Renovated Brick Multifamily
For Sale
$6,975,000
19 Wood Street, Lewiston, ME 04240
45-unit apartment community with on-site parking, new elevator upgrades, and substantial unit renovations throughout.
Property Size57,362 SF
Price / SF$121.60
Days on Market89
Property Features for 19 Wood Street
General Information
Standard status
Active
Size
57,362 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
45
Building Details
Year Built
1900
Listing Agency:
F.O. Bailey Real Estate
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Source:
Fobaileyrealestate
Added: Jun 22
Changed: Sep 15
Last Checked: Sep 16 at 7:32PM
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.
The property is the iconic brick Jordan School multifamily building, configured with 45 residential units in total, including 4 studio apartments, 26 one-bedroom units, and 15 two-bedroom units. The building also provides ample on-site parking for residents. Recent capital improvements include installation of a new elevator system with updated controls, cab, and hydraulics. Roof work has also been completed, with both the upper and lower roofs replaced within the past several years.
The community is located just minutes from Bates College in Lewiston, offering convenient access to a major nearby employment and education hub.
This is a turnkey option for buyers seeking an income-producing apartment building with a defined unit mix and documented upgrades. With 38 units substantially renovated using updated flooring, kitchens, bathrooms, appliances, and other modern finishes, the property supports a consistent standard of interior presentation. Combined with the elevator and roof replacements, the improvements provide a more predictable foundation for ongoing operations and resident experience.
The community is located just minutes from Bates College in Lewiston, offering convenient access to a major nearby employment and education hub.
This is a turnkey option for buyers seeking an income-producing apartment building with a defined unit mix and documented upgrades. With 38 units substantially renovated using updated flooring, kitchens, bathrooms, appliances, and other modern finishes, the property supports a consistent standard of interior presentation. Combined with the elevator and roof replacements, the improvements provide a more predictable foundation for ongoing operations and resident experience.
Key Highlights
- 45‑unit apartment community in a brick landmark built in 1902
- Unit mix includes 4 studios, 26 one‑bedroom units, and 15 two‑bedroom units
- Capital improvements include new elevator system with updated controls, cab, and hydraulics
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
7.71%
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 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$101.88M
$89.14M – $118.86M
NOI $7,131,545 @ 7.0% cap · market cap 102.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - 45-unit apartment community with on-site parking, new elevator upgrades, and substantial unit renovations throughout.
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 $6,975,000.
What are key features of this property?
This property features: 45‑unit apartment community in a brick landmark built in 1902; Unit mix includes 4 studios, 26 one‑bedroom units, and 15 two‑bedroom units; Capital improvements include new elevator system with updated controls, cab, and hydraulics
