2-Unit Apartment
239 East Avenue, Lewiston, ME 04240
For Sale
$380,000
Separate outdoor spaces and a shared enclosed three-season porch serve the two residences.
Property Size2,112 SF
Price / SF$179.92
Days on Market202
Property Features for 239 East Avenue
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
private back porch
private back deck
enclosed 3-season porch
private back yard
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Drakes Real Estate LLC
Listed By:
Doreen Jackson
(207) 212-6677
Source:
Amerorealty
Added: Apr 23
Changed: Nov 10
Last Checked: Nov 9 at 9:33PM
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 Drakes Real Estate LLC
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Investment Insights
Based on property information with market context.
This 2,112-square-foot apartment building, constructed in 1917, contains two residences. The first has two bedrooms, one bathroom and a private rear porch. The second offers five bedrooms, one and a half bathrooms, and its own rear deck. Both units share an enclosed three-season porch and a backyard; the garage is currently reserved for the second unit. Third-floor space could be converted into an additional unit, subject to applicable requirements.
Located at 239 East Avenue in Lewiston, the property is zoned NCA.
Located at 239 East Avenue in Lewiston, the property is zoned NCA.
Key Highlights
- 2,112‑square‑foot building dating to 1917
- Two existing units; third‑floor conversion to a third unit is an option
- Unit 1: two bedrooms, one bathroom and a private rear porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,831
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,620
$416.6K
Cap Rate 7%
$297,586
$297.6K
Cap Rate 9%
$231,456
$231.5K
Market Conditions
NOI Build-Up for 2,112 SF
Gross rent
$30.2K $14.28/SF
− Vacancy
−$401 −$0.19/SF
EGI
$29.8K $14.09/SF
− OpEx
−$8.9K −$4.23/SF
NOI
$20.8K $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 Rate 5%
$416,620
Cap Rate 7%
$297,586
Cap Rate 9%
$231,456
Alternative Uses
Best Use
Multifamily LT 5
$297.6K
$260.4K – $347.2K
NOI $20,831 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$282.7K
$247.4K – $329.9K
NOI $19,791 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$656.9K
$574.8K – $766.4K
NOI $45,981 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
759
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
$214,200
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Lewiston, ME
Properties on Market for Duplexes in Lewiston
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate outdoor spaces and a shared enclosed three-season porch serve the two residences.
Where is this duplex located?
The property is located at 239 East Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2,112‑square‑foot building dating to 1917; Two existing units; third‑floor conversion to a third unit is an option; Unit 1: two bedrooms, one bathroom and a private rear porch
