Two-Unit
For Sale
$275,000
22 Summer Street, Lewiston, ME 04240
Duplex with separate entrances and NCB zoning near healthcare, retail, dining, and schools.
Property Size1,452 SF
Price / SF$189.39
Days on Market210
Property Features for 22 Summer Street
General Information
Standard status
Active
Size
1,452 SF
Property subtype
Multi-Family
Zoning
NCB
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,695
Amenities
Hot Water, Baseboard
2
Interior, Unfinished
Vinyl, Laminate
No
Yes
Pantry
Granite, Concrete Perimeter, Brick/Mortar
2.00
Pitched, Shingle
Vinyl Siding, Wood Frame
Building Details
Year Built
1891
Units
2
Listing Agency:
Meservier & Associates
(207) 212-1746
Listed By:
Anthony Poulin
(207) 212-1746
Source:
Compass
Added: Feb 2
Changed: Aug 30
Last Checked: Aug 31 at 12:17AM
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 Meservier & Associates
Investment Insights
Based on property information with market context.
This 1,452-square-foot duplex contains two residential units, each with its own entrance. The property was built in 1891 and includes hot-water baseboard heating, pantry space, vinyl and laminate flooring, and an unfinished interior area. Exterior construction features vinyl siding and a wood-frame structure with a pitched shingle roof.
Located at 22 Summer Street in Lewiston, the property is near the hospital as well as shopping, dining, and schools. NCB zoning is identified for the site, and the two-unit configuration supports separate residential occupancy within one building.
Located at 22 Summer Street in Lewiston, the property is near the hospital as well as shopping, dining, and schools. NCB zoning is identified for the site, and the two-unit configuration supports separate residential occupancy within one building.
Key Highlights
- 1,452‑square‑foot duplex with two residential units
- Separate entrance serving each unit
- Built in 1891
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
$14,321
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
5.21%
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%
$286,420
$286.4K
Cap Rate 7%
$204,586
$204.6K
Cap Rate 9%
$159,122
$159.1K
Market Conditions
NOI Build-Up for 1,452 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
$20.7K $14.28/SF
− Vacancy
−$276 −$0.19/SF
EGI
$20.5K $14.09/SF
− OpEx
−$6.1K −$4.23/SF
NOI
$14.3K $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%
$286,420
Cap Rate 7%
$204,586
Cap Rate 9%
$159,122
Alternative Uses
Best Use
Multifamily LT 5
$204.6K
$179.0K – $238.7K
NOI $14,321 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$194.4K
$170.1K – $226.8K
NOI $13,607 @ 7.0% cap · market cap 4.95%
Theoretical Best
Warehouse
$2.58M
$2.26M – $3.01M
NOI $180,520 @ 7.0% cap · market cap 65.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,289
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?
Duplex - Duplex with separate entrances and NCB zoning near healthcare, retail, dining, and schools.
Where is this duplex located?
The property is located at 22 Summer Street Lewiston, ME.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,452‑square‑foot duplex with two residential units; Separate entrance serving each unit; Built in 1891
