Three-Unit Property with
For Sale
Under Contract
$450,000
326 South Avenue, Lewiston, ME 04240
Lewiston, ME
Property Size3,118 SF
Price / SF$144.32
Days on Market119
Property Features for 326 South Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Standard status
Active Under Contract
Size
3,118 SF
Amenities
heated sun porch
private deck
covered front porch
private porch access
garden beds
in-unit washer/dryer
Building Details
Year built
1815
Listing Agency:
Auburn, Maine · Better Homes and Gardens Real Estate
(207) 782-8311
Listed By:
Renee Roy
(207) 782-8311
Added: Apr 30
Changed: Aug 24
Last Checked: Aug 26 at 11:06AM
MLS# 1659803
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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 3,118-square-foot triplex includes a larger first-floor residence and two one-bedroom apartments. The primary unit offers 2-3 bedrooms, 1.5 baths, hardwood floors, a heated sun porch, dedicated laundry, a walk-in pantry, basement access, a kitchen slider to a private deck, and a covered front porch. Each apartment has a stackable washer and dryer, private porch access, and a dedicated garage bay.
The property occupies just over half an acre in Lewiston and includes a three-car garage with approximately 840 square feet of space above. A separate 1,063-square-foot outbuilding, formerly used as a shop, provides another garage bay. Exterior improvements include a paved driveway with five marked parking spaces, a separate paved RV parking area, and garden beds. A new hot water boiler was installed in 2025.
The property occupies just over half an acre in Lewiston and includes a three-car garage with approximately 840 square feet of space above. A separate 1,063-square-foot outbuilding, formerly used as a shop, provides another garage bay. Exterior improvements include a paved driveway with five marked parking spaces, a separate paved RV parking area, and garden beds. A new hot water boiler was installed in 2025.
Key Highlights
- 3,118‑square‑foot triplex with one larger unit and two one‑bedroom apartments
- Primary unit includes 2‑3 bedrooms, 1.5 baths, hardwood floors, sun porch, laundry, pantry, and private deck
- Each one‑bedroom apartment has a stackable washer/dryer, private porch, and garage bay
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
$30,753
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
6.83%
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%
$615,060
$615.1K
Cap Rate 7%
$439,329
$439.3K
Cap Rate 9%
$341,700
$341.7K
Market Conditions
NOI Build-Up for 3,118 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
$44.5K $14.28/SF
− Vacancy
−$592 −$0.19/SF
EGI
$43.9K $14.09/SF
− OpEx
−$13.2K −$4.23/SF
NOI
$30.8K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$615,060
Cap Rate 7%
$439,329
Cap Rate 9%
$341,700
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.6K
NOI $30,753 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$417.4K
$365.2K – $487.0K
NOI $29,219 @ 7.0% cap · market cap 6.49%
Theoretical Best
Warehouse
$5.54M
$4.85M – $6.46M
NOI $387,646 @ 7.0% cap · market cap 86.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
412
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Owner-occupant configuration combines a larger primary residence with two one-bedroom apartments and substantial auxiliary space.
Where is this triplex located?
The property is located at 326 South Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,118‑square‑foot triplex with one larger unit and two one‑bedroom apartments; Primary unit includes 2‑3 bedrooms, 1.5 baths, hardwood floors, sun porch, laundry, pantry, and private deck; Each one‑bedroom apartment has a stackable washer/dryer, private porch, and garage bay
