3-Unit Multifamily
For Sale
$249,900
8 High Street, Waterville, ME 04901
Waterville, ME
Property Size2,214 SF
Price / SF$112.87
Days on Market274
Property Features for 8 High Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
3
Full bathrooms
3
Standard status
Active
Size
2,214 SF
Building Details
Year built
1938
Listing Agency:
Auburn, Maine · Better Homes and Gardens Real Estate
(207) 782-8311
Listed By:
Renee Roy
(207) 782-8311
Added: Nov 28, 2025
Changed: Aug 24
Last Checked: Aug 29 at 11:06AM
MLS# 1644451
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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 3-unit property contains 2,214 square feet across two 2-bedroom apartments and one 1-bedroom unit. The larger apartments provide additional living space, while the 1-bedroom layout offers a more compact residential option. Improvements include newer roof shingles and a newer boiler.
Built in 1938, the property is located at 8 High Street in Waterville, Maine. The site is within walking distance of a local elementary school and other town amenities, placing everyday services within convenient reach. The unit mix supports multiple household sizes within one multifamily asset.
Built in 1938, the property is located at 8 High Street in Waterville, Maine. The site is within walking distance of a local elementary school and other town amenities, placing everyday services within convenient reach. The unit mix supports multiple household sizes within one multifamily asset.
Key Highlights
- 3‑unit multifamily property with 2,214 square feet
- Unit mix includes two 2‑bedroom apartments and one 1‑bedroom unit
- 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 flexible residential configuration.
Where is this triplex located?
The property is located at 8 High Street 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: 3‑unit multifamily property with 2,214 square feet; Unit mix includes two 2‑bedroom apartments and one 1‑bedroom unit; Newer roof shingles and boiler
