Building Details

Year Built 1900

Listing Agency: Keller Williams Realty

Listed By: Tyler Hall Show Phone

Source: Aroostookrealestate

Added: Jul 20 Changed: Oct 2 Last Checked: Oct 7 at 3:35PM

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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.

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 / Yr

$20,457

Cap Rate

8.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$409,140 $409.1K

Cap Rate 7%

$292,243 $292.2K

Cap Rate 9%

$227,300 $227.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,100 SF

Gross rent

$37.8K $18.00/SF

− Vacancy

−$605 −$0.29/SF

EGI

$37.2K $17.71/SF

− OpEx

−$16.7K −$7.97/SF

NOI

$20.5K $9.74/SF

Area

Kennebec County, ME

Vacancy

1.60%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$409,140

Cap Rate 7%

$292,243

Cap Rate 9%

$227,300

Alternative Uses

Best Use

Multifamily LT 5

$335.0K

$293.2K – $390.9K (±1% cap)

NOI $23,452 @ 7.0% cap · market cap 9.38%

Second Best

Apartment 5plus

$292.2K

$255.7K – $341.0K (±1% cap)

NOI $20,457 @ 7.0% cap · market cap 8.18%

Theoretical Best

Warehouse

$3.13M

$2.74M – $3.66M (±1% cap)

NOI $219,310 @ 7.0% cap · market cap 87.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Electrical Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Grooming Service Acupuncture Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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 $249,999.

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