Two-Unit Colonial
For Sale
$289,000
9 Morton Place, Augusta, ME 04330
Multi-Family, Augusta, ME
Property Size2,100 SF
Lot Size0.10 Acres
Price / SF$137.62
Days on Market53
Property Features for 9 Morton Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Patio and Porch features
Porch
Interior features
1st Floor Bedroom
Basement
Full, Walk-Out Access
Lot features
Rolling/ Sloping, Corner Lot, Sidewalks, Intown
Standard status
Active
Size
2,100 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
1471
Utilities
Sewer type
Public Sewer
Heating system
Kerosene, Forced Air, Oil
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl, Carpet
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Tyler Hall
(207) 592-3829
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# 1662195
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.
This two-unit Colonial duplex in Augusta contains 2,100 square feet on a 0.1-acre lot. The first-floor apartment is vacant, providing flexibility for an owner occupant or a new tenancy, while the upper unit has established tenants. Management is currently in place and may remain with the property. Both apartments have new heating and hot water systems.
Built in 1900, the wood-frame building features recent siding and paint, a shingle roof, porch, basement, and first-floor bedroom. Interior finishes include wood, vinyl, and carpet flooring. Public water and public sewer serve the property, which is located near Augusta’s Water Street area.
Built in 1900, the wood-frame building features recent siding and paint, a shingle roof, porch, basement, and first-floor bedroom. Interior finishes include wood, vinyl, and carpet flooring. Public water and public sewer serve the property, which is located near Augusta’s Water Street area.
Key Highlights
- Two‑unit duplex with 2,100 square feet of building area
- 0.1‑acre lot in Augusta, ME
- First‑floor unit is vacant; upper unit has established tenants
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
8.11%
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 8.11%
Second Best
Apartment 5plus
$292.2K
$255.7K – $341.0K
NOI $20,457 @ 7.0% cap · market cap 7.08%
Theoretical Best
Warehouse
$3.13M
$2.74M – $3.66M
NOI $219,310 @ 7.0% cap · market cap 75.89%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Wood-frame income property with updated mechanical systems, a porch, and public water and sewer service.
Where is this duplex located?
The property is located at 9 Morton Place Augusta, ME.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,100 square feet of building area; 0.1‑acre lot in Augusta, ME; First‑floor unit is vacant; upper unit has established tenants
