Two-Building Residential Income
For Sale
$1,200,000
8-10 Bayview Lane, Kittery, ME 03904
Two separate buildings include a 1920 duplex plus a 1999 garage structure with an apartment, all with public water and sewer.
Property Size4,120 SF
Lot Size2.70 Acres
Price / SF$291.26
Days on Market185
Property Features for 8-10 Bayview Lane
General Information
Standard status
Active
Size
4,120 SF
Lot size
2.70 Acres
Property subtype
Multi-family
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
Keller Williams Coastal and Lakes & Mountains Realty
Listed By:
Troy Williams
(603) 866-2942
Source:
Profoundrealestate
Added: Feb 26
Changed: Aug 28
Last Checked: Aug 29 at 10:14AM
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 Keller Williams Coastal and Lakes & Mountains Realty
Investment Insights
Based on property information with market context.
The property at 8–10 Bayview Lane consists of two separate buildings currently providing three vacant residential units across the site. The front building at 10 Bayview Lane is a 1920-built duplex. Unit 10A is the lower-level residence with approximately 960 square feet, three bedrooms, one bathroom, and a separate laundry room. Unit 10B spans the second and third floors and offers approximately 1,400 square feet with four bedrooms, two bathrooms, and a large living room. Both units are served by a shared forced hot water baseboard system, and the building includes a basement with exterior access.
Set separately, 8 Bayview Lane is a substantial garage structure built in 1999 with multiple bays, oversized garage doors, and additional storage beneath the sunroom. The main level includes office space, a lounge area, and a bathroom, along with the heating system. Above the garage is an apartment of approximately 1,960 square feet featuring one large bedroom, one bathroom, a separate laundry room, and a sunroom with its own entry overlooking the rear property and Spinney Creek. The garage area is gated and fully fenced, and the property benefits from public water and sewer service.
The land includes frontage along Spinney Creek, and the listing notes proximity of approximately 10 minutes to downtown Portsmouth and just over 1 hour to Boston.
Set separately, 8 Bayview Lane is a substantial garage structure built in 1999 with multiple bays, oversized garage doors, and additional storage beneath the sunroom. The main level includes office space, a lounge area, and a bathroom, along with the heating system. Above the garage is an apartment of approximately 1,960 square feet featuring one large bedroom, one bathroom, a separate laundry room, and a sunroom with its own entry overlooking the rear property and Spinney Creek. The garage area is gated and fully fenced, and the property benefits from public water and sewer service.
The land includes frontage along Spinney Creek, and the listing notes proximity of approximately 10 minutes to downtown Portsmouth and just over 1 hour to Boston.
Key Highlights
- 2.7‑acre property at 8‑10 Bayview Lane with frontage along Spinney Creek
- Front building at 10 Bayview Lane: 1920‑built duplex with 2 vacant residential units
- Unit 10A: approx. 960 SF, 3 bedrooms, 1 bathroom, plus separate laundry room
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
$69,745
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
5.81%
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%
$1,394,900
$1.4M
Cap Rate 7%
$996,357
$996.4K
Cap Rate 9%
$774,944
$774.9K
Market Conditions
NOI Build-Up for 4,120 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
$104.8K $25.44/SF
− Vacancy
−$5.2K −$1.26/SF
EGI
$99.6K $24.18/SF
− OpEx
−$29.9K −$7.25/SF
NOI
$69.7K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$1,394,900
Cap Rate 7%
$996,357
Cap Rate 9%
$774,944
Alternative Uses
Best Use
Multifamily LT 5
$996.4K
$871.8K – $1.16M
NOI $69,745 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$909.6K
$795.9K – $1.06M
NOI $63,672 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,421 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 03904, ME
8,148
Population
4,375
Households
1.9
Avg Household Size
42
Median Age
40%
College-Educated
96%
High-School Grad
10.9 sq mi
ZIP Area
748
Density / Sq Mi
$74,551
Median Household Income
$50,752
Median Earnings
$1,458
Median Rent
$415,700
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 separate buildings include a 1920 duplex plus a 1999 garage structure with an apartment, all with public water and sewer.
Where is this duplex located?
The property is located at 8-10 Bayview Lane Kittery, ME.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2.7‑acre property at 8‑10 Bayview Lane with frontage along Spinney Creek; Front building at 10 Bayview Lane: 1920‑built duplex with 2 vacant residential units; Unit 10A: approx. 960 SF, 3 bedrooms, 1 bathroom, plus separate laundry room
