Triplex with Adjoining Vacant
For Sale
$399,900
171-175 Walnut Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size3,124 SF
Lot Size0.22 Acres
Price / SF$128.01
Days on Market88
Property Features for 171-175 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking features
Open, Off Street
Patio and Porch features
Deck, Porch
Interior features
1st Floor Bedroom, Bathtub, Shower, Storage
Basement
Full, Unfinished
Lot features
Well Landscaped, Rolling/ Sloping, Open, Sidewalks, Intown, Near Golf Course, Near Shopping, Neighborhood, Subdivided, Near Public Transit
Standard status
Active
Size
3,124 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
5050
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Hot Water(Heating), Steam, Baseboard, Oil
Cooling system
Wall Unit(s)
Water source
Public
Water front features
Stream
Amenities
garage
balcony decks
rear porches
Building Details
Year built
1926
Number of units
3
Flooring type
Carpet, Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding, Wood Siding
Roof type
Shingle, Membrane
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Deborah Meek
(207) 553-2662
Added: Jul 20
Changed: Oct 12
Last Checked: Oct 15 at 5:06AM
MLS# 1672103
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 3,124-square-foot triplex, built in 1926, is being sold with an adjoining vacant parcel for a combined 0.22 acres. The building contains a vacant three-bedroom apartment and two one-bedroom apartments with rental income in place. Interior features include storage, wood and vinyl flooring, and a mix of baseboard, steam, and hot-water heating. Public water and sewer serve the property.
Exterior amenities include open off-street parking for up to 8 vehicles, a detached 2-car garage, balcony decks, and rear porches. The property also includes a stream and is situated at 171-175 Walnut Street in Lewiston. The vacant parcel provides additional outdoor space, while any future use or development remains subject to municipal approvals and deed restrictions. Zoning is NCA.
Exterior amenities include open off-street parking for up to 8 vehicles, a detached 2-car garage, balcony decks, and rear porches. The property also includes a stream and is situated at 171-175 Walnut Street in Lewiston. The vacant parcel provides additional outdoor space, while any future use or development remains subject to municipal approvals and deed restrictions. Zoning is NCA.
Key Highlights
- Triplex totals 3,124 square feet on 0.22 acres across two parcels
- Three units: one vacant 3‑bedroom apartment and two 1‑bedroom apartments
- Adjoining vacant parcel at 175 Walnut Street included in the sale
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,812
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$616,240
$616.2K
Cap Rate 7%
$440,171
$440.2K
Cap Rate 9%
$342,356
$342.4K
Market Conditions
NOI Build-Up for 3,124 SF
Gross rent
$44.6K $14.28/SF
− Vacancy
−$593 −$0.19/SF
EGI
$44.0K $14.09/SF
− OpEx
−$13.2K −$4.23/SF
NOI
$30.8K $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 Rate 5%
$616,240
Cap Rate 7%
$440,171
Cap Rate 9%
$342,356
Alternative Uses
Best Use
Multifamily LT 5
$440.2K
$385.2K – $513.5K
NOI $30,812 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$418.2K
$365.9K – $487.9K
NOI $29,275 @ 7.0% cap · market cap 7.32%
Theoretical Best
Warehouse
$5.55M
$4.85M – $6.47M
NOI $388,392 @ 7.0% cap · market cap 97.12%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,495
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property includes a vacant three-bedroom apartment, two one-bedroom apartments, and an adjoining parcel.
Where is this triplex located?
The property is located at 171-175 Walnut Street Lewiston, ME.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Triplex totals 3,124 square feet on 0.22 acres across two parcels; Three units: one vacant 3‑bedroom apartment and two 1‑bedroom apartments; Adjoining vacant parcel at 175 Walnut Street included in the sale
