Five-Unit Apartment Building with Shared
New
For Sale
$880,000
8 Prince St, Lincoln, ME 04457
Five apartments offer private decks, with shared dock access on Mattanawcook Pond.
Property Size6,100 SF
Price / SF$144.26
Days on Market3
Property Features for 8 Prince St
General Information
Standard status
Active
Size
6,100 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 3 x 2BR, 1 x 3BR
Multifamily Units
5
Amenities
private dock
private decks
Building Details
Year Built
1971
Listed By:
Signature Homes Real Estate Group
(207) 885-0500
Source:
Signaturehomesmaine
Added: Oct 5
Changed: Oct 6
Last Checked: Oct 6 at 2:27AM
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 Signature Homes Real Estate Group
Investment Insights
Based on property information with market context.
This 6,100-square-foot apartment building contains five units: one one-bedroom, three two-bedroom, and one three-bedroom apartment. Each unit has a private deck, and residents share access to a dock on Mattanawcook Pond. The property was built in 1971.
A public beach and park are nearby. Town offices, shopping, and restaurants are within walking distance.
A public beach and park are nearby. Town offices, shopping, and restaurants are within walking distance.
Key Highlights
- Five apartments: one 1‑bedroom, three 2‑bedroom, and one 3‑bedroom
- 6,100 square feet; built in 1971
- Private deck for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,416
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,320
$1.0M
Cap Rate 7%
$734,514
$734.5K
Cap Rate 9%
$571,289
$571.3K
Market Conditions
NOI Build-Up for 6,100 SF
Gross rent
$98.8K $16.20/SF
− Vacancy
−$5.3K −$0.87/SF
EGI
$93.5K $15.33/SF
− OpEx
−$42.1K −$6.90/SF
NOI
$51.4K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,320
Cap Rate 7%
$734,514
Cap Rate 9%
$571,289
Alternative Uses
Best Use
Apartment 5plus
$734.5K
$642.7K – $856.9K
NOI $51,416 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,909 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
Explore this area
Business Placement
Demographics for 04457, ME
5,689
Population
3,587
Households
1.6
Avg Household Size
48
Median Age
21%
College-Educated
94%
High-School Grad
258.8 sq mi
ZIP Area
22
Density / Sq Mi
$51,403
Median Household Income
$32,646
Median Earnings
$647
Median Rent
$126,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five apartments offer private decks, with shared dock access on Mattanawcook Pond.
Where is this apartment building located?
The property is located at 8 Prince St Lincoln, ME.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Five apartments: one 1‑bedroom, three 2‑bedroom, and one 3‑bedroom; 6,100 square feet; built in 1971; Private deck for each apartment
