Waterville Multifamily and Commercial
For Sale
Contact for pricing
80-88 Elm St, Waterville, ME 04901
Multifamily and commercial property with income potential in Waterville.
Property Size9,829 SF
Price / SF$193.31
Days on Market161
Property Features for 80-88 Elm St
General Information
Standard status
Active
Size
9,829 SF
Property subtype
Mixed Use, Multifamily
Occupancy
83%
Building Details
Year Built
1900
Buildings
4
Units
24
Listing Agency:
New England Realty Group LLC
(207) 289-2336
Listed By:
Matthew Boulerice · License #DB922634
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 9 at 10:18AM
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 New England Realty Group LLC
Investment Insights
Based on property information with market context.
Located at 80 to 88 Elm Street in Waterville, this property presents a multifamily and commercial opportunity. The property features three buildings, encompassing a total of 22 apartment units, along with approximately 2,000 square feet of commercial warehouse space, and a standalone laundromat with a long-term lease. Situated just off downtown Waterville and within Waterville’s Opportunity Zone, the asset offers multiple avenues for increasing income and long-term value. Significant capital improvements have been made, including new separately metered natural gas Rinnai heaters in all 22 apartments, a new roof on 88 Elm St, new gas commercial hot water heaters, and renovations to approximately half of the residential units. Separate electrical meters are also installed. The apartments could transition toward resident-paid utilities over time, potentially improving expense control and net operating income. A large shared parking lot serves both the residential and commercial components. A TIF is in place and may be transferable with municipal approval if the Buyer assumes the current entity. The property may also be a strong candidate for bonus depreciation through a cost segregation study. Existing management is in place. The property size is 9,829 square feet.
Key Highlights
- Significant recent capital improvements: new Rinnai heaters, new roof on 88 Elm St, new gas commercial hot water heaters, and approximately half of the residential units have been recently renovated.
- 22 apartment units plus approximately 2,000 square feet of commercial warehouse space and a standalone laundromat with a long‑term lease.
- Located just off downtown Waterville and within Waterville’s Opportunity Zone.
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
$101,398
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
5.34%
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%
$2,027,960
$2.0M
Cap Rate 7%
$1,448,543
$1.4M
Cap Rate 9%
$1,126,644
$1.1M
Market Conditions
NOI Build-Up for 9,829 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
$176.9K $18.00/SF
− Vacancy
−$14.7K −$1.49/SF
EGI
$162.2K $16.51/SF
− OpEx
−$60.8K −$6.19/SF
NOI
$101.4K $10.32/SF
Area
Kennebec County, ME
Vacancy
8.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,027,960
Cap Rate 7%
$1,448,543
Cap Rate 9%
$1,126,644
Alternative Uses
Best Use
Warehouse
$14.66M
$12.83M – $17.11M
NOI $1,026,474 @ 7.0% cap · market cap 54.02%
Second Best
Industrial
$12.08M
$10.57M – $14.09M
NOI $845,332 @ 7.0% cap · market cap 44.49%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,010
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multifamily and commercial property with income potential in Waterville.
Where is this mixed-use property located?
The property is located at 80-88 Elm St Waterville, ME.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Significant recent capital improvements: new Rinnai heaters, new roof on 88 Elm St, new gas commercial hot water heaters, and approximately half of the residential units have been recently renovated.; 22 apartment units plus approximately 2,000 square feet of commercial warehouse space and a standalone laundromat with a long‑term lease.; Located just off downtown Waterville and within Waterville’s Opportunity Zone.
