Multi-Unit Property Near Lake
For Sale
$699,000
96 Mineral Spring Road, Windham, ME 04062
Multiple living units offer flexible rental or multigenerational use, with updates and improvements needed.
Property Size2,940 SF
Price / SF$237.76
Days on Market181
Property Features for 96 Mineral Spring Road
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Multi-Family
Zoning
RL
Property Condition
Severity
Repairs Needed
Evidence
does require updates and improvements
Taxes and HOA fees
Annual Taxes
$8,361
Amenities
Forced Air
Interior, Unfinished
Vinyl, Carpet
No
Yes
Other
4.00
4
Metal
Wood Siding, Vinyl Siding, Wood Frame
Building Details
Year Built
1940
Units
3
Listing Agency:
Krainin Real Estate
(207) 318-8751
Listed By:
Jacqueline Griffeth
(207) 318-8751
Source:
Compass
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 11:00PM
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 Krainin Real Estate
Investment Insights
Based on property information with market context.
This multifamily property contains 2,940 square feet and dates to 1940. The building has a wood-frame structure with wood and vinyl siding, metal exterior elements, forced-air heating, and a combination of vinyl and carpet flooring. Interior space is unfinished and requires updates and improvements.
The property is located at 96 Mineral Spring Road in Windham, Maine, with association access to Sebago Lake within a short walk. Local amenities, restaurants, and year-round recreation are also identified in the surrounding area. RL zoning applies to the property, while the existing multiple-unit configuration provides flexible living space for rental use or multigenerational occupancy.
The property is located at 96 Mineral Spring Road in Windham, Maine, with association access to Sebago Lake within a short walk. Local amenities, restaurants, and year-round recreation are also identified in the surrounding area. RL zoning applies to the property, while the existing multiple-unit configuration provides flexible living space for rental use or multigenerational occupancy.
Key Highlights
- 2,940‑square‑foot multifamily property built in 1940
- Multiple‑unit configuration with flexible living space
- Short walk to association access on Sebago Lake
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
$48,335
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
6.91%
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%
$966,700
$966.7K
Cap Rate 7%
$690,500
$690.5K
Cap Rate 9%
$537,056
$537.1K
Market Conditions
NOI Build-Up for 2,940 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
$93.5K $31.80/SF
− Vacancy
−$5.6K −$1.91/SF
EGI
$87.9K $29.89/SF
− OpEx
−$39.5K −$13.45/SF
NOI
$48.3K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /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%
$966,700
Cap Rate 7%
$690,500
Cap Rate 9%
$537,056
Alternative Uses
Best Use
Apartment 5plus
$690.5K
$604.2K – $805.6K
NOI $48,335 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$808.1K
$707.1K – $942.7K
NOI $56,564 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
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?
Multifamily property - Multiple living units offer flexible rental or multigenerational use, with updates and improvements needed.
Where is this multifamily property located?
The property is located at 96 Mineral Spring Road Windham, ME.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,940‑square‑foot multifamily property built in 1940; Multiple‑unit configuration with flexible living space; Short walk to association access on Sebago Lake
