Two-Unit Brick
For Sale
$294,999
987 Main Street, Vassalboro, ME 04989
Both apartments are vacant and equipped with heat pumps for heating and air conditioning.
Property Size2,100 SF
Price / SF$140.48
Days on Market137
Property Features for 987 Main Street
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi Family Home
Zoning
Rural
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Individually Metered Utilities
heating
Taxes and HOA fees
Annual Taxes
$2,205
Amenities
large private decks
spacious yard
Building Details
Building Size
2,100 SF
Year Built
1900
Buildings
1
Units
2
Construction
brick
Listing Agency:
Signature Homes Real Estate Group, LLC
(207) 885-0500
Listed By:
Derek Goff Joseph Tomazin
(207) 749-9905
Source:
Amerorealty
Added: Jun 18
Changed: Oct 31
Last Checked: Oct 31 at 2:21PM
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 Signature Homes Real Estate Group, LLC
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Investment Insights
Based on property information with market context.
This 2,100-square-foot brick duplex, built in 1900, contains two apartments, each with two bedrooms and one bathroom. Both units are vacant. The roof has been re-shingled, and heat pumps provide heating and air conditioning. Heating is separately metered, with tenants paying those costs directly. Outdoor features include private decks, parking, a yard, and mature fruit trees.
The property is in Vassalboro, between Augusta and Waterville, with rural zoning. A neighboring field with seasonal lupines and grazing horses provides the setting described for the property.
The property is in Vassalboro, between Augusta and Waterville, with rural zoning. A neighboring field with seasonal lupines and grazing horses provides the setting described for the property.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- 2,100 square feet; built in 1900
- Both units are vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,452
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
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
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 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 7.95%
Second Best
Apartment 5plus
$292.2K
$255.7K – $341.0K
NOI $20,457 @ 7.0% cap · market cap 6.93%
Theoretical Best
Warehouse
$3.13M
$2.74M – $3.66M
NOI $219,310 @ 7.0% cap · market cap 74.34%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
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Business Placement
Demographics for 04989, ME
4,520
Population
2,296
Households
2
Avg Household Size
45
Median Age
31%
College-Educated
94%
High-School Grad
44.3 sq mi
ZIP Area
102
Density / Sq Mi
$74,828
Median Household Income
$47,512
Median Earnings
$1,030
Median Rent
$217,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are vacant and equipped with heat pumps for heating and air conditioning.
Where is this duplex located?
The property is located at 987 Main Street Vassalboro, ME.
What is the asking price?
The asking price for this property is $294,999.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; 2,100 square feet; built in 1900; Both units are vacant
