Duplex With Updated Upper
For Sale
$299,900
Pending
8 Paul Ave, Waterville, ME 04901
Two residential units offer flexible occupancy, porch access, and a spacious yard on a double lot.
Property Size1,950 SF
Days on Market42
Property Features for 8 Paul Ave
General Information
Standard status
Pending
Size
1,950 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR, 1 x 1BR
Multifamily Units
2
Building Details
Year Built
1955
Buildings
1
Listing Agency:
Real Broker
(207) 314-8443
Listed By:
Corey Lee · License #BA924970
Source:
603luxury
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:08PM
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 Real Broker
Investment Insights
Based on property information with market context.
This 1,950-square-foot duplex, built in 1955, includes a vacant lower residence with three bedrooms, a large kitchen with extensive cabinet storage, an oversized living room, a walk-in closet in the primary bedroom, and a full bath with tiled shower. The upper apartment has one bedroom and has been updated. An unfinished area alongside the upper unit could support conversion into additional living space. Both residences open to the front porch.
The property sits on a double lot at 8 Paul Ave in Waterville, at the end of a dead-end street. Temple Academy is across the street, while Waterville Junior High School and Pine Ridge Golf Course are within walking distance. Colby College, Thomas College, Interstate 95, and downtown Waterville are a short drive away.
Additional improvements include a metal roof, newer furnace, and vinyl siding in excellent condition.
The property sits on a double lot at 8 Paul Ave in Waterville, at the end of a dead-end street. Temple Academy is across the street, while Waterville Junior High School and Pine Ridge Golf Course are within walking distance. Colby College, Thomas College, Interstate 95, and downtown Waterville are a short drive away.
Additional improvements include a metal roof, newer furnace, and vinyl siding in excellent condition.
Key Highlights
- 1,950 SF duplex built in 1955
- Lower unit is vacant with 3 bedrooms and a spacious kitchen
- Updated upper apartment includes 1 bedroom
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
$21,777
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
7.26%
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%
$435,540
$435.5K
Cap Rate 7%
$311,100
$311.1K
Cap Rate 9%
$241,967
$242.0K
Market Conditions
NOI Build-Up for 1,950 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
$31.6K $16.20/SF
− Vacancy
−$480 −$0.25/SF
EGI
$31.1K $15.95/SF
− OpEx
−$9.3K −$4.79/SF
NOI
$21.8K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$435,540
Cap Rate 7%
$311,100
Cap Rate 9%
$241,967
Alternative Uses
Best Use
Multifamily LT 5
$311.1K
$272.2K – $363.0K
NOI $21,777 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$271.4K
$237.5K – $316.6K
NOI $18,996 @ 7.0% cap · market cap 6.33%
Theoretical Best
Warehouse
$2.91M
$2.55M – $3.39M
NOI $203,645 @ 7.0% cap · market cap 67.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
330
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?
Duplex - Two residential units offer flexible occupancy, porch access, and a spacious yard on a double lot.
Where is this duplex located?
The property is located at 8 Paul Ave Waterville, ME.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,950 SF duplex built in 1955; Lower unit is vacant with 3 bedrooms and a spacious kitchen; Updated upper apartment includes 1 bedroom
