Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Versatile Income Property Near Beach Title is generated by Realmo AI

    62 Evergreen Avenue, Old Orchard Beach, ME 04064

    View on Map
    Claim this Listing
    New
    For Sale
    $850,000

    MULTI_FAMILY - Old Orchard Beach, ME

    Property size:
    3,931 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $216/SF
    Added:
    May 15, 2026
    Days on Market:
    1
    Last Refresh:
    May 15 at 4:06 pm

    Property Features for 62 Evergreen Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2
    Rooms
    Basement
    Patio and Porch features
    Porch
    Interior features
    Bathtub
    Basement
    Full
    Standard status
    Active
    Size
    3,931 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5255

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Propane (Heating), Electric (Heating), Space Heater, Forced Air, Heat Pump (Heating), Oil
    Cooling system
    Heat Pump
    Water source
    Public
    Water front features
    Ocean Front
    Water front
    1

    Building Details

    Year built
    1900
    Number of units
    3
    Flooring type
    Wood, Tile
    Building materials
    Wood Frame, Clapboard, Shingle Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Sonja Nielsen

    Listing agent Sonja Nielsen

    Listing office EXP Realty 41 Hutchins Drive Building 3, Rangeley, ME

    Listing date May 15, 2026

    MLS# 1662298 Listing URL

    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.

    HighLights

    • Great Location on Major Hwy
    • Rustic and Ready
    • Various types of businesses will fit
    • Over 2 Acres
    • Fully furnished with equipment, tables

    Overview

    Located in Old Orchard Beach, this property at 62 Evergreen Ave presents an investment and lifestyle opportunity. The property features a duplex and a separate rear cottage, offering multiple income streams and flexible use options. The front duplex includes two updated 2-bedroom units. One unit is owner-occupied, while the second is rented annually, providing income with the potential to convert to a short-term or seasonal/winter rental. Both units have newer kitchens, modern appliances, and living spaces. The detached cottage operates as a short-term vacation rental during peak season and transitions to a winter rental from October through May. The outdoor space includes a fenced yard, patio, outdoor fireplace, and hot tub. Off-street parking is available for up to 6 vehicles. The cottage is sold furnished with summer rentals already booked. The property is located moments from the beach and local attractions. The property has a lot size of 0.12 acres and a property size of 3931 square feet. The current annual rental income is $57,600. Each unit is equipped with washers and dryers. The zoning is R-2.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $739.4K
    NOI $66,545 @ 9.00% cap · cautious / downside scenario
    Moderate
    $950.6K
    NOI $66,545 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.33M
    NOI $66,545 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $100.0k $25.44
    − Vacancy −$4.9k −$1.26
    EGI $95.1k $24.18
    − OpEx −$28.5k −$7.25
    NOI $66.5k $16.93
    3,931 SF · lease $25.44/SF/yr · vacancy 4.94% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $950.6K
    $831.8K – $1.11M (±1% cap)
    NOI $66,545 @ 7.0% cap · market cap 7.83%
    Second Best
    Apartment 5plus
    $867.9K
    $759.4K – $1.01M (±1% cap)
    NOI $60,751 @ 7.0% cap · market cap 7.15%
    Theoretical Best
    Office A
    $1.25M
    $1.09M – $1.45M (±1% cap)
    NOI $87,228 @ 7.0% cap · market cap 10.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Old Orchard Beach
    County
    York
    State
    Maine
    Longitude
    -70.386984
    Latitude
    43.513647

    Nearby Similar for Sale

    • $850,000
      3,931 SF

      Versatile Old Orchard Beach Property

      Duplex plus cottage near the beach with income potential.
      62 Evergreen Avenue, Old Orchard Beach, ME 04064
      View Details
    • $470,000
      2,272 SF

      Old Orchard Beach Duplex Investment

      Duplex near Old Orchard Beach with income potential.
      37 Evergreen Avenue, Old Orchard Beach, ME 04064
      View Details
    • $2,499,990
      3,020 SF

      Old Orchard Beach Mixed-Use Property

      Turn-key mixed-use property near beaches with redevelopment potential.
      57 E Grand Avenue, Old Orchard Beach, ME 04064
      View Details
    • $699,999
      2,199 SF

      Turnkey Multi-Unit Near Beach

      Renovated three-unit property near the beach in Old Orchard Beach.
      107 Ocean Avenue, Old Orchard Beach, ME 04064
      View Details
    • $1,190,000
      4,016 SF

      Four-Unit Apartment Building Near Beach

      Year-round apartment building near the beach with multiple opportunities.
      105 Union Avenue, Old Orchard Beach, ME 04064
      View Details
    • $4,950,000
      4,933 SF

      Old Orchard Beach Lodging Compound

      Landmark 14-unit lodging compound in Old Orchard Beach, Maine.
      185 E Grand Avenue, Old Orchard Beach, ME 04064
      View Details
    • $690,000
      6,047 SF

      High-Visibility Office Property in Maine

      Three-unit office property in high-traffic location with flexible occupancy.
      155 Saco Ave, Old Orchard Beach, ME 04064
      View Details
    • $1,225,000
      2,427 SF

      Ocean View Multifamily Investment Property

      Five-unit property across from the beach, ideal for income.
      40 East Grand Avenue, Old Orchard Beach, ME 04064
      View Details
    • $1,190,000
      4,016 SF

      Four-Unit Multifamily Near Beach

      Four apartments near the beach, potential for various rental strategies.
      105 Union Ave, Old Orchard Beach, ME 04064
      View Details
    • $1,090,000
      2,869 SF

      Old Orchard Beach Multifamily Investment

      Multifamily property near the beach with year-round rental potential.
      96 1st St, Old Orchard Beach, ME 04064
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Duplex plus cottage near Old Orchard Beach.
    Where is this multifamily property located?
    The property is located at 62 Evergreen Avenue Old Orchard Beach, ME.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Great Location on Major Hwy; Rustic and Ready; Various types of businesses will fit
    (207) 650-2729
    We can help!
    Listing Contact
    Sonja Nielsen
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    62 Evergreen Avenue, Old Orchard Beach, ME 04064
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!