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    31 Burbank St Lewiston, ME 04240

    Sponsored
    For Sale
    $499,000

    MULTI_FAMILY - Lewiston, ME

    Property size:
    2,718 SF
    Lot size:
    0.13 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 25 at 8:06 pm

    Property Features for 31 Burbank St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    NCA
    Rooms
    Basement, Bathroom 2, Bathroom 1
    Interior features
    Walk-in Closets
    Basement
    Full
    Size
    2,718 SF
    Lot size
    0.13 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1924
    Number of units
    2
    Flooring type
    Wood, Vinyl, Carpet
    Building materials
    Wood Siding, Wood Frame
    Roof type
    Shingle

    We can help!

    Listing Contact
    Sam Prindle

    Tim Dunham Realty (207) 729-7297

    Listing agent Sam Prindle (207) 729-7297

    Listing date Jan 25, 2026

    MLS# 1649703 Listing URL

    Copyright © 2026 Maine Real Estate Information System, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Exceptional Renovated Two-Unit Multi-Family

    This multi-family property in Lewiston presents an owner-occupant opportunity. The primary unit will be delivered vacant at closing, allowing for immediate occupancy, while the second unit is currently rented, providing instant income. Both units have undergone extensive interior renovations, including full kitchen remodels with new cabinetry, quartz countertops, updated appliances, and thoughtfully opened floor plans. Each unit also features a fully renovated bathroom, refinished original hardwood floors throughout the entire home, new recessed lighting, fresh interior paint, and newly installed window blinds, creating a cohesive, modern feel while preserving timeless character. Significant mechanical and energy-efficiency upgrades further enhance the property's appeal, including two energy-efficient Rheem electric water heaters (one dedicated to each unit) and new, energy-efficient HVAC systems with independent mini-splits serving each unit, offering comfort, efficiency, and long-term cost savings. Exterior improvements complete the package with new decks/patios and fresh exterior paint, providing inviting outdoor spaces and excellent curb appeal. The property is situated on a 0.13-acre lot and has a property size of 2718 square feet. This property combines pride of ownership with smart investment appeal.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.197499
    Latitude
    44.093085

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    FAQs

    What type of property is this?
    Duplex - Beautiful, renovated two-unit property in Lewiston with income potential.
    Where is this duplex located?
    The property is located at 31 Burbank St Lewiston, ME.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: - Vacant primary unit allows for immediate owner occupancy and the second unit provides immediate rental income.; - Extensive interior renovations in both units, including remodeled kitchens with quartz countertops and updated appliances, and renovated bathrooms.; - New, energy-efficient HVAC mini-split systems and Rheem electric water heaters for each unit offer comfort and cost savings.
    (207) 729-7297
    Request Owner's contact information
    31 Burbank St Lewiston, ME 04240
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    Lewiston, ME 04240
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    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
    31 Burbank St Lewiston, ME 04240
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    We can help!
    Listing Contact
    Sam Prindle
    (207) 729-7297
    Learn more
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