Two-Unit Residential
For Sale
$380,000
117 Shawmut Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size2,350 SF
Lot Size0.11 Acres
Price / SF$161.70
Days on Market64
Property Features for 117 Shawmut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Pantry, Shower
Basement
Full, Unfinished
Lot features
Level, Intown, Near Shopping, Near Town, Neighborhood
Standard status
Active
Size
2,350 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2698
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Hot Water(Heating), Baseboard, Oil
Water source
Public
Amenities
decks
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Asbestos, Other Exterior
Roof type
Flat
Listing Agency:
Kre Brokerage Group
(207) 781-2958
Listed By:
Kim Carignan
(207) 807-5226
Added: Jul 7
Changed: Sep 7
Last Checked: Sep 8 at 2:06PM
MLS# 1665843
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.
Built in 1915, this 2,350-square-foot residential property contains two three-bedroom units. Both apartments offer generous layouts with high ceilings, hardwood flooring, dining rooms with built-ins, and access to rear decks. The building has wood-frame construction, a flat roof, public water, and public sewer.
Recent work includes new flooring in portions of both units, fresh paint in the second-floor apartment, newer second-floor windows, updated electrical outlets, a new toilet, and washer/dryer outlets in the first-floor unit. New decks with roofs serve both levels. The property also includes front parking, a basement, porches, and oil-fired baseboard heating with zoned controls.
The first-floor apartment is scheduled for professional cleaning and delivery vacant by July 1st, providing flexibility for owner occupancy or leasing. The property occupies a 0.11-acre lot in Lewiston, Maine, and is zoned Residential.
Recent work includes new flooring in portions of both units, fresh paint in the second-floor apartment, newer second-floor windows, updated electrical outlets, a new toilet, and washer/dryer outlets in the first-floor unit. New decks with roofs serve both levels. The property also includes front parking, a basement, porches, and oil-fired baseboard heating with zoned controls.
The first-floor apartment is scheduled for professional cleaning and delivery vacant by July 1st, providing flexibility for owner occupancy or leasing. The property occupies a 0.11-acre lot in Lewiston, Maine, and is zoned Residential.
Key Highlights
- Two 3‑bedroom units in a 2,350‑square‑foot building
- 0.11‑acre lot with front parking and rear decks on both floors
- Built in 1915 with wood‑frame construction and a flat roof
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
$23,178
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
6.10%
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%
$463,560
$463.6K
Cap Rate 7%
$331,114
$331.1K
Cap Rate 9%
$257,533
$257.5K
Market Conditions
NOI Build-Up for 2,350 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
$33.6K $14.28/SF
− Vacancy
−$446 −$0.19/SF
EGI
$33.1K $14.09/SF
− OpEx
−$9.9K −$4.23/SF
NOI
$23.2K $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%
$463,560
Cap Rate 7%
$331,114
Cap Rate 9%
$257,533
Alternative Uses
Best Use
Multifamily LT 5
$331.1K
$289.7K – $386.3K
NOI $23,178 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$314.6K
$275.3K – $367.0K
NOI $22,022 @ 7.0% cap · market cap 5.80%
Theoretical Best
Warehouse
$4.17M
$3.65M – $4.87M
NOI $292,164 @ 7.0% cap · market cap 76.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,167
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 - Two spacious three-bedroom apartments with hardwood floors, dining rooms, decks, and recent interior updates.
Where is this duplex located?
The property is located at 117 Shawmut Street Lewiston, ME.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two 3‑bedroom units in a 2,350‑square‑foot building; 0.11‑acre lot with front parking and rear decks on both floors; Built in 1915 with wood‑frame construction and a flat roof
