Three-Unit Residential
622 Main Street, Old Town, ME 04468
For Sale
$525,000
Each residence offers a three-bedroom, one-bathroom layout for rental or multi-family occupancy.
Property Size3,014 SF
Price / SF$174.19
Days on Market175
Property Features for 622 Main Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Units
Listing Agency:
True North Realty, Inc.
(207) 403-9125
Listed By:
James Spear · License ME BA925976
(207) 370-0559
Source:
Integrityhomesrealestategroup
Added: May 19
Changed: Nov 8
Last Checked: Nov 8 at 9:38PM
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 True North Realty, Inc.
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Investment Insights
Based on property information with market context.
This 3,014-square-foot triplex, built in 1890, contains three residences. Each unit has three bedrooms and one full bathroom. The property is zoned R-2.
The building is on Main Street in Old Town, near the town center, restaurants, and the water.
The building is on Main Street in Old Town, near the town center, restaurants, and the water.
Key Highlights
- Three units, each with 3 bedrooms and 1 full bathroom
- 3,014 square feet across the building
- Built in 1890
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,622
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,440
$552.4K
Cap Rate 7%
$394,600
$394.6K
Cap Rate 9%
$306,911
$306.9K
Market Conditions
NOI Build-Up for 3,014 SF
Gross rent
$41.6K $13.80/SF
− Vacancy
−$2.1K −$0.71/SF
EGI
$39.5K $13.09/SF
− OpEx
−$11.8K −$3.93/SF
NOI
$27.6K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,440
Cap Rate 7%
$394,600
Cap Rate 9%
$306,911
Alternative Uses
Best Use
Multifamily LT 5
$394.6K
$345.3K – $460.4K
NOI $27,622 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$362.9K
$317.6K – $423.4K
NOI $25,405 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$973.4K
$851.8K – $1.14M
NOI $68,141 @ 7.0% cap · market cap 12.98%
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
56
Businesses Nearby
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Business Placement
Demographics for 04468, ME
8,801
Population
4,664
Households
1.9
Avg Household Size
38
Median Age
33%
College-Educated
96%
High-School Grad
122.8 sq mi
ZIP Area
72
Density / Sq Mi
$51,063
Median Household Income
$36,005
Median Earnings
$980
Median Rent
$182,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence offers a three-bedroom, one-bathroom layout for rental or multi-family occupancy.
Where is this triplex located?
The property is located at 622 Main Street Old Town, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three units, each with 3 bedrooms and 1 full bathroom; 3,014 square feet across the building; Built in 1890
