3-Unit Triplex with
New
For Sale
$494,000
172 Walnut Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size4,525 SF
Lot Size0.10 Acres
Price / SF$109.17
Days on Market4
Property Features for 172 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCB
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Basement
Parking features
Open, Off Street
Security features
Security System
Patio and Porch features
Deck, Porch
Interior features
Storage
Basement
Full, Unfinished
Lot features
Sidewalks, Intown, Near Shopping
Standard status
Active
Size
4,525 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4606
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Zoned, Hot Water(Heating), Baseboard
Water source
Public
Amenities
covered porches
on-site laundry
Building Details
Year built
1914
Number of units
3
Flooring type
Vinyl, Wood, Carpet, Tile
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Kyle McCarthy
(339) 236-5172
Added: Oct 20
Last Checked: Oct 23 at 9:06PM
MLS# 1685009
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.
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Investment Insights
Based on property information with market context.
Built in 1914, this 4,525-square-foot triplex contains three residences, each with four bedrooms and one full bathroom. Interior details include wood flooring, large windows, and period woodwork; covered porches, a full unfinished basement, and storage add functional space. The property also has a detached one-car garage and off-street parking.
The 0.1-acre property is served by public water and sewer. Heating is natural gas, and each unit has a separate electric meter. On-site laundry is also available.
The 0.1-acre property is served by public water and sewer. Heating is natural gas, and each unit has a separate electric meter. On-site laundry is also available.
Key Highlights
- Three units, each with four bedrooms and one full bathroom
- 4,525 square feet on a 0.1‑acre lot
- Built in 1914
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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Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,495
Businesses Nearby
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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 separate electric metering, and the property includes natural gas heat and on-site laundry.
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, each with four bedrooms and one full bathroom; 4,525 square feet on a 0.1‑acre lot; Built in 1914
