Updated Triplex with Off-Street
For Sale
$479,900
24 Sylvan Ave, Lewiston, ME 04240
Three-unit property with updated systems, private rear parking, and laundry equipment that conveys with the sale.
Property Size2,360 SF
Price / SF$203.35
Days on Market50
Property Features for 24 Sylvan Ave
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
coin-operated washer and dryer
private off-street parking
Building Details
Year Built
1895
Buildings
1
Listing Agency:
Maine Source Realty
(207) 333-6001
Listed By:
Jon Mercier
Source:
Aroostookrealestate
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 30 at 8:20PM
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 Maine Source Realty
Investment Insights
Based on property information with market context.
Built in 1895, this 2,360-square-foot triplex contains three residential units and has received extensive system and envelope improvements. Work includes updated major systems, replacement windows, air sealing, spray foam insulation in the basement and along the north side of the third floor, plus updated siding covering most of the building. Two decks have also been recently repainted.
The property is located at 24 Sylvan Ave in Lewiston, Maine, near hospitals, shopping, and everyday amenities. Private off-street parking is provided at the rear. A coin-operated washer and dryer will convey with the property, offering an on-site laundry feature and additional income potential. Tenants are already in place, and the property has an established rental history.
The property is located at 24 Sylvan Ave in Lewiston, Maine, near hospitals, shopping, and everyday amenities. Private off-street parking is provided at the rear. A coin-operated washer and dryer will convey with the property, offering an on-site laundry feature and additional income potential. Tenants are already in place, and the property has an established rental history.
Key Highlights
- Three‑unit multifamily property built in 1895
- 2,360‑square‑foot building at 24 Sylvan Ave, Lewiston, ME 04240
- Updated major systems, windows, siding, and air sealing
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
$23,277
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
4.85%
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%
$465,540
$465.5K
Cap Rate 7%
$332,529
$332.5K
Cap Rate 9%
$258,633
$258.6K
Market Conditions
NOI Build-Up for 2,360 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
$33.7K $14.28/SF
− Vacancy
−$448 −$0.19/SF
EGI
$33.3K $14.09/SF
− OpEx
−$10.0K −$4.23/SF
NOI
$23.3K $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%
$465,540
Cap Rate 7%
$332,529
Cap Rate 9%
$258,633
Alternative Uses
Best Use
Multifamily LT 5
$332.5K
$291.0K – $388.0K
NOI $23,277 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$315.9K
$276.4K – $368.6K
NOI $22,115 @ 7.0% cap · market cap 4.61%
Theoretical Best
Warehouse
$4.19M
$3.67M – $4.89M
NOI $293,408 @ 7.0% cap · market cap 61.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
861
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?
Triplex - Three-unit property with updated systems, private rear parking, and laundry equipment that conveys with the sale.
Where is this triplex located?
The property is located at 24 Sylvan Ave Lewiston, ME.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1895; 2,360‑square‑foot building at 24 Sylvan Ave, Lewiston, ME 04240; Updated major systems, windows, siding, and air sealing
