9-Unit Apartment
For Sale
$1,195,000
184 Bartlett Street, Lewiston, ME 04240
Updated interiors feature refreshed flooring, paint, and cabinets across a varied apartment mix.
Property Size10,644 SF
Lot Size0.11 Acres
Price / SF$112.27
Days on Market130
Property Features for 184 Bartlett Street
General Information
Standard status
Active
Size
10,644 SF
Lot size
0.11 Acres
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 1BR, 1 x 3BR, 6 x 4BR
Multifamily Units
9
Building Details
Year Built
1925
Buildings
1
Listing Agency:
F.O. Bailey Real Estate
(207) 409-8339
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Source:
Fobaileyrealestate
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 30 at 6:11PM
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 F.O. Bailey Real Estate
Investment Insights
Based on property information with market context.
This 9-unit apartment building contains 10,644 square feet and was built in 1925. The unit mix includes two 1-bedroom apartments, one 3-bedroom apartment, and six 4-bedroom apartments. Interior improvements include updated flooring, painted surfaces, and cabinets in multiple units.
The sale also includes the .11-acre lot at 190 Bartlett St. in Lewiston, providing an additional parcel connected to the offering. The property is located at 184 Bartlett Street in Lewiston, Maine.
The sale also includes the .11-acre lot at 190 Bartlett St. in Lewiston, providing an additional parcel connected to the offering. The property is located at 184 Bartlett Street in Lewiston, Maine.
Key Highlights
- 9‑unit apartment building with 10,644 square feet
- Unit mix includes (2) 1‑bedroom, (1) 3‑bedroom, and (6) 4‑bedroom apartments
- Several units have received flooring, paint, and cabinet updates
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
$99,744
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
8.35%
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%
$1,994,880
$2.0M
Cap Rate 7%
$1,424,914
$1.4M
Cap Rate 9%
$1,108,267
$1.1M
Market Conditions
NOI Build-Up for 10,644 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
$183.9K $17.28/SF
− Vacancy
−$2.6K −$0.24/SF
EGI
$181.4K $17.04/SF
− OpEx
−$81.6K −$7.67/SF
NOI
$99.7K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,994,880
Cap Rate 7%
$1,424,914
Cap Rate 9%
$1,108,267
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,744 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$18.90M
$16.54M – $22.06M
NOI $1,323,318 @ 7.0% cap · market cap 110.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,708
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?
Apartment building - Updated interiors feature refreshed flooring, paint, and cabinets across a varied apartment mix.
Where is this apartment building located?
The property is located at 184 Bartlett Street Lewiston, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 9‑unit apartment building with 10,644 square feet; Unit mix includes (2) 1‑bedroom, (1) 3‑bedroom, and (6) 4‑bedroom apartments; Several units have received flooring, paint, and cabinet updates
