Renovated Triplex with Three
New
For Sale
$399,500
143 Oak St, Lewiston, ME 04240
Updated apartments include both two- and three-bedroom layouts.
Property Size2,568 SF
Price / SF$155.57
Days on Market5
Property Features for 143 Oak St
General Information
Standard status
Active
Size
2,568 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 3BR
Multifamily Units
3
Building Details
Year Built
1891
Buildings
1
Listed By:
Kathy Gallant
(207) 841-7569
Source:
Gre207
Added: Sep 4
Last Checked: Sep 8 at 5:17AM
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 Kathy Gallant
Investment Insights
Based on property information with market context.
This 2,568-square-foot triplex contains three apartments with updated interiors and functional living spaces. The first- and third-floor units each have two bedrooms, while the second-floor apartment provides three bedrooms. Originally built in 1891, the property has undergone recent renovation work.
The building is located in Lewiston within walking distance of Central Maine Medical Center and Bates College. A nearby walking path connects to scenic falls along the Androscoggin River, while downtown Lewiston provides access to shops, restaurants, and other local amenities. The combination of unit variety, completed improvements, and proximity to major local institutions supports continued multifamily use.
The building is located in Lewiston within walking distance of Central Maine Medical Center and Bates College. A nearby walking path connects to scenic falls along the Androscoggin River, while downtown Lewiston provides access to shops, restaurants, and other local amenities. The combination of unit variety, completed improvements, and proximity to major local institutions supports continued multifamily use.
Key Highlights
- Three‑unit triplex with two two‑bedroom apartments and one three‑bedroom apartment
- 2,568 square feet of multifamily space
- Recently renovated with updated interiors and modern finishes
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
$25,328
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
6.34%
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%
$506,560
$506.6K
Cap Rate 7%
$361,829
$361.8K
Cap Rate 9%
$281,422
$281.4K
Market Conditions
NOI Build-Up for 2,568 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
$36.7K $14.28/SF
− Vacancy
−$488 −$0.19/SF
EGI
$36.2K $14.09/SF
− OpEx
−$10.9K −$4.23/SF
NOI
$25.3K $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%
$506,560
Cap Rate 7%
$361,829
Cap Rate 9%
$281,422
Alternative Uses
Best Use
Multifamily LT 5
$361.8K
$316.6K – $422.1K
NOI $25,328 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$343.8K
$300.8K – $401.1K
NOI $24,065 @ 7.0% cap · market cap 6.02%
Theoretical Best
Warehouse
$4.56M
$3.99M – $5.32M
NOI $319,267 @ 7.0% cap · market cap 79.92%
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
1,973
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Updated apartments include both two- and three-bedroom layouts.
Where is this triplex located?
The property is located at 143 Oak St Lewiston, ME.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: Three‑unit triplex with two two‑bedroom apartments and one three‑bedroom apartment; 2,568 square feet of multifamily space; Recently renovated with updated interiors and modern finishes
