Well-Maintained Three-Unit Investment
24 Sylvan Avenue Lewiston, ME 04240
24 Sylvan Avenue, Lewiston, ME, 04240
$479,900
For Sale
$479,900
MULTI_FAMILY - Colonial - Lewiston, ME
Property Size2,360 SF
Lot Size0.11 Acres
Price / SF$203.35
Days on Market29
Property Features for 24 Sylvan Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- NCA
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bathroom 3, Basement, Bathroom 2
- Patio and Porch features
- Porch, Deck
- Interior features
- 1st Floor Bedroom
- Basement
- Full, Unfinished
- Standard status
- Active
- Size
- 2,360 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 3334
Utilities
- Sewer type
- Public Sewer
- Heating system
- Zoned, Baseboard, Natural Gas, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1895
- Floors in Building
- 3
- Number of units
- 3
- Flooring type
- Tile, Linoleum, Hardwood, Laminate
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Colonial
Listing Agency
Maine Source Realty
(207) 333-6001
368 Minot Avenue, Poland, ME
Listed by
Jon Mercier
(207) 333-6001
Added: Jun 19 Checked: Jul 17 at 10:06 am
MLS# 1663902
Listing URL
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained three-unit investment property offers a tidy, efficiently managed setup with coin-operated washer and dryer included with the sale. Recent exterior work includes updated siding with most of the building fully wrapped, along with freshly painted decks. The owner-occupied or investor-ready improvements also include energy-efficiency upgrades such as spray foam insulation in the basement, additional spray foam on the north side of the third floor, updated windows, and air sealing throughout.
Located at 24 Sylvan Avenue in Lewiston, Maine, the building sits on a small lot and includes private off-street parking in the rear. The property is positioned for convenience to everyday needs, with proximity to hospitals and shopping referenced in the listing remarks. Zoning is listed as NCA.
With a tenant base already in place, this property may appeal to investors seeking current income and to owner-occupants looking to offset expenses. The listing also notes that major systems have been updated and are in excellent condition, supported by the described envelope and mechanical-related energy improvements. Overall, it presents as a maintained, turn-key three-unit option with practical on-site amenities and a straightforward residential income configuration.
Located at 24 Sylvan Avenue in Lewiston, Maine, the building sits on a small lot and includes private off-street parking in the rear. The property is positioned for convenience to everyday needs, with proximity to hospitals and shopping referenced in the listing remarks. Zoning is listed as NCA.
With a tenant base already in place, this property may appeal to investors seeking current income and to owner-occupants looking to offset expenses. The listing also notes that major systems have been updated and are in excellent condition, supported by the described envelope and mechanical-related energy improvements. Overall, it presents as a maintained, turn-key three-unit option with practical on-site amenities and a straightforward residential income configuration.
Key Highlights
- 3‑unit investment property built in 1895 with a colonial architectural style
- All major systems updated; energy upgrades include spray foam insulation (basement and north side of 3rd floor), updated windows, and air sealing
- Wood frame construction with vinyl siding; roof is shingle
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 | $33.7k | $14.28 |
| − Vacancy | −$448 | −$0.19 |
| EGI | $33.3k | $14.09 |
| − OpEx | −$10.0k | −$4.23 |
| NOI | $23.3k | $9.86 |
2,360 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$332.5K
$291.0K – $388.0K
NOI $23,277 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$315.9K
$276.4K – $368.6K
NOI $22,115 @ 7.0% cap · market cap 4.61%
Theoretical Best
Warehouse
$4.19M
$3.67M – $4.89M
NOI $293,408 @ 7.0% cap · market cap 61.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-unit building with updated exterior, energy-efficiency improvements, and rear off-street parking plus coin-operated laundry.
Where is this triplex located?
The property is located at 24 Sylvan Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 3‑unit investment property built in 1895 with a colonial architectural style; All major systems updated; energy upgrades include spray foam insulation (basement and north side of 3rd floor), updated windows, and air sealing; Wood frame construction with vinyl siding; roof is shingle
