Two-Unit Property with Fenced
For Sale
$335,900
246 Lincoln Street, Lewiston, ME 04240
Renovated bath, refreshed finishes, outdoor gathering areas, and on-site and street parking support practical occupancy.
Property Size1,852 SF
Price / SF$181.37
Days on Market64
Property Features for 246 Lincoln Street
General Information
Standard status
Active
Size
1,852 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Amenities
on-site parking
decks and porches
fenced-in yard
Building Details
Year Built
1830
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
Listed By:
Linda Davis
(207) 607-5965
Source:
Portsiderealestategroup
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 30 at 5:41PM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This two-unit property, built in 1830, combines updated interior features with useful exterior improvements. The building has newer windows, updated flooring, and a renovated bathroom, along with spacious decks and porches. A fenced yard adds defined outdoor space, while parking is available on site and along the street.
Located at 246 Lincoln Street in Lewiston, the property is near shopping, restaurants, hospitals, and other local amenities. It is currently occupied by the owner and family, with rents below current market value. The two-unit configuration also supports an owner-occupancy arrangement with rental use in the other unit, as reflected in the existing property information.
Located at 246 Lincoln Street in Lewiston, the property is near shopping, restaurants, hospitals, and other local amenities. It is currently occupied by the owner and family, with rents below current market value. The two-unit configuration also supports an owner-occupancy arrangement with rental use in the other unit, as reflected in the existing property information.
Key Highlights
- Two‑unit property built in 1830
- 1,852 property size
- Newer windows and updated flooring
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
$18,266
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
5.44%
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%
$365,320
$365.3K
Cap Rate 7%
$260,943
$260.9K
Cap Rate 9%
$202,956
$203.0K
Market Conditions
NOI Build-Up for 1,852 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
$26.4K $14.28/SF
− Vacancy
−$352 −$0.19/SF
EGI
$26.1K $14.09/SF
− OpEx
−$7.8K −$4.23/SF
NOI
$18.3K $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%
$365,320
Cap Rate 7%
$260,943
Cap Rate 9%
$202,956
Alternative Uses
Best Use
Multifamily LT 5
$260.9K
$228.3K – $304.4K
NOI $18,266 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$247.9K
$216.9K – $289.3K
NOI $17,355 @ 7.0% cap · market cap 5.17%
Theoretical Best
Warehouse
$3.29M
$2.88M – $3.84M
NOI $230,250 @ 7.0% cap · market cap 68.55%
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
1,818
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated bath, refreshed finishes, outdoor gathering areas, and on-site and street parking support practical occupancy.
Where is this duplex located?
The property is located at 246 Lincoln Street Lewiston, ME.
What is the asking price?
The asking price for this property is $335,900.
What are key features of this property?
This property features: Two‑unit property built in 1830; 1,852 property size; Newer windows and updated flooring
