Two-Unit Duplex with Updated
For Sale
$315,000
7 Grove St, Auburn, ME 04210
Owner-occupied lower residence pairs with a renovated upper apartment and on-site parking.
Property Size2,268 SF
Price / SF$138.89
Days on Market9
Property Features for 7 Grove St
General Information
Standard status
Active
Size
2,268 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Coldwell Banker Realty
(207) 808-9488
Listed By:
Michael Cloutier
Source:
603luxury
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 7:15PM
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 Realty
Investment Insights
Based on property information with market context.
Built in 1920, this 2,268-square-foot duplex contains two residential units. The first-floor apartment is owner occupied and offers two bedrooms, two full bathrooms, a primary suite, kitchen, dining room, living room, and updated bedrooms and baths. The second-floor unit was renovated in 2022 and includes two bedrooms, one full bathroom, and a laundry hookup.
Two paved driveways provide parking for six cars. Exterior improvements include a leveled backyard and newly installed walkway pavers. The washer and dryer in unit one convey with the sale. The property is located in Auburn, Maine, near the amenities of the surrounding community.
Two paved driveways provide parking for six cars. Exterior improvements include a leveled backyard and newly installed walkway pavers. The washer and dryer in unit one convey with the sale. The property is located in Auburn, Maine, near the amenities of the surrounding community.
Key Highlights
- 2,268‑square‑foot duplex built in 1920
- Two residential units with 2 bedrooms each
- First‑floor unit includes 2 full bathrooms and a primary suite
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
$22,369
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
7.10%
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%
$447,380
$447.4K
Cap Rate 7%
$319,557
$319.6K
Cap Rate 9%
$248,544
$248.5K
Market Conditions
NOI Build-Up for 2,268 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
$32.4K $14.28/SF
− Vacancy
−$431 −$0.19/SF
EGI
$32.0K $14.09/SF
− OpEx
−$9.6K −$4.23/SF
NOI
$22.4K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /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%
$447,380
Cap Rate 7%
$319,557
Cap Rate 9%
$248,544
Alternative Uses
Best Use
Multifamily LT 5
$319.6K
$279.6K – $372.8K
NOI $22,369 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$303.6K
$265.7K – $354.2K
NOI $21,253 @ 7.0% cap · market cap 6.75%
Theoretical Best
Warehouse
$4.03M
$3.52M – $4.70M
NOI $281,970 @ 7.0% cap · market cap 89.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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 - Owner-occupied lower residence pairs with a renovated upper apartment and on-site parking.
Where is this duplex located?
The property is located at 7 Grove St Auburn, ME.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2,268‑square‑foot duplex built in 1920; Two residential units with 2 bedrooms each; First‑floor unit includes 2 full bathrooms and a primary suite
