Six-Unit Apartment
For Sale
$575,000
25 Howe Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size5,436 SF
Lot Size0.11 Acres
Price / SF$105.78
Days on Market53
Property Features for 25 Howe Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCB
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 6, Bathroom 2, Basement, Bathroom 4
Parking features
Off Street
Patio and Porch features
Porch
Pets allowed
No
Interior features
1st Floor Bedroom
Basement
Unfinished, Walk-Out Access, Full
Lot features
Open, Level, Sidewalks, Intown, Near Shopping, Neighborhood
Standard status
Active
Size
5,436 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5261
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Other (Heating)
Water source
Public
Building Details
Year built
1906
Floors in Building
3
Number of units
6
Flooring type
Carpet, Laminate, Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Membrane, Flat
Listing Agency:
Portside Real Estate Group
(207) 607-5965
Listed By:
Elisabeth Cardali
(207) 751-0656
Added: Jul 28
Changed: Sep 14
Last Checked: Sep 18 at 9:06AM
MLS# 1673772
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.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 5,436 square feet on a 0.11-acre lot and was built in 1906. The building uses a wood-frame structure with vinyl siding, a flat membrane roof, and a mix of vinyl, laminate, wood, and carpet flooring. Individual unit layouts, a first-floor bedroom, porches, and a basement are among the existing features.
The property is located at 25 Howe Street in Lewiston, near downtown, hospitals, shopping, restaurants, schools, and public transportation. Off-street parking serves the building, while public water and public sewer provide municipal utility service. Heating includes natural gas and hot water systems. The property is identified with NCB zoning.
The property is located at 25 Howe Street in Lewiston, near downtown, hospitals, shopping, restaurants, schools, and public transportation. Off-street parking serves the building, while public water and public sewer provide municipal utility service. Heating includes natural gas and hot water systems. The property is identified with NCB zoning.
Key Highlights
- Six residential units in a 5,436‑square‑foot apartment property
- 0.11‑acre lot with off‑street parking
- Built in 1906 with wood‑frame construction and vinyl siding
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
$50,940
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
8.86%
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%
$1,018,800
$1.0M
Cap Rate 7%
$727,714
$727.7K
Cap Rate 9%
$566,000
$566.0K
Market Conditions
NOI Build-Up for 5,436 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
$93.9K $17.28/SF
− Vacancy
−$1.3K −$0.24/SF
EGI
$92.6K $17.04/SF
− OpEx
−$41.7K −$7.67/SF
NOI
$50.9K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /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%
$1,018,800
Cap Rate 7%
$727,714
Cap Rate 9%
$566,000
Alternative Uses
Best Use
Apartment 5plus
$727.7K
$636.8K – $849.0K
NOI $50,940 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.65M
$8.45M – $11.26M
NOI $675,832 @ 7.0% cap · market cap 117.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Separate residential layouts, off-street parking, and an in-town setting near downtown Lewiston.
Where is this apartment building located?
The property is located at 25 Howe Street Lewiston, ME.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Six residential units in a 5,436‑square‑foot apartment property; 0.11‑acre lot with off‑street parking; Built in 1906 with wood‑frame construction and vinyl siding
