5-Unit Apartment
227 Blake Street, Lewiston, ME 04240
For Sale
$525,000
Five apartments include a mix of two- and four-bedroom layouts, with off-street parking on site.
Property Size3,478 SF
Price / SF$150.95
Days on Market357
Property Features for 227 Blake Street
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Gross Income
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
off-street parking
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Real Broker
Listed By:
Joshua Cousineau
(207) 212-1523
Source:
Hoangrealty
Added: Nov 18, 2025
Changed: Nov 8
Last Checked: Nov 8 at 3:11PM
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 Real Broker
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Investment Insights
Based on property information with market context.
This 3,478-square-foot apartment building contains five units: two two-bedroom apartments and three four-bedroom apartments. Constructed in 1875, the property also has off-street parking.
The building is located at 227 Blake Street in Lewiston, Maine.
The building is located at 227 Blake Street in Lewiston, Maine.
Key Highlights
- Five apartments: two 2‑bedroom units and three 4‑bedroom units
- 3,478 square feet
- Built in 1875
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,592
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$651,840
$651.8K
Cap Rate 7%
$465,600
$465.6K
Cap Rate 9%
$362,133
$362.1K
Market Conditions
NOI Build-Up for 3,478 SF
Gross rent
$60.1K $17.28/SF
− Vacancy
−$841 −$0.24/SF
EGI
$59.3K $17.04/SF
− OpEx
−$26.7K −$7.67/SF
NOI
$32.6K $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 Rate 5%
$651,840
Cap Rate 7%
$465,600
Cap Rate 9%
$362,133
Alternative Uses
Best Use
Apartment 5plus
$465.6K
$407.4K – $543.2K
NOI $32,592 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$946.5K – $1.26M
NOI $75,720 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,708
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Apartment building - Five apartments include a mix of two- and four-bedroom layouts, with off-street parking on site.
Where is this apartment building located?
The property is located at 227 Blake Street Lewiston, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Five apartments: two 2‑bedroom units and three 4‑bedroom units; 3,478 square feet; Built in 1875
