Six-Unit Apartment
For Sale
$1,150,000
8 Spring St, Westbrook, ME 04092
Three-level property with a mix of one- and two-bedroom residences in downtown Westbrook.
Property Size4,102 SF
Price / SF$280.35
Days on Market89
Property Features for 8 Spring St
General Information
Standard status
Active
Size
4,102 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR, 4 x 1BR
Multifamily Units
6
Amenities
dedicated off-street parking
two-car detached garage
double-pane windows
coin-operated laundry
tenant storage
Building Details
Year Built
1900
Stories
3
Listing Agency:
Keller Williams Realty
Listed By:
Kirk Butterfield · License #MAINEBR918896
(207) 205-4007
Source:
Soldbymichaelthomas
Added: Aug 10
Changed: Oct 25
Last Checked: Oct 7 at 3:50PM
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 Realty
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Investment Insights
Based on property information with market context.
This 4,102-square-foot apartment building, constructed in 1900, contains six residential units across three levels. The unit mix includes two two-bedroom apartments and four one-bedroom apartments. The property is fully occupied and includes double-pane windows, coin-operated laundry, tenant storage, and dedicated off-street parking. A detached two-car garage is also part of the improvements.
Located in downtown Westbrook and zoned City Center, the property combines a defined multifamily layout with established occupancy. Showings require 48 hours' notice.
Located in downtown Westbrook and zoned City Center, the property combines a defined multifamily layout with established occupancy. Showings require 48 hours' notice.
Key Highlights
- Six‑unit apartment building with two two‑bedroom units and four one‑bedroom units
- 4,102 SF building across three levels, constructed in 1900
- Fully occupied multifamily property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,439
Cap Rate
5.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,348,780
$1.3M
Cap Rate 7%
$963,414
$963.4K
Cap Rate 9%
$749,322
$749.3K
Market Conditions
NOI Build-Up for 4,102 SF
Gross rent
$130.4K $31.80/SF
− Vacancy
−$7.8K −$1.91/SF
EGI
$122.6K $29.89/SF
− OpEx
−$55.2K −$13.45/SF
NOI
$67.4K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,348,780
Cap Rate 7%
$963,414
Cap Rate 9%
$749,322
Alternative Uses
Best Use
Apartment 5plus
$963.4K
$843.0K – $1.12M
NOI $67,439 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$986.5K – $1.32M
NOI $78,921 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Cumberland County, ME
Properties on Market for Apartment buildings in Cumberland County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-level property with a mix of one- and two-bedroom residences in downtown Westbrook.
Where is this apartment building located?
The property is located at 8 Spring St Westbrook, ME.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six‑unit apartment building with two two‑bedroom units and four one‑bedroom units; 4,102 SF building across three levels, constructed in 1900; Fully occupied multifamily property
