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 Market39
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: Sep 16
Last Checked: Sep 17 at 12:09AM
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
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 = 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
$67,439
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
5.86%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
Check the figures for this property
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 - 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
