Six-Unit Apartment
For Sale
$625,000
125 Pierce Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size5,734 SF
Lot Size0.10 Acres
Price / SF$108
Days on Market46
Property Features for 125 Pierce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Downtown Res
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 6, Basement, Bathroom 4, Bathroom 3
Parking features
Off Street
Pets allowed
No
Interior features
Storage
Basement
Full, Unfinished
Lot features
Level, Sidewalks, Intown, Near Turnpike/ Interstate
Standard status
Active
Size
5,734 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3880
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil, Hot Water(Heating), Zoned
Water source
Public
Building Details
Year built
1891
Floors in Building
3
Number of units
6
Flooring type
Laminate, Wood, Vinyl
Building materials
Wood Frame, Asbestos, Wood Siding
Roof type
Shingle
Architectural style
Cape Cod
Additional Structures
Storage
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 30 at 2:06PM
MLS# 1672102
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 6-unit apartment building contains four 3-bedroom apartments and two 2-bedroom apartments within approximately 5,734 square feet. The units have received updates to flooring, paint, cabinets, and plumbing. The property also includes new exterior porches, updated siding, and a newer shingle roof. Built in 1891 with a Cape Cod architectural style, the wood-frame building includes basement and storage space, laminate, wood, and vinyl flooring, plus zoned hot-water baseboard heating fueled by oil.
The 0.1-acre property is located at 125 Pierce Street in Lewiston, Maine, and is designated Downtown Res. Public water and public sewer serve the building, while off-street parking is provided. The property is within Androscoggin County and carries postal code 04240.
The 0.1-acre property is located at 125 Pierce Street in Lewiston, Maine, and is designated Downtown Res. Public water and public sewer serve the building, while off-street parking is provided. The property is within Androscoggin County and carries postal code 04240.
Key Highlights
- 6‑unit apartment building with four 3‑bedroom units and two 2‑bedroom units
- 5,734 square feet on a 0.1‑acre lot
- Unit updates include flooring, paint, cabinets, and plumbing
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
$53,733
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
8.60%
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%
$1,074,660
$1.1M
Cap Rate 7%
$767,614
$767.6K
Cap Rate 9%
$597,033
$597.0K
Market Conditions
NOI Build-Up for 5,734 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
$99.1K $17.28/SF
− Vacancy
−$1.4K −$0.24/SF
EGI
$97.7K $17.04/SF
− OpEx
−$44.0K −$7.67/SF
NOI
$53.7K $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%
$1,074,660
Cap Rate 7%
$767,614
Cap Rate 9%
$597,033
Alternative Uses
Best Use
Apartment 5plus
$767.6K
$671.7K – $895.6K
NOI $53,733 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$10.18M
$8.91M – $11.88M
NOI $712,881 @ 7.0% cap · market cap 114.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,708
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?
Apartment building - Updated multifamily property with a two-bedroom and three-bedroom unit mix, off-street parking, and public utilities.
Where is this apartment building located?
The property is located at 125 Pierce Street Lewiston, ME.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 6‑unit apartment building with four 3‑bedroom units and two 2‑bedroom units; 5,734 square feet on a 0.1‑acre lot; Unit updates include flooring, paint, cabinets, and plumbing
