Old Orchard Beach Multifamily
96 1st St, Old Orchard Beach, ME 04064
For Sale
Contact for pricing
Multifamily property near the beach with year-round rental potential.
Property Size2,869 SF
Price / SF$331.13
Days on Market1626
Property Features for 96 1st St
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Occupancy
Investment Type
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Tenancy
Listing Agency:
Exp Realty
Listed By:
Don Pilon · License ME #901393
Source:
Crexi
Added: May 31, 2022
Changed: Nov 8
Last Checked: Nov 10 at 8:48AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$44,338
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
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
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 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 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$909.5K
$795.8K – $1.06M
NOI $63,662 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
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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
$312,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in York County, ME
Properties on Market for Apartment buildings in York County
Vacancy Rate% for Multifamily in Northeast region
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 $950,000.
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.
