10-Unit Apartment
For Sale
$2,750,000
79 W Cutts Street, Biddeford, ME 04005
MULTI_FAMILY - Colonial, Ranch - Biddeford, ME
Property Size8,808 SF
Lot Size1.10 Acres
Price / SF$312.22
Days on Market20
Property Features for 79 W Cutts Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
MSRD-2
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 3, Bathroom 7, Bathroom 2, Bathroom 8, Bathroom 9, Bathroom 10, Basement, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 4
Basement
Full, Unfinished
Lot features
Open, Level, Near Shopping
Standard status
Active
Size
8,808 SF
Lot size
1.10 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
28747
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
10
Flooring type
Carpet, Hardwood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition, Shingle
Architectural style
Ranch, Colonial
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
David Dunn
(207) 807-6038
Added: Jul 20
Changed: Aug 7
Last Checked: Aug 8 at 9:06AM
MLS# 1659566
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.
This three-building apartment property totals 10 units, offering a mix of Colonial and Ranch-style architecture. The unit breakdown is 5 units at #79 W Cutts, a 3-unit building at #6 Banks Lane, and a 2-unit building at #4 Banks Lane. The combined buildings total 8,808 square feet with 18 bedrooms. Construction is wood frame with vinyl siding, and interiors include hardwood, vinyl, and carpet flooring. Heating is provided by natural gas hot water heat and baseboard. Bathrooms are distributed across the property, with multiple baths identified in the unit count.
The property is zoned MSRD-2. The zoning allows for an additional 13 units with planning board approval. Water service is public and sewer service is public sewer.
Showings are available on Wednesdays and Sundays between 3:00pm and 4:00pm only.
The property is zoned MSRD-2. The zoning allows for an additional 13 units with planning board approval. Water service is public and sewer service is public sewer.
Showings are available on Wednesdays and Sundays between 3:00pm and 4:00pm only.
Key Highlights
- Three buildings totaling 10 units
- Combined total of 8,808 square feet and 18 bedrooms
- #6 Banks Lane built in 2003; #4 Banks Lane built in 2023
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
$136,121
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
4.95%
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%
$2,722,420
$2.7M
Cap Rate 7%
$1,944,586
$1.9M
Cap Rate 9%
$1,512,456
$1.5M
Market Conditions
NOI Build-Up for 8,808 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
$261.1K $29.64/SF
− Vacancy
−$13.6K −$1.54/SF
EGI
$247.5K $28.10/SF
− OpEx
−$111.4K −$12.64/SF
NOI
$136.1K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$2,722,420
Cap Rate 7%
$1,944,586
Cap Rate 9%
$1,512,456
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,121 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,446 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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?
Apartment building - Three-building apartment property zoned MSRD-2 with public water and public sewer and zoning for additional units with approval.
Where is this apartment building located?
The property is located at 79 W Cutts Street Biddeford, ME.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Three buildings totaling 10 units; Combined total of 8,808 square feet and 18 bedrooms; #6 Banks Lane built in 2003; #4 Banks Lane built in 2023
