Three-Unit Building with
New
For Sale
$494,000
172 Walnut Street, Lewiston, ME 04240
Each residence has four bedrooms, while shared property features include laundry, storage, and off-street parking.
Property Size4,525 SF
Price / SF$109.17
Days on Market7
Property Features for 172 Walnut Street
General Information
Standard status
Active
Size
4,525 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 4BR/1BA
Multifamily Units
3
Individually Metered Utilities
electricity
Additional Details
Utilities to Site
Yes
Amenities
hardwood floors
large windows
period woodwork
covered porches
on-site laundry
full unfinished basement
Building Details
Year Built
1914
Listing Agency:
EXP Realty
Listed By:
Kyle McCarthy
(339) 236-5172
Source:
Profoundrealestate
Added: Oct 17
Changed: Oct 23
Last Checked: Oct 23 at 3:24PM
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 EXP Realty
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Investment Insights
Based on property information with market context.
The 1914 multifamily property contains three units totaling 4,525 square feet, with four bedrooms and one full bath in each. Interior details include hardwood flooring, broad windows, and period woodwork. Covered porches, a detached one-car garage, additional storage, and a full unfinished basement provide further space and utility.
Separate electric meters serve the units, with natural gas heat and public water and sewer. On-site laundry and off-street parking are also included. The property is at 172 Walnut Street in Lewiston, near shopping and local amenities.
Separate electric meters serve the units, with natural gas heat and public water and sewer. On-site laundry and off-street parking are also included. The property is at 172 Walnut Street in Lewiston, near shopping and local amenities.
Key Highlights
- Three units with a total of 4,525 square feet
- Each unit has four bedrooms and one full bath
- Built in 1914; interiors feature hardwood floors and period woodwork
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,630
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$892,600
$892.6K
Cap Rate 7%
$637,571
$637.6K
Cap Rate 9%
$495,889
$495.9K
Market Conditions
NOI Build-Up for 4,525 SF
Gross rent
$64.6K $14.28/SF
− Vacancy
−$859 −$0.19/SF
EGI
$63.8K $14.09/SF
− OpEx
−$19.1K −$4.23/SF
NOI
$44.6K $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%
$892,600
Cap Rate 7%
$637,571
Cap Rate 9%
$495,889
Alternative Uses
Best Use
Multifamily LT 5
$637.6K
$557.9K – $743.8K
NOI $44,630 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$605.8K
$530.1K – $706.7K
NOI $42,404 @ 7.0% cap · market cap 8.58%
Theoretical Best
Warehouse
$8.04M
$7.03M – $9.38M
NOI $562,572 @ 7.0% cap · market cap 113.88%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Yes
Utilities to site
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
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has four bedrooms, while shared property features include laundry, storage, and off-street parking.
Where is this triplex located?
The property is located at 172 Walnut Street Lewiston, ME.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Three units with a total of 4,525 square feet; Each unit has four bedrooms and one full bath; Built in 1914; interiors feature hardwood floors and period woodwork
