Two-Unit Duplex with Updated
For Sale
$299,000
9 Morton Pl, Augusta, ME 04330
One apartment is vacant, while the other has long-standing tenants and management is already in place.
Property Size2,100 SF
Price / SF$142.38
Days on Market43
Property Features for 9 Morton Pl
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty
(207) 592-3829
Listed By:
Tyler Hall
Source:
Aroostookrealestate
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 7:39PM
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 2,100-square-foot duplex contains two residential units and was built in 1900. The first-floor apartment is vacant, providing an owner-occupancy option, while the upper-level unit is occupied by established tenants paying market-rate rent. Property management is currently in place and may continue after closing.
Both apartments have new heating and hot water systems. The building has also received recent siding and exterior paint improvements. Located at 9 Morton Pl in Augusta, the property sits in a quiet neighborhood near the commercial and entertainment offerings along Water Street.
Both apartments have new heating and hot water systems. The building has also received recent siding and exterior paint improvements. Located at 9 Morton Pl in Augusta, the property sits in a quiet neighborhood near the commercial and entertainment offerings along Water Street.
Key Highlights
- Two‑unit duplex with 2,100 square feet
- First‑floor unit is vacant for potential owner occupancy
- Upper‑level apartment has long‑standing tenants paying market‑rate rent
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
$23,452
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
7.84%
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%
$469,040
$469.0K
Cap Rate 7%
$335,029
$335.0K
Cap Rate 9%
$260,578
$260.6K
Market Conditions
NOI Build-Up for 2,100 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
$34.0K $16.20/SF
− Vacancy
−$517 −$0.25/SF
EGI
$33.5K $15.95/SF
− OpEx
−$10.1K −$4.79/SF
NOI
$23.5K $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%
$469,040
Cap Rate 7%
$335,029
Cap Rate 9%
$260,578
Alternative Uses
Best Use
Multifamily LT 5
$335.0K
$293.2K – $390.9K
NOI $23,452 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$292.2K
$255.7K – $341.0K
NOI $20,457 @ 7.0% cap · market cap 6.84%
Theoretical Best
Warehouse
$3.13M
$2.74M – $3.66M
NOI $219,310 @ 7.0% cap · market cap 73.35%
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
1,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 04330, ME
26,322
Population
13,017
Households
2
Avg Household Size
44
Median Age
28%
College-Educated
95%
High-School Grad
116.9 sq mi
ZIP Area
225
Density / Sq Mi
$55,158
Median Household Income
$43,177
Median Earnings
$912
Median Rent
$197,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One apartment is vacant, while the other has long-standing tenants and management is already in place.
Where is this duplex located?
The property is located at 9 Morton Pl Augusta, ME.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,100 square feet; First‑floor unit is vacant for potential owner occupancy; Upper‑level apartment has long‑standing tenants paying market‑rate rent
