Triplex with Newer
For Sale
$249,900
8 High St, Waterville, ME 04901
Two two-bedroom apartments and one one-bedroom unit provide a varied residential configuration.
Property Size2,214 SF
Price / SF$112.87
Days on Market41
Property Features for 8 High St
General Information
Standard status
Active
Size
2,214 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Building Details
Year Built
1938
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 782-8311
Listed By:
Renee Roy
Source:
Soldbymichaelthomas
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 6:58PM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This 2,214-square-foot triplex, built in 1938, contains three residential units with a practical mix of layouts. Two apartments offer two bedrooms each, while the third is a one-bedroom unit. The property also features newer roof shingles and a newer boiler.
Located at 8 High St in Waterville, the property is within walking distance of a local elementary school and other town amenities. Its unit mix provides distinct options for households seeking either two-bedroom or one-bedroom living arrangements.
Located at 8 High St in Waterville, the property is within walking distance of a local elementary school and other town amenities. Its unit mix provides distinct options for households seeking either two-bedroom or one-bedroom living arrangements.
Key Highlights
- Three‑unit triplex with two 2‑bedroom apartments and one 1‑bedroom unit
- 2,214 square feet of residential space
- Newer roof shingles and boiler
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
$21,568
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
8.63%
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%
$431,360
$431.4K
Cap Rate 7%
$308,114
$308.1K
Cap Rate 9%
$239,644
$239.6K
Market Conditions
NOI Build-Up for 2,214 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
$39.9K $18.00/SF
− Vacancy
−$638 −$0.29/SF
EGI
$39.2K $17.71/SF
− OpEx
−$17.6K −$7.97/SF
NOI
$21.6K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /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%
$431,360
Cap Rate 7%
$308,114
Cap Rate 9%
$239,644
Alternative Uses
Best Use
Multifamily LT 5
$353.2K
$309.1K – $412.1K
NOI $24,725 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$308.1K
$269.6K – $359.5K
NOI $21,568 @ 7.0% cap · market cap 8.63%
Theoretical Best
Warehouse
$3.30M
$2.89M – $3.85M
NOI $231,215 @ 7.0% cap · market cap 92.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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?
Triplex - Two two-bedroom apartments and one one-bedroom unit provide a varied residential configuration.
Where is this triplex located?
The property is located at 8 High St Waterville, ME.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Three‑unit triplex with two 2‑bedroom apartments and one 1‑bedroom unit; 2,214 square feet of residential space; Newer roof shingles and boiler
