Mixed-Use Live-Work
216 Russell Street Lewiston, ME 04240
216 Russell Street, Lewiston, ME, 04240
$259,900
For Sale
$259,900
Mixed-use property with two residential units and a Neighborhood Business District commercial space.
Property Size2,420 SF
Lot Size0.50 Acres
Price / SF$107.40
Days on Market173
Property Features for 216 Russell Street
General Information
- Standard status
- Active
- Size
- 2,420 SF
- Lot size
- 0.50 Acres
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1890
Listing agency
Dream Home Realty LLC
(207) 405-8503
Listed by
Jennifer Whitehead
(207) 405-8503
Source
Compass
Added: Jan 29 Updated: Jul 21 at 4:49AM Checked: Jul 21 at 4:49AM
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 Dream Home Realty LLC
Investment Insights
Based on property information with market context.
216 Russell Street offers mixed-use flexibility with two residential units plus an on-site commercial space. Both residential units include two bedrooms and one full bathroom, and each has separate laundry hookups. The first-floor unit features high ceilings, hardwood floors, wide baseboards, and a classic tin ceiling, along with a large mudroom.
The commercial component is approximately 420± square feet and is located within the Neighborhood Business District. The property sits on a generous half-acre lot and is described as an in-town Lewiston location near Bates College.
With multiple income-producing components and room to spread out outdoors, the property is suited to buyers seeking an owner-occupied live-work setup or an investment with residential and commercial exposure.
The commercial component is approximately 420± square feet and is located within the Neighborhood Business District. The property sits on a generous half-acre lot and is described as an in-town Lewiston location near Bates College.
With multiple income-producing components and room to spread out outdoors, the property is suited to buyers seeking an owner-occupied live-work setup or an investment with residential and commercial exposure.
Key Highlights
- Mixed‑use property with 2 residential units plus 420± SF commercial space in the Neighborhood Business District
- Each residential unit offers 2 bedrooms and 1 full bathroom, with separate laundry hookups
- First‑floor unit includes high ceilings, hardwood floors, wide baseboards, and a classic tin ceiling
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 | $34.6k | $14.28 |
| − Vacancy | −$460 | −$0.19 |
| EGI | $34.1k | $14.09 |
| − OpEx | −$10.2k | −$4.23 |
| NOI | $23.9k | $9.86 |
2,420 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Office B
$560.2K
$490.2K – $653.6K
NOI $39,214 @ 7.0% cap · market cap 15.09%
Second Best
Mixed Use
$407.9K
$356.9K – $475.9K
NOI $28,554 @ 7.0% cap · market cap 10.99%
Theoretical Best
Warehouse
$4.30M
$3.76M – $5.01M
NOI $300,867 @ 7.0% cap · market cap 115.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Mixed-use property with two residential units and a Neighborhood Business District commercial space.
Where is this duplex located?
The property is located at 216 Russell Street Lewiston, ME.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Mixed‑use property with 2 residential units plus 420± SF commercial space in the Neighborhood Business District; Each residential unit offers 2 bedrooms and 1 full bathroom, with separate laundry hookups; First‑floor unit includes high ceilings, hardwood floors, wide baseboards, and a classic tin ceiling
