Two-Unit Residential Income
7 Garfield Street, Saco, ME 04072
Two-unit property with a renovated second unit and basement support, offering flexibility for both occupancy and rental use.
Type:Multi-family
Property size:
2,314 SFLot size:
0.75 AcresPrice / SF:
$267/SF- Added:
- Apr 25, 2026
- Days on Market:
- 76
- Last Refresh:
- Jul 8 at 2:58 am
Property Features for 7 Garfield Street
General Information
- Standard status
- Active
- Size
- 2,314 SF
- Lot size
- 0.75 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1925
Listing office Maine Real Estate Co
Listing date Apr 25, 2026
Source Profoundrealestate
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 Maine Real Estate Co
HighLights
- Two‑unit property on a 0.75‑acre lot in Saco; Year built 1925 with a full basement for major systems.
- Unit 1: 1,800 SF, 3–4 bedroom layout with 2 full baths; currently occupied by a long‑term tenant paying $2,200/month.
- Unit 2: 600 SF, fully renovated within the past year with new kitchen, bathroom, flooring, and in‑unit washer/dryer; currently vacant.
- Prior approval for up to 6 total units was supported in 2022; approval expired 2/18/24—buyer to verify current status with the town.
- Paved driveway with ample parking and convenient access to downtown Saco, Route 1, and I‑95 for commuting to Portland and surrounding areas.
Overview
This two-unit residential income property is set on a .75-acre lot and includes 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, and it is currently occupied by a long-term tenant. Unit 2 is about 600 square feet and was fully renovated within the past year with a new kitchen, bathroom, flooring, and in-unit washer and dryer; it is currently vacant and ready for immediate occupancy or rental. A paved driveway and ample parking are also included.
Located in Saco, the property is described as being just minutes from downtown Saco, local restaurants, shopping, and the Maine coastline, including Ferry Beach and Camp Ellis. The listing also notes easy access to Route 1 and I-95 for commuting to Portland and surrounding areas.
From an operator’s perspective, the layout supports both occupied and turn-ready use, with Unit 2 positioned for prompt income upon placement of a new tenant. In addition to the current two-unit configuration, the property is stated to allow up to 6 total units, and prior engineering and approval from 2022 is referenced; the buyer is instructed to verify the current status with the town, noting the approval expired 2/18/24.
Located in Saco, the property is described as being just minutes from downtown Saco, local restaurants, shopping, and the Maine coastline, including Ferry Beach and Camp Ellis. The listing also notes easy access to Route 1 and I-95 for commuting to Portland and surrounding areas.
From an operator’s perspective, the layout supports both occupied and turn-ready use, with Unit 2 positioned for prompt income upon placement of a new tenant. In addition to the current two-unit configuration, the property is stated to allow up to 6 total units, and prior engineering and approval from 2022 is referenced; the buyer is instructed to verify the current status with the town, noting 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 6.32%
Second Best
Apartment 5plus
$510.9K
$447.0K – $596.0K
NOI $35,761 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$733.5K
$641.8K – $855.8K
NOI $51,347 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Saco
- County
- York
- State
- Maine
- Longitude
- -70.461332
- Latitude
- 43.5108042
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-unit property with a renovated second unit and basement support, offering flexibility for both occupancy and rental use.
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 $620,000.
What are key features of this property?
This property features: Two‑unit property on a 0.75‑acre lot in Saco; Year built 1925 with a full basement for major systems.; Unit 1: 1,800 SF, 3–4 bedroom layout with 2 full baths; currently occupied by a long‑term tenant paying $2,200/month.; Unit 2: 600 SF, fully renovated within the past year with new kitchen, bathroom, flooring, and in‑unit washer/dryer; currently vacant.
