Houlton Multifamily for Sale
Investment Opportunity: 12 & 14 High Street, Houlton, ME
Unmet Housing Demand in Houlton, Maine Houlton, a historic border town situated less than a mile from Canada, is experiencing a significant and ongoing housing shortage. According to the Town of Houlton's 2023 Comprehensive Plan and the Southern Aroostook County Housing Needs Assessment:
The rental vacancy rate in Houlton is under 3%, well below the healthy market benchmark of 5%.
Over 30% of renters in the region are cost-burdened, spending more than 30% of their income on housing.
Southern Aroostook County is short at least 125 affordable rental units, with the most acute need in 1-bedroom and 2-bedroom categories.
This makes 12 & 14 High Street especially valuable: the units at 12 High Street include a 1-bedroom and a 2-bedroom—precisely the types of units most needed in the region—while 14 High Street offers a 3-bedroom home that meets family housing demand. Investors who rehabilitate and lease these units not only gain income potential but directly address a documented housing shortfall.
Property Overview: 4 Units, 2 Structures, One Deed
Address: 12 & 14 High Street, Houlton, ME 04730
12 High Street (Triplex):
Level 1: 1BR/1BA – 1,512 sq ft – Propane heat, electric stove, electric hot water
Level 2: 2BR/1BA – 1,512 sq ft – Electric heat, stove, hot water
Level 3: Studio/1BA – 720 sq ft – Electric heat, stove, hot water
14 High Street (Single-Family Home): 3BR/1BA – approx. 816 sq ft – Propane Oil heat, electric stove/hot water
Separate electric metering; owner pays water/sewer; trash to transfer station
Efficiency Upgrade Plan & Cost Control Strategy
Plan: Convert heat, hot water, and cooking to propane or oil (as applicable)
Goal: Minimize tenant utility burden and increase voucher-backed rent potential
Utility Allowance Comparison – 3BR Example (MaineHousing 2025):
Electric: $514/mo | Propane: $358/mo | Oil: $370/mo
Potential monthly rent lift from fuel conversion: up to $156/unit
Investment Use Scenarios (For illustrative purposes only; not a guarantee)
Buy & Flip: Total investment ~$175K; potential resale ~$265K
Buy & Hold: Rent 4 units under Section 8; projected NOI ~$23.9K; 8.5% cap rate valuation ~$281K
Owner-Occupy (Live in 14 High): Rent triplex; collect ~$2,651/mo income
Owner-Occupy (Live in Triplex): Rent 14 High for ~$1,432/mo
Split into Two Rentals: Projected informal resale values—$150K (12 High), $115K (14 High)
Offered at: $125,000
Sold AS IS by Songs for Centuries Studios
All figures based on publicly available data from MaineHousing: mainehousing.org
*Property includes four residential units across two structures on one deed: a triplex at 12 High Street and a single-family home at 14 High Street. Units are currently vacant and not tenant-ready. Estimated renovation budget is $50,000 (itemized scope available upon request).
Potential rental income is modeled using MaineHousing 2025 payment standards for Aroostook County as a conservative benchmark. Tenant-paid utilities are assumed, with landlord covering only water/sewer.
Operating expenses include insurance, water/sewer, snow removal, and taxes. Utility allowance values are included as an expense category for transparency and alignment with investor expectations.
Projected contract rent across all units is $2,531/month, yielding a true Net Operating Income (NOI) of $23,792/year. Estimated cap rate: 19% post-renovation.
** If new owner decided to convert all electric to propane(i.e bottled gas) it would increase the NOI and Cap Rate(see Below for Summary)
| Metric | Before Conversion | After Propane Conversion | Gain |
| --------------------- | ----------------- | ------------------------ | -------- |
| Monthly Contract Rent | \$2,531 | \$2,817 | +\$286 |
| Annual Contract Rent | \$30,372 | \$33,804 | +\$3,432 |
| NOI | \$23,792 | \$27,224 | +\$3,432 |
| Cap Rate (on \$125K) | 19.0% | **21.8%**
Offered AS IS by Songs for Centuries Studios. Clear title. Ideal for investors seeking income-generating residential property with room to add value.
