Old Orchard Beach Multifamily
For Sale
Contact for pricing
96 1st St, Old Orchard Beach, ME 04064
Multifamily property near the beach with year-round rental potential.
Property Size2,869 SF
Price / SF$379.92
Days on Market1535
Property Features for 96 1st St
General Information
Standard status
Active
Size
2,869 SF
Class
B
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1925
Year Renovated
1995
Buildings
1
Stories
2
Units
5
Listing Agency:
Exp Realty
Listed By:
Don Pilon · License #901393
Source:
Crexi
Added: May 31, 2022
Changed: Aug 8
Last Checked: Aug 11 at 1:45PM
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 Exp Realty
Investment Insights
Based on property information with market context.
This multifamily investment property is located in Old Orchard Beach and features a mix of one and two-bedroom apartments suitable for year-round occupancy. The property includes five apartments and a property management office. Tenant parking is available. Tenants are responsible for their own heat, electricity, cable, and internet. Refrigerators and electric stoves are provided. The property presents opportunities for year-round rentals or potential as an Airbnb. Its location is three blocks from the beach, accessible via First Street to Atlantic Avenue. The property size is 2869 square feet. Financing options are available for qualified buyers. The property could also be suitable for an owner-occupant looking to live in one unit and rent out the others.
Key Highlights
- Year‑round apartment building in a beachfront community (Old Orchard Beach).
- Potential for Air B&B income.
- Live in one unit and rent the others to offset mortgage costs.
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
$44,338
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
4.07%
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%
$886,760
$886.8K
Cap Rate 7%
$633,400
$633.4K
Cap Rate 9%
$492,644
$492.6K
Market Conditions
NOI Build-Up for 2,869 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
$85.0K $29.64/SF
− Vacancy
−$4.4K −$1.54/SF
EGI
$80.6K $28.10/SF
− OpEx
−$36.3K −$12.64/SF
NOI
$44.3K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$886,760
Cap Rate 7%
$633,400
Cap Rate 9%
$492,644
Alternative Uses
Best Use
Apartment 5plus
$633.4K
$554.2K – $739.0K
NOI $44,338 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$909.5K
$795.8K – $1.06M
NOI $63,662 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
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?
Apartment building - Multifamily property near the beach with year-round rental potential.
Where is this apartment building located?
The property is located at 96 1st St Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Year‑round apartment building in a beachfront community (Old Orchard Beach).; Potential for Air B&B income.; Live in one unit and rent the others to offset mortgage costs.
