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 Market43
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
Basement, Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Off Street, Open
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
Oil, Steam, Other (Heating), Hot Water(Heating), Baseboard
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
Wood, Carpet, Vinyl
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: Aug 30
Last Checked: Aug 31 at 2:06AM
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 = 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
$30,812
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
7.70%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 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
