard status
Active
Size
2,804 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1864
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
John Lawrence
(603) 433-3350
Source:
Greatislandrealty
Added: Sep 19
Changed: Sep 26
Last Checked: Sep 26 at 9:05AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,804-square-foot duplex in Auburn dates to 1864 and contains two apartments with spacious layouts. Hardwood floors and high ceilings are among its interior features. Improvements include a newer natural gas boiler, hot water heater, and corrugated metal roof, along with a two-car garage.
The large third floor could be incorporated into the second-floor apartment or separated into a third unit, subject to CEO approval. The property is adjacent to Chestnut St. Park and is a few minutes from I-95. Shopping, downtown Auburn, CMCC, and CMMC are also nearby.
The large third floor could be incorporated into the second-floor apartment or separated into a third unit, subject to CEO approval. The property is adjacent to Chestnut St. Park and is a few minutes from I-95. Shopping, downtown Auburn, CMCC, and CMMC are also nearby.
Key Highlights
- 2,804‑square‑foot duplex built in 1864
- Two apartments with spacious layouts
- Large third floor may join the second‑floor apartment or become a third unit with CEO approval
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
$27,656
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
7.92%
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%
$553,120
$553.1K
Cap Rate 7%
$395,086
$395.1K
Cap Rate 9%
$307,289
$307.3K
Market Conditions
NOI Build-Up for 2,804 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
$40.0K $14.28/SF
− Vacancy
−$533 −$0.19/SF
EGI
$39.5K $14.09/SF
− OpEx
−$11.9K −$4.23/SF
NOI
$27.7K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /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%
$553,120
Cap Rate 7%
$395,086
Cap Rate 9%
$307,289
Alternative Uses
Best Use
Multifamily LT 5
$395.1K
$345.7K – $460.9K
NOI $27,656 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$375.4K
$328.5K – $437.9K
NOI $26,276 @ 7.0% cap · market cap 7.53%
Theoretical Best
Warehouse
$4.98M
$4.36M – $5.81M
NOI $348,608 @ 7.0% cap · market cap 99.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments share a building with a garage, while the third floor offers additional space subject to CEO approval.
Where is this duplex located?
The property is located at 62 Dennison Street Auburn, ME.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,804‑square‑foot duplex built in 1864; Two apartments with spacious layouts; Large third floor may join the second‑floor apartment or become a third unit with CEO approval
