45-Unit Brick Apartment
For Sale
$7,350,000
19 Wood Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size57,362 SF
Lot Size1.32 Acres
Price / SF$128.13
Days on Market56
Property Features for 19 Wood Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCB
Bathrooms
30
Full bathrooms
30
Rooms
Bathroom 26, Bathroom 30, Bathroom 6, Bathroom 13, Bathroom 20, Bathroom 18, Bathroom 7, Bathroom 16, Bathroom 2, Bathroom 19, Bathroom 9, Bathroom 4, Bathroom 3, Bathroom 10, Bathroom 28, Bathroom 8, Bathroom 21, Bathroom 14, Basement, Bathroom 22, Bathroom 29, Bathroom 5, Bathroom 1, Bathroom 17, Bathroom 24, Bathroom 25, Bathroom 12, Bathroom 27, Bathroom 11, Bathroom 15, Bathroom 23
Basement
Daylight
Lot features
Open, Level, Near Town, Neighborhood
Standard status
Active
Size
57,362 SF
Lot size
1.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
40064
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Zoned
Water source
Public
Amenities
elevator
on-site parking
Building Details
Year built
1900
Number of units
45
Flooring type
Carpet, Wood, Vinyl
Building materials
Masonry, Brick
Roof type
Flat, Membrane
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 31 at 4:06AM
MLS# 1670665
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.
Built in 1900, this 57,362-square-foot brick apartment property contains 45 residential units: 4 studios, 26 one-bedroom apartments, and 15 two-bedroom apartments. The 1.32-acre site includes on-site parking, while public water and public sewer serve the property. Interior finishes include carpet, wood, and vinyl flooring, with forced-air natural gas heating and zoned controls.
Capital work has included a replacement elevator system with updated controls, cab, and hydraulics, along with replacement of both the upper and lower membrane roofs in recent years. A total of 38 units have received substantial updates to flooring, kitchens, bathrooms, appliances, and other finishes. The property is located at 19 Wood Street in Lewiston, near Bates College, and carries NCB zoning.
Capital work has included a replacement elevator system with updated controls, cab, and hydraulics, along with replacement of both the upper and lower membrane roofs in recent years. A total of 38 units have received substantial updates to flooring, kitchens, bathrooms, appliances, and other finishes. The property is located at 19 Wood Street in Lewiston, near Bates College, and carries NCB zoning.
Key Highlights
- 45 units with 4 studios, 26 one‑bedroom apartments, and 15 two‑bedroom apartments
- 57,362 square feet on a 1.32‑acre site at 19 Wood Street
- 38 units substantially renovated with updated kitchens, bathrooms, flooring, and appliances
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
$537,536
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
7.31%
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%
$10,750,720
$10.8M
Cap Rate 7%
$7,679,086
$7.7M
Cap Rate 9%
$5,972,622
$6.0M
Market Conditions
NOI Build-Up for 57,362 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
$991.2K $17.28/SF
− Vacancy
−$13.9K −$0.24/SF
EGI
$977.3K $17.04/SF
− OpEx
−$439.8K −$7.67/SF
NOI
$537.5K $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%
$10,750,720
Cap Rate 7%
$7,679,086
Cap Rate 9%
$5,972,622
Alternative Uses
Best Use
Apartment 5plus
$7.68M
$6.72M – $8.96M
NOI $537,536 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$101.88M
$89.14M – $118.86M
NOI $7,131,545 @ 7.0% cap · market cap 97.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
45
Residential units
Location Intelligence
Trade Area within ½ mile
2,245
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 - Brick multifamily property with renovated residences, upgraded building systems, and on-site parking near Bates College.
Where is this apartment building located?
The property is located at 19 Wood Street Lewiston, ME.
What is the asking price?
The asking price for this property is $7,350,000.
What are key features of this property?
This property features: 45 units with 4 studios, 26 one‑bedroom apartments, and 15 two‑bedroom apartments; 57,362 square feet on a 1.32‑acre site at 19 Wood Street; 38 units substantially renovated with updated kitchens, bathrooms, flooring, and appliances
