Two-Unit Residential Income
For Sale
$289,000
15 Howe Street, Lewiston, ME 04240
Two-unit duplex features 3 bedrooms and 1 full bath per unit, with a recently installed brand-new roof.
Property Size2,512 SF
Price / SF$115.05
Days on Market170
Property Features for 15 Howe Street
General Information
Standard status
Active
Size
2,512 SF
Property subtype
Multi-family
Occupancy
50%
Additional Details
Multifamily Units
2
Building Details
Year Built
1887
Listing Agency:
Maine Real Estate Pros
Listed By:
Stephen Morgan
(603) 866-2942
Source:
Profoundrealestate
Added: Mar 5
Changed: Aug 21
Last Checked: Aug 21 at 10:43AM
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 Real Estate Pros
Investment Insights
Based on property information with market context.
This two-unit duplex offers a total setup of 3 bedrooms and 1 full bathroom in each unit. The second floor is currently empty, while the first floor is occupied. The property has undergone recent improvements, including a brand-new roof installed at the end of August 2025, along with new siding and significant remodeling. Additional interior work includes second-floor sanded hardwood floors that have been newly completed.
The offering is presented as a Lewiston two-unit residential income property. With one unit currently rented and the other available, the duplex provides an on-site layout designed for independent living within the same building.
Each unit includes the same core configuration of three bedrooms and one full bath, supporting straightforward comparability between the two spaces within the duplex.
The offering is presented as a Lewiston two-unit residential income property. With one unit currently rented and the other available, the duplex provides an on-site layout designed for independent living within the same building.
Each unit includes the same core configuration of three bedrooms and one full bath, supporting straightforward comparability between the two spaces within the duplex.
Key Highlights
- Two‑unit duplex built in 1887 with 3 bedrooms and 1 full bathroom per unit
- Brand‑new roof installed at the end of August 2025
- Second floor is currently empty (ready to rent)
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
$24,776
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
8.57%
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%
$495,520
$495.5K
Cap Rate 7%
$353,943
$353.9K
Cap Rate 9%
$275,289
$275.3K
Market Conditions
NOI Build-Up for 2,512 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
$35.9K $14.28/SF
− Vacancy
−$477 −$0.19/SF
EGI
$35.4K $14.09/SF
− OpEx
−$10.6K −$4.23/SF
NOI
$24.8K $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%
$495,520
Cap Rate 7%
$353,943
Cap Rate 9%
$275,289
Alternative Uses
Best Use
Multifamily LT 5
$353.9K
$309.7K – $412.9K
NOI $24,776 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$336.3K
$294.3K – $392.3K
NOI $23,540 @ 7.0% cap · market cap 8.15%
Theoretical Best
Warehouse
$4.46M
$3.90M – $5.21M
NOI $312,305 @ 7.0% cap · market cap 108.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,273
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-unit duplex features 3 bedrooms and 1 full bath per unit, with a recently installed brand-new roof.
Where is this duplex located?
The property is located at 15 Howe Street Lewiston, ME.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1887 with 3 bedrooms and 1 full bathroom per unit; Brand‑new roof installed at the end of August 2025; Second floor is currently empty (ready to rent)
