15-Unit Apartment
New
For Sale
$1,500,000
111-117 Ash Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size13,794 SF
Lot Size0.22 Acres
Price / SF$108.74
Days on Market2
Property Features for 111-117 Ash Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
DR
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 14, Bathroom 9, Bathroom 3, Bathroom 7, Bathroom 5, Basement, Bathroom 12, Bathroom 13, Bathroom 1, Bathroom 15, Bathroom 16, Bathroom 10, Bathroom 6, Bathroom 2, Bathroom 8, Bathroom 11, Bathroom 4
Parking features
Off Street
Pets allowed
No
Basement
Unfinished, Walk-Out Access, Full
Lot features
Rolling/ Sloping, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
13,794 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10511
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Other (Heating)
Water source
Public
Building Details
Year built
1891
Number of units
15
Flooring type
Carpet, Vinyl
Building materials
Wood Frame, Vinyl Siding, Wood Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Garret Getch
(207) 841-9433
Added: Sep 14
Last Checked: Sep 15 at 12:06AM
MLS# 1680498
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 multifamily portfolio includes 15 apartment units across three neighboring properties at 111, 115, and 117 Ash Street. The unit mix comprises studio, one-bedroom, and three-bedroom apartments, with 7 units currently vacant. The buildings total 13,794 square feet on 0.22 acres and were built in 1891. Construction includes wood framing with vinyl and wood siding, while interior finishes include vinyl and carpet flooring. Heating includes baseboard and natural gas systems, with public water and public sewer serving the properties. Off-street parking is provided.
The properties are located directly across from the Basilica of Saints Peter and Paul and minutes from downtown Lewiston. Their immediate proximity supports centralized ownership and management across the three-building portfolio. The property is zoned DR.
The properties are located directly across from the Basilica of Saints Peter and Paul and minutes from downtown Lewiston. Their immediate proximity supports centralized ownership and management across the three-building portfolio. The property is zoned DR.
Key Highlights
- 15 apartment units across 3 neighboring properties
- 7 units currently vacant
- 13,794 square feet on 0.22 acres
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
$129,263
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
8.62%
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%
$2,585,260
$2.6M
Cap Rate 7%
$1,846,614
$1.8M
Cap Rate 9%
$1,436,256
$1.4M
Market Conditions
NOI Build-Up for 13,794 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
$238.4K $17.28/SF
− Vacancy
−$3.3K −$0.24/SF
EGI
$235.0K $17.04/SF
− OpEx
−$105.8K −$7.67/SF
NOI
$129.3K $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%
$2,585,260
Cap Rate 7%
$1,846,614
Cap Rate 9%
$1,436,256
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.15M
NOI $129,263 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$24.50M
$21.44M – $28.58M
NOI $1,714,942 @ 7.0% cap · market cap 114.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,998
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 - Three neighboring buildings provide a consolidated multifamily property with studio, one-bedroom, and three-bedroom units.
Where is this apartment building located?
The property is located at 111-117 Ash Street Lewiston, ME.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 15 apartment units across 3 neighboring properties; 7 units currently vacant; 13,794 square feet on 0.22 acres
