Three-Unit Apartment Building Corner
2 Union Street, Lisbon, ME 04252
New
MULTI_FAMILY - Other - Lisbon, ME
Property size:
2,038 SFLot size:
0.16 AcresPrice / SF:
$179/SF- Added:
- Jun 5, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 6 at 4:06 am
Property Features for 2 Union Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Village
- Bathrooms
- 3
- Rooms
- Basement, Bathroom 3, Bathroom 2, Bathroom 1
- Patio and Porch features
- Porch
- Pets allowed
- No
- Interior features
- In-Law Apartment, Bathtub, Shower
- Fencing
- Fenced
- Basement
- Full, Sump Pump, Walk-Out Access, Unfinished
- Standard status
- Active
- Size
- 2,038 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 4958
Utilities
- Sewer type
- Public Sewer
- Heating system
- Oil, Hot Water(Heating), Zoned, Baseboard
- Water source
- Public
- Water front features
- Stream
Building Details
- Year built
- 1992
- Floors in Building
- 3
- Number of units
- 3
- Flooring type
- Vinyl, Carpet
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Timothy Dunham (207) 407-9707
Listing office Tim Dunham Realty 643 Lewiston Rd, Topsham, ME (207) 729-7297
Listing date Jun 5, 2026
MLS# 1665831
Listing URL
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.
HighLights
- 3‑unit apartment building rebuilt in 1992 on a 0.16± acre corner lot in the village area
- Unit mix: first‑floor 2BR/1BA (tenant in place), second‑floor 2BR/1BA (vacant), and third‑floor studio/efficiency with full bath (vacant)
- Oil hot‑water/baseboard heat with zoned heating and circuit breakers
- Full basement with sump pump plus fenced yard and porch
- Public water and public sewer; shingle roof with vinyl siding and vinyl/carpet flooring
- Large driveway with many parking spaces; waterfront feature includes a stream
Overview
This three-unit apartment building was rebuilt in 1992 and is set on a corner lot. The first-floor unit is a 2-bedroom, 1-bath home currently occupied by a tenant. The second floor offers a 2-bedroom, 1-bath unit that is vacant, and the third floor includes a studio/efficiency with a full bath that is also vacant. The property is heated with an oil hot-water and baseboard system and has circuit breakers. Exterior finishes include vinyl siding, and the building includes a full basement with a sump pump. Parking is supported by a large driveway with many spaces.
Located in the Village area of Lisbon Falls, the property provides an intown setting convenient to Route 196 and downtown Lisbon Falls. The Village zoning designation supports a residential income building format.
With two units available, this property can work well for an owner-occupant seeking to live in one unit while placing the remaining units into service, or for investors looking to reposition rental income with immediate occupancy options. The current mix of an occupied first-floor residence plus two vacant apartments can streamline near-term leasing decisions while maintaining a consistent 1-bath configuration across the units.
Located in the Village area of Lisbon Falls, the property provides an intown setting convenient to Route 196 and downtown Lisbon Falls. The Village zoning designation supports a residential income building format.
With two units available, this property can work well for an owner-occupant seeking to live in one unit while placing the remaining units into service, or for investors looking to reposition rental income with immediate occupancy options. The current mix of an occupied first-floor residence plus two vacant apartments can streamline near-term leasing decisions while maintaining a consistent 1-bath configuration across the units.
Local Financial Insights For Multifamily LT 5
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 | $29.1k | $14.28 |
| − Vacancy | −$387 | −$0.19 |
| EGI | $28.7k | $14.09 |
| − OpEx | −$8.6k | −$4.23 |
| NOI | $20.1k | $9.86 |
2,038 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$287.2K
$251.3K – $335.0K
NOI $20,101 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$272.8K
$238.7K – $318.3K
NOI $19,098 @ 7.0% cap · market cap 5.23%
Theoretical Best
Warehouse
$3.62M
$3.17M – $4.22M
NOI $253,375 @ 7.0% cap · market cap 69.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Lisbon
- County
- Androscoggin
- State
- Maine
- Longitude
- -70.061604
- Latitude
- 43.997756
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Rebuilt in 1992 with two vacant units, offering flexibility for an owner-occupant or new tenants in Lisbon Falls.
Where is this triplex located?
The property is located at 2 Union Street Lisbon, ME.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 3‑unit apartment building rebuilt in 1992 on a 0.16± acre corner lot in the village area; Unit mix: first‑floor 2BR/1BA (tenant in place), second‑floor 2BR/1BA (vacant), and third‑floor studio/efficiency with full bath (vacant); Oil hot‑water/baseboard heat with zoned heating and circuit breakers
