85 Union St · Rockland, ME 04841

$1,500,020

16 bd · 12.0 ba · 6,312 sqft · MultiFamily public records · 7 Days on market

Built 1880 0.26 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional multifamily investment opportunity in the heart of Rockland. 85 Union Street is an 11-unit apartment building comprised of seven one-bedroom units and four two-bedroom units, ideally situated just moments from downtown Rockland's thriving waterfront, restaurants, retail destinations, and employment centers. The property features attractive, well-maintained renovated units with numerous updates, offering investors a stable asset in one of Midcoast Maine's strongest and most desirable rental markets. Current rents provide the opportunity for future growth, allowing investors to unlock additional value through strategic rent increases while benefiting from reliable in-place cash fl

Key facts

• Desirable unit mix
• Long term occupancy
• Strong tenant demand

Tags

• 11 UNIT APARTMENT BUILDING
• HIGHLY WALKABLE NEIGHBORHOOD
• STRONG TENANT DEMAND
• LONG TERM OCCUPANCY
• DESIRABLE UNIT MIX

Property features AI

Finance

• Financial info: Total of 11 residential units; Gross income reported: $166,620; Operating expenses reported: $37,520

Exterior

• Parking: Attached garage; Paved parking with approximately 5–10 spaces
• Utilities: Water: yes for units; Sewer: yes for units (building-level sewer listed as Unknown); Power: individual electric meters for units
• Home design: Multi-level building
• Construction: Wood frame construction with vinyl siding; Built in 1880
• Exterior features: Located in a business district near shopping and near town; Paved road access

Interior

• Kitchen: Most units include a refrigerator
• Bedrooms: Seven 2-bedroom units; Four 1-bedroom units
• Flooring: Wood flooring throughout units
• Bathrooms: Eleven full bathrooms (total in building); Each unit has one full bathroom
• Heating & cooling: Hot water heating; Central air conditioning
• Interior features: Wood flooring; Unfinished basement with exterior entry
• Laundry & utility: Units have individual electric meters; No dedicated gas meters or dedicated water heaters listed; Building water heater: oil

What this means for you Summary

Snapshot

• This is a 11 × 15-bed/11.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $10k ($125k/yr) — positive. Per door: $948/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.50M).
• Cap rate 14.7% vs local median 3.2% in Rockland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 62/100 on livability (#116 in ME) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D, amenities F, commute F.
• RSU 13 (town): math 77% / reading 85% proficiency, ranked #84 of 112 in ME (top 75%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 72 active listings in the ZIP; 160 units permitted in Knox County in 2024 (58 in 5+ unit buildings).
• At $25,745/mo this rent would consume 546% of the median local household income ($57k/yr) (locally 279% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $420k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 8→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,500,020

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 14.68%
• Cash-on-cash: 29.95%
• DSCR: 2.33
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.00×
• Total profit: $421,057
• Equity at exit: $223,658

10-year hold

• IRR: 32.2%
• Equity multiple: 3.91×
• Total profit: $1,222,121
• Equity at exit: $129,694

Cash invested: $420,006 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 41 Moderately Tenant-Leaning
• State Maine: 41 Moderately Tenant-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

Portland has rent control referendum (2020); strong habitability; security deposit caps.

Methodology + full state rankings →

ZIP-level market 04841

• Home prices YoY: -17.8%
• Active inventory: 72
• Price-to-rent: 53.4×

Monthly cashflow live

• Estimated rent: $25,745 medium
• Mortgage (P&I): −$7,866
• Tax from tax record: −$1,366 /mo · $16,393/yr
• Insurance: −$625
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,406
• Net cashflow: $10,426

Break-even live

Break-even rent $12,548

Max offer price $1,500,020

Occupancy floor 55%

Sensitivity live

Price	-10% $11,275	-5% $10,850	+0% $10,426	+5% $10,001	+10% $9,577
Rent	-10% $8,392	-5% $9,409	+0% $10,426	+5% $11,443	+10% $12,460
Rate	-1.0pp $11,181	-0.5pp $10,807	base $10,426	+0.5pp $10,037	+1.0pp $9,642

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	15	11	$25,740
Total (11 units)			$25,745

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,005
• Closing costs: $45,001
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-21
   days on market $1,500,020 Active 7 DOM
2. 2026-06-18
   days on market $1,500,020 Active 4 DOM
3. 2026-06-17
   days on market $1,500,020 Active 3 DOM
4. 2026-06-16
   days on market $1,500,020 Active 2 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $1,500,020 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ME · Partial reset (capped growth)

• Current annual tax: $16,393 · $1,366/mo
• Projected year-2 tax: $18,397 · $1,533/mo
• Expected delta: +$2,004/yr (+$167/mo · 12.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥85°F today · 19 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $308,940
• − Mortgage interest: −$84,024
• − Property taxes: −$16,393
• − Insurance: −$8,167
• − Repairs & maintenance: −$24,715
• − Management: −$24,715
• − Depreciation: −$43,637
• Taxable income: $107,289
• Est. tax owed @ 24.0%: −$25,749
• After-tax cash flow: $99,359/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: RSU 13
• NCES district ID: 2314787
• Math proficiency: 77% ▲ 51.00%
• Reading proficiency: 85% ▲ 36.00%
• Median HH income: $43,177
• Composite: 67.81/100
• National rank: #363
• State rank: #84 of 112 in ME

Livability — Rockland

• Score: 62/100
• State rank: #116
• US rank: #16831

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D- Housing A+ Health & safety D- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockland, ME
• County: Knox County · 7,035 people
• City population: 7,035
• Metro: nan
• Population (ZIP): 7,035
• Household income: $56,533
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 279.0

Population outlook (Knox County) Hauer SSP2

• Today (2025): 39,304 people
• By 2030: 38,497 · -2.1%
• By 2040: 36,090 · -8.2%
• By 2050: 33,681 · -14.3%
• By 2075: 29,934 · -23.8%
• By 2100: 24,633 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Slovak 12% Serbian 8% Lithuanian 5%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2%

Political lean MEDSL · Knox

• 2024 margin: D (+18.6) · D 58.2% · R 39.6% · Other 2.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 21.4pp · 2024: 18.6pp
• All cycles: 2024: D+18.6 2020: D+19.9 2016: D+14.3 2012: D+22.6 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.90%
• Current HPI: 341.7862
• Rent YoY: —
• Metro: nan
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-06 Listed $1,500,020 MREIS

Property tax history

+6.7%/yr

Latest (2025): $16,393 · +33.5% YoY. Source: county tax records.