Three-Building Multifamily
For Sale
$2,750,000
79 W Cutts Street, Biddeford, ME 04005
Three buildings totaling 10 units and 18 bedrooms, including components built in 2003 and 2023.
Property Size8,808 SF
Price / SF$312.22
Days on Market191
Property Features for 79 W Cutts Street
General Information
Standard status
Active
Size
8,808 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
10
Building Details
Year Built
1900
Listing Agency:
The Real Estate Store
Listed By:
David Dunn
(207) 807-6038
Source:
Greatislandrealty
Added: Apr 26
Changed: Nov 1
Last Checked: Nov 1 at 6:14AM
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 The Real Estate Store
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Investment Insights
Based on property information with market context.
This for-sale offering includes three apartment buildings totaling 10 units and 18 bedrooms. #79 W Cutts Street is a 5-unit building, while #6 Banks Lane is a 3-unit building built in 2003. #4 Banks Lane is a 2-unit building built in 2023. The combined total is 8,808 square feet across all three buildings.
The properties are located at 79 W Cutts Street in Biddeford, with the three-building set described as being near shopping. The current zoning allows for an additional 13 units with planning board approval, and the remarks describe the asset as an ideal opportunity for a condo project.
Showings are available only on Wednesdays and Sundays between 3:00pm and 4:00pm.
The properties are located at 79 W Cutts Street in Biddeford, with the three-building set described as being near shopping. The current zoning allows for an additional 13 units with planning board approval, and the remarks describe the asset as an ideal opportunity for a condo project.
Showings are available only on Wednesdays and Sundays between 3:00pm and 4:00pm.
Key Highlights
- Three‑building multifamily totaling 10 units and 18 bedrooms with 8,808 sqft combined
- #79 W Cutts is a 5‑unit building built in 1900
- #6 Banks Lane is a 3‑unit building built in 2003
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,121
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three buildings totaling 10 units and 18 bedrooms, including components built in 2003 and 2023.
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‑building multifamily totaling 10 units and 18 bedrooms with 8,808 sqft combined; #79 W Cutts is a 5‑unit building built in 1900; #6 Banks Lane is a 3‑unit building built in 2003
