Two-Unit Duplex with Detached
For Sale
$379,900
65 Cram Avenue, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size1,630 SF
Lot Size0.20 Acres
Price / SF$233.07
Days on Market64
Property Features for 65 Cram Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Basement
Full, Unfinished, Dirt Floor
Lot features
Level, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
1,630 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2609
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1940
Number of units
2
Flooring type
Wood, Laminate
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Fontaine Family-The Real Estate Leader
(207) 784-3800
Listed By:
Billy Bergeron
(207) 576-6523
Added: Jul 7
Changed: Sep 2
Last Checked: Sep 8 at 11:06AM
MLS# 1669831
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 1,630-square-foot Colonial duplex contains two residential units on a 0.20-acre lot. The first-floor apartment has 2 bedrooms and an updated kitchen, while the second-floor apartment includes 3 bedrooms. Wood and laminate flooring run through the property, with original hardwood floors retained in portions of both units. A full basement, two bathrooms, a shingle roof, and wood-frame construction add to the existing layout. The property was built in 1940.
A detached 2-car garage provides additional on-site storage or parking capacity. Heating is provided by a newer boiler with natural gas and hot water baseboard service. The property is connected to public water and public sewer and is located near local amenities and the turnpike in Lewiston, Maine.
A detached 2-car garage provides additional on-site storage or parking capacity. Heating is provided by a newer boiler with natural gas and hot water baseboard service. The property is connected to public water and public sewer and is located near local amenities and the turnpike in Lewiston, Maine.
Key Highlights
- Two‑unit duplex with 1,630 square feet of property size
- First‑floor unit has 2 bedrooms and an updated kitchen
- Second‑floor unit includes 3 bedrooms
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
$16,077
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
4.23%
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%
$321,540
$321.5K
Cap Rate 7%
$229,671
$229.7K
Cap Rate 9%
$178,633
$178.6K
Market Conditions
NOI Build-Up for 1,630 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
$23.3K $14.28/SF
− Vacancy
−$310 −$0.19/SF
EGI
$23.0K $14.09/SF
− OpEx
−$6.9K −$4.23/SF
NOI
$16.1K $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%
$321,540
Cap Rate 7%
$229,671
Cap Rate 9%
$178,633
Alternative Uses
Best Use
Multifamily LT 5
$229.7K
$201.0K – $268.0K
NOI $16,077 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.6K
NOI $15,275 @ 7.0% cap · market cap 4.02%
Theoretical Best
Warehouse
$2.89M
$2.53M – $3.38M
NOI $202,650 @ 7.0% cap · market cap 53.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
194
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?
Duplex - Lewiston duplex with separate two- and three-bedroom units, an updated kitchen, and natural gas hot water heating.
Where is this duplex located?
The property is located at 65 Cram Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,630 square feet of property size; First‑floor unit has 2 bedrooms and an updated kitchen; Second‑floor unit includes 3 bedrooms
