Two-Unit Duplex with
For Sale
$450,000
74 2ND Street Unit 1, Hallowell, ME 04347
Two-level layout includes spacious living areas, woodstove, laundry facilities, and views toward the rail trail.
Property Size2,448 SF
Price / SF$183.82
Days on Market135
Property Features for 74 2ND Street Unit 1
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Building Details
Year Built
1979
Buildings
1
Listing Agency:
LAER
Listed By:
Christopher Vallee
(207) 680-3667
Source:
Portsiderealestategroup
Added: Apr 17
Changed: Aug 28
Last Checked: Aug 28 at 12:50AM
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 LAER
Investment Insights
Based on property information with market context.
This 2,448-square-foot duplex is configured within a single condominium and offers two distinct residential units. The daylight walkout unit includes an open kitchen, dining, and living area with a center island, shaker cabinetry, full appliances, a woodstove set within a substantial hearth, and a second bedroom or office with washer and dryer. The upper residence provides generous common areas, an open kitchen and dining arrangement, a half bath, two large bedrooms with walk-in closets, a full bath, and laundry on the bedroom level.
Built in 1979, the property includes decks accessed from each level, with views toward the rail trail. The grounds are landscaped, and one unit has a long-term tenant. The property is located at 74 2ND Street, Unit 1, Hallowell, Maine.
Built in 1979, the property includes decks accessed from each level, with views toward the rail trail. The grounds are landscaped, and one unit has a long-term tenant. The property is located at 74 2ND Street, Unit 1, Hallowell, Maine.
Key Highlights
- 2,448 square feet arranged as two residential units within one condominium
- Daylight walkout unit with open kitchen, dining, and living area
- Main‑level residence includes two large bedrooms and walk‑in closets
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
$27,338
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
6.08%
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%
$546,760
$546.8K
Cap Rate 7%
$390,543
$390.5K
Cap Rate 9%
$303,756
$303.8K
Market Conditions
NOI Build-Up for 2,448 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
$39.7K $16.20/SF
− Vacancy
−$603 −$0.25/SF
EGI
$39.1K $15.95/SF
− OpEx
−$11.7K −$4.79/SF
NOI
$27.3K $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%
$546,760
Cap Rate 7%
$390,543
Cap Rate 9%
$303,756
Alternative Uses
Best Use
Multifamily LT 5
$390.5K
$341.7K – $455.6K
NOI $27,338 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$340.7K
$298.1K – $397.5K
NOI $23,847 @ 7.0% cap · market cap 5.30%
Theoretical Best
Warehouse
$3.65M
$3.20M – $4.26M
NOI $255,652 @ 7.0% cap · market cap 56.81%
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
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 04347, ME
2,570
Population
1,436
Households
1.8
Avg Household Size
51
Median Age
46%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
436
Density / Sq Mi
$58,811
Median Household Income
$37,027
Median Earnings
$830
Median Rent
$266,700
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-level layout includes spacious living areas, woodstove, laundry facilities, and views toward the rail trail.
Where is this duplex located?
The property is located at 74 2ND Street Unit 1 Hallowell, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,448 square feet arranged as two residential units within one condominium; Daylight walkout unit with open kitchen, dining, and living area; Main‑level residence includes two large bedrooms and walk‑in closets
