Duplex with New
For Sale
$289,000
15 Howe Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size2,512 SF
Lot Size0.11 Acres
Price / SF$115.05
Days on Market149
Property Features for 15 Howe Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Downtown Residential
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1
Basement
Full, Unfinished
Lot features
Other Site, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
2,512 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2704
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Other (Heating), Hot Water(Heating)
Water source
Public
Building Details
Year built
1887
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Linoleum, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Maine Real Estate Pros
(207) 200-8759
Listed By:
Stephen Morgan
(207) 754-2773
Added: Mar 27
Changed: Aug 19
Last Checked: Aug 22 at 8:06AM
MLS# 1646547
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 duplex at 15 Howe Street in Lewiston offers two residential units with three bedrooms each and one full bathroom per unit. The property is set up with public water and public sewer service, and it features wood-frame construction with vinyl siding. Interior flooring includes hardwood, carpet, and linoleum, and the home is heated with natural gas and hot water. Built in 1887, the building is served by a shingle roof.
Recent improvements include a brand-new roof installed at the end of August 2025. New siding and remodeling have also been completed, including newly sanded hardwood floors on the second floor. The current situation is that the second-floor unit is empty, while the first-floor unit is rented.
The site totals 0.11 acres and the property size is listed at 2,512 SF. Zoning is Downtown Residential.
Recent improvements include a brand-new roof installed at the end of August 2025. New siding and remodeling have also been completed, including newly sanded hardwood floors on the second floor. The current situation is that the second-floor unit is empty, while the first-floor unit is rented.
The site totals 0.11 acres and the property size is listed at 2,512 SF. Zoning is Downtown Residential.
Key Highlights
- Two units with three bedrooms and one full bathroom per unit
- Brand‑new shingle roof installed at the end of August 2025
- Second floor remodeled with newly sanded hardwood floors; second floor currently empty
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,245
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 - Duplex with three bedrooms per unit, public water and sewer, and recent second-floor remodeling including hardwood floors.
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 units with three bedrooms and one full bathroom per unit; Brand‑new shingle roof installed at the end of August 2025; Second floor remodeled with newly sanded hardwood floors; second floor currently empty
