Two-Unit Residential Income
7 Garfield Street, Saco, ME 04072
MULTI_FAMILY - Other - Saco, ME
Property size:
2,314 SFLot size:
0.75 AcresPrice / SF:
$284/SF- Added:
- Jun 9, 2026
- Days on Market:
- 8
- Last Refresh:
- Jun 16 at 9:06 pm
Property Features for 7 Garfield Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-2
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bathroom 1, Basement, Bathroom 3
- Parking features
- Off Street
- Patio and Porch features
- Porch, Deck
- Interior features
- Other Amenities, 1st Floor Bedroom, Bathtub, Shower, Storage, Primary Bedroom w/Bath
- Basement
- Unfinished, Full
- Standard status
- Active
- Size
- 2,314 SF
- Lot size
- 0.75 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 5552
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Zoned, Hot Water(Heating), Baseboard, Propane (Heating), Oil
- Water source
- Public
Building Details
- Year built
- 1925
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Vinyl, Carpet, Wood
- Building materials
- Wood Frame, Vinyl Siding, Wood Siding
- Roof type
- Shingle
- Architectural style
- Other
- Additional Structures
- Storage, Other
Listing agent Bailey Pate (207) 229-5449
Listing office Maine Real Estate Co 685 US Route 1, Scarborough, ME (207) 292-1030
Listing date Jun 9, 2026
MLS# 1660328
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
- Two‑unit property on a 0.75‑acre lot with a full basement, paved driveway, and ample off‑street parking
- Unit 1: 1,800 SF with a 3–4 bedroom layout and 2 full baths; long‑term tenant paying $2,200/month
- Unit 2: 600 SF fully renovated within the past year with a new kitchen, bathroom, flooring, and in‑unit washer/dryer; vacant
- Zoning allows up to 6 total units; prior planning board/engineering approval in 2022 supporting additional development (buyer to verify; approval expired 2/18/24)
- Year built 1925 with wood frame construction, vinyl and wood siding, and shingle roof
- Utilities: public water and public sewer; natural gas and propane heating with zoned baseboard; oil also listed
Overview
This two-unit residential income property includes Unit 1 and Unit 2, supported by a full basement for major systems. Unit 1 offers approximately 1,800 square feet with a 3 to 4 bedroom layout and two full baths, featuring first-floor living with additional space upstairs. Unit 2 is approximately 600 square feet and has been fully renovated within the past year, including a new kitchen and bathroom, new flooring, and in-unit washer and dryer. A paved driveway and ample parking serve the property, which is set on a 0.75-acre lot.
The property is located in Saco, Maine, and is described as being just minutes from downtown Saco, local restaurants, shopping, and the Maine coastline, including Ferry Beach and Camp Ellis. It also provides easy access to Route 1 and I-95 for commuting to Portland and surrounding areas.
For an owner-operator or investor, the configuration supports both current income and flexibility with Unit 2 being vacant and ready for immediate occupancy or rental. The property is zoned R-2 and the remarks state the site allows for up to 6 total units, with prior engineering and planning board approval in 2022 supporting additional development potential. The buyer is advised to verify the current status with the town, as the approval expired 2/18/24.
The property is located in Saco, Maine, and is described as being just minutes from downtown Saco, local restaurants, shopping, and the Maine coastline, including Ferry Beach and Camp Ellis. It also provides easy access to Route 1 and I-95 for commuting to Portland and surrounding areas.
For an owner-operator or investor, the configuration supports both current income and flexibility with Unit 2 being vacant and ready for immediate occupancy or rental. The property is zoned R-2 and the remarks state the site allows for up to 6 total units, with prior engineering and planning board approval in 2022 supporting additional development potential. The buyer is advised to verify the current status with the town, as the approval expired 2/18/24.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.9k | $25.44 |
| − Vacancy | −$2.9k | −$1.26 |
| EGI | $56.0k | $24.18 |
| − OpEx | −$16.8k | −$7.25 |
| NOI | $39.2k | $16.93 |
2,314 SF · lease $25.44/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$559.6K
$489.7K – $652.9K
NOI $39,172 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$510.9K
$447.0K – $596.0K
NOI $35,761 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$733.5K
$641.8K – $855.8K
NOI $51,347 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Saco
- County
- York
- State
- Maine
- Longitude
- -70.46107
- Latitude
- 43.510583
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-unit income property with a renovated unit, full basement, and paved driveway on a 0.75-acre lot.
Where is this duplex located?
The property is located at 7 Garfield Street Saco, ME.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Two‑unit property on a 0.75‑acre lot with a full basement, paved driveway, and ample off‑street parking; Unit 1: 1,800 SF with a 3–4 bedroom layout and 2 full baths; long‑term tenant paying $2,200/month; Unit 2: 600 SF fully renovated within the past year with a new kitchen, bathroom, flooring, and in‑unit washer/dryer; vacant
