Victorian
New
For Sale
$690,000
9 - 11 Summer Street, Hallowell, ME 04347
Multi-Family, Hallowell, ME
Property Size3,620 SF
Lot Size0.60 Acres
Price / SF$190.61
Days on Market2
Property Features for 9 - 11 Summer Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1
Parking features
Open
Patio and Porch features
Porch
Interior features
Attic, Storage
Fencing
Fenced
Basement
Unfinished, Full
Lot features
Well Landscaped, Historic District, Neighborhood
Standard status
Active
Size
3,620 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7541
Utilities
Sewer type
Public Sewer
Heating system
Oil, Zoned, Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Wood Frame, Clapboard, Shingle Siding, Wood Siding
Roof type
Shingle
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Michael Bunting
(207) 838-0912
Added: Aug 27
Last Checked: Aug 28 at 11:06PM
MLS# 1677818
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this Victorian duplex contains 3,620 square feet arranged as two residential units. Each unit offers three bedrooms, 1.5 baths, a private entrance, an individual porch, and separate furnace, plumbing meter, and electrical service. Hardwood and tile flooring, attic storage, a reconstructed basement, and wood-frame construction with clapboard and shingle siding add to the property’s physical character.
The property occupies 0.6 acres at 9 - 11 Summer Street in Hallowell, Maine. A garage and barn include second-floor space identified for possible completion as separate units or one larger unit. An additional shed provides storage, while open parking, fencing, public water, and public sewer are also present. R-1 zoning and the duplex configuration define the current residential use.
The property occupies 0.6 acres at 9 - 11 Summer Street in Hallowell, Maine. A garage and barn include second-floor space identified for possible completion as separate units or one larger unit. An additional shed provides storage, while open parking, fencing, public water, and public sewer are also present. R-1 zoning and the duplex configuration define the current residential use.
Key Highlights
- Two‑unit Victorian property built in 1900
- 3,620 square feet on 0.6 acres
- Each unit has 3 bedrooms and 1.5 baths
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
$40,427
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%
$808,540
$808.5K
Cap Rate 7%
$577,529
$577.5K
Cap Rate 9%
$449,189
$449.2K
Market Conditions
NOI Build-Up for 3,620 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
$58.6K $16.20/SF
− Vacancy
−$891 −$0.25/SF
EGI
$57.8K $15.95/SF
− OpEx
−$17.3K −$4.79/SF
NOI
$40.4K $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%
$808,540
Cap Rate 7%
$577,529
Cap Rate 9%
$449,189
Alternative Uses
Best Use
Multifamily LT 5
$577.5K
$505.3K – $673.8K
NOI $40,427 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$503.8K
$440.8K – $587.8K
NOI $35,265 @ 7.0% cap · market cap 5.11%
Theoretical Best
Warehouse
$5.40M
$4.73M – $6.30M
NOI $378,048 @ 7.0% cap · market cap 54.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 04347, ME
2,570
Population
1,436
Households
1.8
Avg Household Size
51
Median Age
46%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
436
Density / Sq Mi
$58,811
Median Household Income
$37,027
Median Earnings
$830
Median Rent
$266,700
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 feature private entrances, porches, and separately metered building systems.
Where is this duplex located?
The property is located at 9 - 11 Summer Street Hallowell, ME.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Two‑unit Victorian property built in 1900; 3,620 square feet on 0.6 acres; Each unit has 3 bedrooms and 1.5 baths
