3-Unit Multifamily Building with
For Sale
$389,900
209213 209-213 Sabattus St, Lewiston, ME 04240
Tenant-occupied property with paved off-street parking, a detached garage, and an unused third-floor area connected to the second-floor unit.
Property Size3,160 SF
Price / SF$123.39
Days on Market15
Property Features for 209213 209-213 Sabattus St
General Information
Standard status
Active
Size
3,160 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
detached garage
Building Details
Year Built
1891
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 782-8311
Listed By:
Mark Pilot
Source:
Aroostookrealestate
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 30 at 8:41PM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This 3,160-square-foot multifamily property contains three tenant-occupied units within a building constructed in 1891. The apartments feature spacious rooms, while the property also includes an unused third floor with multiple rooms and direct access from the second-floor unit. The additional level provides flexibility within the existing layout for a larger connected residential configuration.
Exterior features include multiple paved driveways, ample off-street parking, and a detached garage. The property is located at 209-213 Sabattus Street in Lewiston, Maine, providing a central setting near area amenities.
Exterior features include multiple paved driveways, ample off-street parking, and a detached garage. The property is located at 209-213 Sabattus Street in Lewiston, Maine, providing a central setting near area amenities.
Key Highlights
- Three‑unit multifamily property totaling 3,160 square feet
- Built in 1891 with three tenant‑occupied units
- Unused third floor has multiple rooms and direct access from the second‑floor unit
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
$31,167
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
7.99%
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%
$623,340
$623.3K
Cap Rate 7%
$445,243
$445.2K
Cap Rate 9%
$346,300
$346.3K
Market Conditions
NOI Build-Up for 3,160 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
$45.1K $14.28/SF
− Vacancy
−$600 −$0.19/SF
EGI
$44.5K $14.09/SF
− OpEx
−$13.4K −$4.23/SF
NOI
$31.2K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$623,340
Cap Rate 7%
$445,243
Cap Rate 9%
$346,300
Alternative Uses
Best Use
Multifamily LT 5
$445.2K
$389.6K – $519.5K
NOI $31,167 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$423.0K
$370.2K – $493.5K
NOI $29,612 @ 7.0% cap · market cap 7.59%
Theoretical Best
Warehouse
$5.61M
$4.91M – $6.55M
NOI $392,868 @ 7.0% cap · market cap 100.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
47
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?
Triplex - Tenant-occupied property with paved off-street parking, a detached garage, and an unused third-floor area connected to the second-floor unit.
Where is this triplex located?
The property is located at 209213 209-213 Sabattus St Lewiston, ME.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 3,160 square feet; Built in 1891 with three tenant‑occupied units; Unused third floor has multiple rooms and direct access from the second‑floor unit
