Renovated Two-Unit
For Sale
$225,000
63 Summer Street, Waterville, ME 04901
Two separate residences include updated finishes, private living space, and flexible basement storage or work areas.
Property Size1,838 SF
Price / SF$122.42
Days on Market190
Property Features for 63 Summer Street
General Information
Standard status
Active
Size
1,838 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Plourde Real Estate
(207) 632-3922
Listed By:
Robbin Eusebio
(207) 632-3922
Source:
Cbplourde
Added: Feb 22
Changed: Aug 29
Last Checked: Aug 30 at 6:38PM
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 Coldwell Banker Plourde Real Estate
Investment Insights
Based on property information with market context.
This 1,838-square-foot duplex, built in 1910, contains two separate two-bedroom, one-bath units. The first-floor residence has been renovated with an updated bathroom, a modern kitchen, new stainless-steel appliances, and heat pumps for heating and cooling. A new roof adds to the property’s recent improvements.
The full basement offers both interior and walk-out access, with space for storage, a workshop, or a studio. Paved off-street parking serves the property, which occupies a corner lot. The duplex is fully rented and provides a two-unit configuration for an owner-occupant or rental-property buyer.
The property is in Waterville, with access to I-95 and a short walk to downtown shops, bars, and restaurants. It is also located near a quiet residential neighborhood setting.
The full basement offers both interior and walk-out access, with space for storage, a workshop, or a studio. Paved off-street parking serves the property, which occupies a corner lot. The duplex is fully rented and provides a two-unit configuration for an owner-occupant or rental-property buyer.
The property is in Waterville, with access to I-95 and a short walk to downtown shops, bars, and restaurants. It is also located near a quiet residential neighborhood setting.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units within a 1,838‑square‑foot duplex
- First‑floor unit renovated with updated bathroom and modern kitchen
- New stainless‑steel appliances and heat pumps in the renovated unit
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
$20,526
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
9.12%
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%
$410,520
$410.5K
Cap Rate 7%
$293,229
$293.2K
Cap Rate 9%
$228,067
$228.1K
Market Conditions
NOI Build-Up for 1,838 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
$29.8K $16.20/SF
− Vacancy
−$453 −$0.25/SF
EGI
$29.3K $15.95/SF
− OpEx
−$8.8K −$4.79/SF
NOI
$20.5K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$410,520
Cap Rate 7%
$293,229
Cap Rate 9%
$228,067
Alternative Uses
Best Use
Multifamily LT 5
$293.2K
$256.6K – $342.1K
NOI $20,526 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,905 @ 7.0% cap · market cap 7.96%
Theoretical Best
Warehouse
$2.74M
$2.40M – $3.20M
NOI $191,948 @ 7.0% cap · market cap 85.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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 separate residences include updated finishes, private living space, and flexible basement storage or work areas.
Where is this duplex located?
The property is located at 63 Summer Street Waterville, ME.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units within a 1,838‑square‑foot duplex; First‑floor unit renovated with updated bathroom and modern kitchen; New stainless‑steel appliances and heat pumps in the renovated unit
