Duplex with Renovated Upper
For Sale
$315,000
7 Grove Street, Auburn, ME 04210
MULTI_FAMILY - Auburn, ME
Property Size2,268 SF
Lot Size0.15 Acres
Price / SF$138.89
Days on Market23
Property Features for 7 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GB
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features
Deck, Porch
Pets allowed
No
Interior features
Walk-in Closets, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Attic, Bathtub
Basement
Full, Unfinished
Lot features
Open, Corner Lot, Sidewalks, Neighborhood, Shopping Mall
Standard status
Active
Size
2,268 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4869
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Wood, Vinyl, Tile - Ceramic, Carpet
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Michael Cloutier
(207) 808-9488
Added: Jul 20
Changed: Aug 3
Last Checked: Aug 11 at 11:06PM
MLS# 1664023
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.
Investment Insights
Based on property information with market context.
Duplex at 7 Grove Street in Auburn with a first floor that is owner occupied and an upper unit. The first floor offers two bedrooms and two full bathrooms, including a primary bedroom/bath setup, plus an updated kitchen and dining room, living room, and updated bathrooms and bedrooms. The upper unit was renovated in 2022 and features two bedrooms, one full bathroom, and a laundry hookup. Interior features include walk-in closets, an attic, and basement space.
Exterior amenities include a porch and deck, a leveled backyard, and new walkway pavers. There are two paved driveways accommodating up to six cars. Additional included items: the washer and dryer for unit 1 will convey with the sale.
Constructed in 1920 with wood-frame construction and asbestos, the property is heated with steam and natural gas. Public water and public sewer service are in place, and the roof is shingled. The home totals 2,268 square feet on a 0.15-acre lot and is zoned GB.
Exterior amenities include a porch and deck, a leveled backyard, and new walkway pavers. There are two paved driveways accommodating up to six cars. Additional included items: the washer and dryer for unit 1 will convey with the sale.
Constructed in 1920 with wood-frame construction and asbestos, the property is heated with steam and natural gas. Public water and public sewer service are in place, and the roof is shingled. The home totals 2,268 square feet on a 0.15-acre lot and is zoned GB.
Key Highlights
- Upper unit renovated in 2022 with two bedrooms, one full bath, and a laundry hookup
- First floor owner occupied with two bedrooms and two full bathrooms, including a primary bedroom/bath setup
- Updated kitchen and dining room plus living room and updated bedrooms and bathrooms
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
Multi-tenant
Tenancy
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 - Duplex in Auburn zoned GB with an owner-occupied first floor and a 2022-renovated upper unit with laundry hookup.
Where is this duplex located?
The property is located at 7 Grove Street 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: Upper unit renovated in 2022 with two bedrooms, one full bath, and a laundry hookup; First floor owner occupied with two bedrooms and two full bathrooms, including a primary bedroom/bath setup; Updated kitchen and dining room plus living room and updated bedrooms and bathrooms
