Triplex with Detached
For Sale
$444,000
157 College Street, Lewiston, ME 04240
Three-unit residential property featuring hardwood floors, built-ins, updated natural gas heating, and a newer roof.
Property Size3,363 SF
Price / SF$132.02
Days on Market36
Property Features for 157 College Street
General Information
Standard status
Active
Size
3,363 SF
Total Parking Spaces
2
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
3
Building Details
Year Built
1891
Listing Agency:
Meservier & Associates
(207) 772-4242
Listed By:
Shawn Boulet
Source:
Portsiderealestategroup
Added: Jul 27
Changed: Aug 31
Last Checked: Aug 30 at 5:33PM
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 Meservier & Associates
Investment Insights
Based on property information with market context.
Built in 1891, this three-unit residential property retains hardwood flooring, original trim, and built-in features while incorporating updated mechanical improvements. The building includes an updated natural gas heating system and a new roof.
A detached two-car garage provides covered parking and is accompanied by additional storage space. With 3,363 square feet across three units, the property combines period character with clearly documented updates and accessory storage improvements.
A detached two-car garage provides covered parking and is accompanied by additional storage space. With 3,363 square feet across three units, the property combines period character with clearly documented updates and accessory storage improvements.
Key Highlights
- Three‑unit property with 3,363 square feet
- Built in 1891 with original trim and built‑ins
- Hardwood floors throughout the property
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
$33,169
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
7.47%
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%
$663,380
$663.4K
Cap Rate 7%
$473,843
$473.8K
Cap Rate 9%
$368,544
$368.5K
Market Conditions
NOI Build-Up for 3,363 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
$48.0K $14.28/SF
− Vacancy
−$639 −$0.19/SF
EGI
$47.4K $14.09/SF
− OpEx
−$14.2K −$4.23/SF
NOI
$33.2K $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%
$663,380
Cap Rate 7%
$473,843
Cap Rate 9%
$368,544
Alternative Uses
Best Use
Multifamily LT 5
$473.8K
$414.6K – $552.8K
NOI $33,169 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$450.2K
$393.9K – $525.2K
NOI $31,514 @ 7.0% cap · market cap 7.10%
Theoretical Best
Warehouse
$5.97M
$5.23M – $6.97M
NOI $418,106 @ 7.0% cap · market cap 94.17%
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
2,059
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 residential property featuring hardwood floors, built-ins, updated natural gas heating, and a newer roof.
Where is this triplex located?
The property is located at 157 College Street Lewiston, ME.
What is the asking price?
The asking price for this property is $444,000.
What are key features of this property?
This property features: Three‑unit property with 3,363 square feet; Built in 1891 with original trim and built‑ins; Hardwood floors throughout the property
