Updated Triplex with Renovated
New
For Sale
$360,000
253 Lincoln St, Lewiston, ME 04240
Three self-contained apartments include a recently renovated kitchen, flexible bedroom configurations, and carpet-free interiors.
Property Size2,602 SF
Price / SF$138.36
Days on Market7
Property Features for 253 Lincoln St
General Information
Standard status
Active
Size
2,602 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1891
Listing Agency:
(207) 841-7569
Listed By:
Kathy Gallant
(207) 841-7569
Source:
Gre207
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 3:13PM
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 Kathy Gallant
Investment Insights
Based on property information with market context.
This 2,602-square-foot triplex contains three independent apartments, each arranged with a kitchen, living room, and full bathroom. The unit mix includes three bedrooms in one apartment, two bedrooms in another, and one bedroom in the third. The two-bedroom apartment received a complete renovation in 2024, including a new kitchen. A roof replacement was also completed in 2024. All three apartments have carpet-free interiors, and the property follows a non-smoking rental policy.
Built in 1891, the property is located in-town near shopping and everyday amenities. Its configuration supports both multi-unit ownership and an owner-occupant arrangement, with one apartment available for personal use while the remaining units generate rental income.
Built in 1891, the property is located in-town near shopping and everyday amenities. Its configuration supports both multi-unit ownership and an owner-occupant arrangement, with one apartment available for personal use while the remaining units generate rental income.
Key Highlights
- 2,602‑square‑foot triplex with three self‑contained units
- Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
- Complete renovation of the 2‑bedroom unit, including a new kitchen, in 2024
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
$25,664
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
7.13%
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%
$513,280
$513.3K
Cap Rate 7%
$366,629
$366.6K
Cap Rate 9%
$285,156
$285.2K
Market Conditions
NOI Build-Up for 2,602 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
$37.2K $14.28/SF
− Vacancy
−$494 −$0.19/SF
EGI
$36.7K $14.09/SF
− OpEx
−$11.0K −$4.23/SF
NOI
$25.7K $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%
$513,280
Cap Rate 7%
$366,629
Cap Rate 9%
$285,156
Alternative Uses
Best Use
Multifamily LT 5
$366.6K
$320.8K – $427.7K
NOI $25,664 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$348.3K
$304.8K – $406.4K
NOI $24,383 @ 7.0% cap · market cap 6.77%
Theoretical Best
Warehouse
$4.62M
$4.04M – $5.39M
NOI $323,494 @ 7.0% cap · market cap 89.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,408
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?
Triplex - Three self-contained apartments include a recently renovated kitchen, flexible bedroom configurations, and carpet-free interiors.
Where is this triplex located?
The property is located at 253 Lincoln St Lewiston, ME.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,602‑square‑foot triplex with three self‑contained units; Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments; Complete renovation of the 2‑bedroom unit, including a new kitchen, in 2024
