Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Windham Multi-Unit Investment Opportunity Title is generated by Realmo AI

    96 Mineral Spring Road, Windham, ME 04062

    View on Map
    Claim this Listing
    New
    For Sale
    $599,000

    MULTI_FAMILY - Windham, ME

    Property size:
    2,940 SF
    Lot size:
    1.56 Acres
    Price / SF:
    $203/SF
    Added:
    May 30, 2026
    Days on Market:
    2
    Last Refresh:
    May 31 at 7:06 pm

    Property Features for 96 Mineral Spring Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RL
    Bathrooms
    4
    Rooms
    Basement, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4
    Basement
    Unfinished
    Standard status
    Active
    Size
    2,940 SF
    Lot size
    1.56 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8361

    Utilities

    Sewer type
    Private Sewer
    Heating system
    Oil, Forced Air
    Water source
    Private
    Water front
    1

    Building Details

    Year built
    1940
    Number of units
    3
    Flooring type
    Vinyl, Carpet
    Building materials
    Wood Frame, Vinyl Siding, Wood Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Jacqueline Griffeth

    Listing agent Jacqueline Griffeth

    Listing office Krainin Real Estate 1539 Roosevelt Trail, So. Casco, ME

    Listing date May 30, 2026

    MLS# 1653714 Listing URL

    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.

    HighLights

    • Short walk to association access on Sebago Lake.
    • Multi‑unit property with potential for rental income or multi‑generational use.
    • Rare investment opportunity in the Windham/Sebago Lake area.
    • Convenient location near local amenities, restaurants, and year‑round recreation.
    • Flexible living space.
    • Metal roof.

    Overview

    This multi-unit property, located in Windham, Maine, presents an investment opportunity near Sebago Lake. Situated on a 1.56-acre lot, the property offers flexible living space with potential for rental income or multi-generational use. While updates and improvements are required, the location provides convenient access to local amenities, restaurants, and year-round recreation. The property is located a short walk to association access on Sebago Lake. The property contains 2,940 square feet of space and is zoned RL.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $79.4k $27.00
    − Vacancy −$5.2k −$1.76
    EGI $74.2k $25.25
    − OpEx −$22.3k −$7.57
    NOI $52.0k $17.67
    2,940 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $742.2K
    $649.4K – $865.9K (±1% cap)
    NOI $51,954 @ 7.0% cap · market cap 8.67%
    Second Best
    Apartment 5plus
    $690.5K
    $604.2K – $805.6K (±1% cap)
    NOI $48,335 @ 7.0% cap · market cap 8.07%
    Theoretical Best
    Office A
    $808.1K
    $707.1K – $942.7K (±1% cap)
    NOI $56,564 @ 7.0% cap · market cap 9.44%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Windham
    County
    Cumberland
    State
    Maine
    Longitude
    -70.466995
    Latitude
    43.855904

    Nearby Similar for Sale

    • $1,250,000
      4,580 SF

      Modern Multi-Family Near Highland Lake

      Redesigned multi-family property with lake access in Windham, Maine.
      44 Johnson Road, Windham, ME 04062
      View Details
    • $3,750,000
      50,056 SF

      Historic Warehouse Along Presumpscot River

      Unique, historic, well-maintained warehouse facility with redevelopment potential.
      3-4 Mallison Falls Road, Windham, ME 04062
      View Details
    • $750,000
      2,772 SF

      Windham Commercial Building on Route 302

      Commercial building in prime location with high visibility and traffic.
      989 Roosevelt Trail, Windham, ME 04062
      View Details
    • $695,000
      4,000 SF

      Commercial Building with Office, Warehouse

      4,000 SF commercial building with office and warehouse space.
      16 Danielle Dr, Windham, ME 04062
      View Details
    • $3,750,000
      50,000 SF

      Historic Warehouse Along Presumpscot River

      Unique warehouse facility with redevelopment potential near Portland.
      3 Mallison Falls Rd, Windham, ME 04062
      View Details

    FAQs

    What type of property is this?
    Triplex - Multi-unit property near Sebago Lake with income potential.
    Where is this triplex located?
    The property is located at 96 Mineral Spring Road Windham, ME.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Short walk to association access on Sebago Lake.; Multi‑unit property with potential for rental income or multi‑generational use.; Rare investment opportunity in the Windham/Sebago Lake area.
    (207) 318-8751
    We can help!
    Listing Contact
    Jacqueline Griffeth
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    96 Mineral Spring Road, Windham, ME 04062
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!