Renovated Mixed-Use
For Sale
$799,000
188 Lincoln Street, Lewiston, ME 04240
Former fire station with residential units, flexible commercial space, adjacent parking, and energy-efficient building systems.
Property Size8,220 SF
Price / SF$143.86
Days on Market85
Property Features for 188 Lincoln Street
General Information
Standard status
Active
Size
8,220 SF
Property subtype
Commercial
Zoning
Mill (2)
Site & Location
Traffic Count
20,000 vehicles/day
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,487
Amenities
PV Solar panels
Building Details
Building Size
8,220 SF
Year Built
1964
Year Renovated
2020
Buildings
1
Stories
2
Construction
Midcentury Modern
Listing Agency:
Keller Williams Realty
(603) 767-7411
Listed By:
Amanda Reynolds
(603) 767-7411
Source:
Startpoint
Added: May 13
Changed: Aug 2
Last Checked: Aug 5 at 2:31PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 188 Lincoln Street in Lewiston, Maine, this mixed-use property combines two residential units with approximately 5,554 square feet of commercial space on the ground and lower levels. The former fire station was built in 1964 and renovated in 2020, retaining its distinctive character while adding open ceilings, abundant natural light, and a flexible interior plan. The commercial area can be configured as up to four separate units. Zoning is Mill (2).
Building systems include efficient heating and cooling equipment and seller-owned PV solar panels. Parking is available adjacent to the building, while the property benefits from street frontage, prominent signage opportunities, and reported traffic counts of 20,000 cars per day. The commercial layout is suited to office, creative, retail, or restaurant uses as supported by the existing configuration.
Building systems include efficient heating and cooling equipment and seller-owned PV solar panels. Parking is available adjacent to the building, while the property benefits from street frontage, prominent signage opportunities, and reported traffic counts of 20,000 cars per day. The commercial layout is suited to office, creative, retail, or restaurant uses as supported by the existing configuration.
Key Highlights
- Approximately 5,554 SF of commercial space across the ground and lower levels
- Two residential units positioned above the commercial area
- Commercial footprint can be arranged as up to 4 separate units
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $120.0k | $21.60 |
| − Vacancy | −$15.1k | −$2.72 |
| EGI | $104.9k | $18.88 |
| − OpEx | −$39.3k | −$7.08 |
| NOI | $65.5k | $11.80 |
5,554 SF · lease $21.60/SF/yr · vacancy 12.60% · expense 37.50%
Alternative Uses
Best Use
Office B
$1.29M
$1.12M – $1.50M
NOI $89,997 @ 7.0% cap · market cap 11.26%
Second Best
Mixed Use
$936.2K
$819.2K – $1.09M
NOI $65,532 @ 7.0% cap · market cap 8.20%
Theoretical Best
Warehouse
$9.86M
$8.63M – $11.51M
NOI $690,502 @ 7.0% cap · market cap 86.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,818
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Former fire station with residential units, flexible commercial space, adjacent parking, and energy-efficient building systems.
Where is this mixed-use property located?
The property is located at 188 Lincoln Street Lewiston, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Approximately 5,554 SF of commercial space across the ground and lower levels; Two residential units positioned above the commercial area; Commercial footprint can be arranged as up to 4 separate units
