Turnkey 8-Unit Multifamily
151 Horton Street, Lewiston, ME 04240
MULTI_FAMILY - Lewiston, ME
Property size:
7,920 SFLot size:
0.22 AcresPrice / SF:
$107/SF- Added:
- Jun 7, 2026
- Days on Market:
- 15
- Last Refresh:
- Jun 21 at 6:06 pm
Property Features for 151 Horton Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- DR
- Bathrooms
- 9
- Rooms
- Bathroom 1, Bathroom 6, Bathroom 8, Bathroom 3, Basement, Bathroom 7, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 9
- Patio and Porch features
- Porch
- Basement
- Unfinished
- Standard status
- Active
- Size
- 7,920 SF
- Lot size
- 0.22 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5381
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Natural Gas, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1896
- Number of units
- 8
- Flooring type
- Wood, Vinyl
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Membrane, Flat
Listing agent Daniel Weber Nicholas Laverriere (207) 284-3043
Listing office Keller Williams Realty 50 Sewall Street, Portland, ME (207) 879-9800
Listing date Jun 7, 2026
MLS# 1660474
Listing URL
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.
HighLights
- 8‑unit multifamily with a unit mix of (2) 1‑bedroom, (4) 2‑bedroom, and (2) 3‑bedroom units
- Off‑street parking provided for all units
- Roof updated with flat membrane roofing and exterior updates including siding and the heating system
- Heating includes natural gas with hot water and baseboard
- Wood‑frame construction with vinyl siding
- Public water and public sewer services
Overview
This well-maintained and updated 8-unit multifamily building offers a practical, broadly marketable unit mix designed to attract a range of tenants. The configuration includes two one-bedroom units, four two-bedroom units, and two three-bedroom units. Recent work blends major exterior and systems upgrades with ongoing interior improvements, including updates to the roof, siding, and heating system to help reduce near-term capital expenditure risk. Several units have also been renovated with refreshed kitchens, flooring, and updated interior finishes, supporting current leasing demand while leaving additional units available for continued improvement and rent optimization.
Located in Lewiston, Maine, the property benefits from the area’s continued rental demand and a relatively limited supply of larger multifamily offerings. Off-street parking is provided for all units, an important everyday consideration for resident convenience and satisfaction. The building’s current condition and upgrade history provide a solid operational foundation for owners looking for stability with room to enhance.
For investors, this is a turnkey opportunity with dependable cash-flow potential and a clear pathway to long-term value through further unit upgrades and rent growth. It also fits buyers expanding an existing portfolio who want a manageable multifamily asset with a diversified tenant profile and reduced near-term cost uncertainty.
Located in Lewiston, Maine, the property benefits from the area’s continued rental demand and a relatively limited supply of larger multifamily offerings. Off-street parking is provided for all units, an important everyday consideration for resident convenience and satisfaction. The building’s current condition and upgrade history provide a solid operational foundation for owners looking for stability with room to enhance.
For investors, this is a turnkey opportunity with dependable cash-flow potential and a clear pathway to long-term value through further unit upgrades and rent growth. It also fits buyers expanding an existing portfolio who want a manageable multifamily asset with a diversified tenant profile and reduced near-term cost uncertainty.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $136.9k | $17.28 |
| − Vacancy | −$1.9k | −$0.24 |
| EGI | $134.9k | $17.04 |
| − OpEx | −$60.7k | −$7.67 |
| NOI | $74.2k | $9.37 |
7,920 SF · lease $17.28/SF/yr · vacancy 1.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$927.7K – $1.24M
NOI $74,218 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$14.07M
$12.31M – $16.41M
NOI $984,656 @ 7.0% cap · market cap 115.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lewiston
- County
- Androscoggin
- State
- Maine
- Longitude
- -70.208792
- Latitude
- 44.094271
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Updated 8-unit multifamily offers strong tenant appeal through a broad unit mix and off-street parking.
Where is this apartment building located?
The property is located at 151 Horton Street Lewiston, ME.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 8‑unit multifamily with a unit mix of (2) 1‑bedroom, (4) 2‑bedroom, and (2) 3‑bedroom units; Off‑street parking provided for all units; Roof updated with flat membrane roofing and exterior updates including siding and the heating system
