Five-Unit Apartment
127 Howe Street, Lewiston, ME 04240
For Sale
$775,000
Two detached buildings offer a mix of renovated and selectively updated apartment interiors.
Property Size5,596 SF
Lot Size0.31 Acres
Price / SF$138.49
Days on Market192
Property Features for 127 Howe Street
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Units
Construction
Listing Agency:
The Dunham Group
Listed By:
Bryan Plourde · License ME SA927310
(207) 773-7100
Source:
Integrityhomesrealestategroup
Added: May 6
Changed: Nov 11
Last Checked: Nov 12 at 11:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Dunham Group
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Investment Insights
Based on property information with market context.
This five-unit apartment property comprises two detached wood-frame buildings on a 0.31-acre parcel. The 5,596-square-foot improvements date to 1896. The front building contains three apartments across two to three stories, while the rear building has two apartments. Each residence is configured with two bedrooms and one bathroom, with unit sizes varying across the property.
Renovations and updates began in 2021. The rear building was rebuilt from the studs, with new plumbing, electrical, flooring, and bathroom tile surrounds. The front building has received selective flooring and mechanical upgrades. The property is zoned DR and is located on Howe Street in downtown Lewiston, Maine.
Renovations and updates began in 2021. The rear building was rebuilt from the studs, with new plumbing, electrical, flooring, and bathroom tile surrounds. The front building has received selective flooring and mechanical upgrades. The property is zoned DR and is located on Howe Street in downtown Lewiston, Maine.
Key Highlights
- Five apartments, each with two bedrooms and one bathroom
- Two detached wood‑frame buildings totaling 5,596 square feet
- 0.31‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,440
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,048,800
$1.0M
Cap Rate 7%
$749,143
$749.1K
Cap Rate 9%
$582,667
$582.7K
Market Conditions
NOI Build-Up for 5,596 SF
Gross rent
$96.7K $17.28/SF
− Vacancy
−$1.4K −$0.24/SF
EGI
$95.3K $17.04/SF
− OpEx
−$42.9K −$7.67/SF
NOI
$52.4K $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 Rate 5%
$1,048,800
Cap Rate 7%
$749,143
Cap Rate 9%
$582,667
Alternative Uses
Best Use
Apartment 5plus
$749.1K
$655.5K – $874.0K
NOI $52,440 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,831 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,223
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two detached buildings offer a mix of renovated and selectively updated apartment interiors.
Where is this apartment building located?
The property is located at 127 Howe Street Lewiston, ME.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Five apartments, each with two bedrooms and one bathroom; Two detached wood‑frame buildings totaling 5,596 square feet; 0.31‑acre parcel
