6-Unit Apartment
New
For Sale
$649,999
256 Park St, Lewiston, ME 04240
Downtown multifamily property with established occupancy and proximity to hospitals, Bates College, and downtown amenities.
Property Size6,200 SF
Price / SF$104.84
Days on Market7
Property Features for 256 Park St
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
1891
Listed By:
Crown Lakes Realty
(207) 436-8889
Source:
Crownlakesrealty
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 14 at 8:42AM
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 Crown Lakes Realty
Investment Insights
Based on property information with market context.
This 6-unit multifamily property contains 6,200 square feet and was built in 1891. The property includes a combination of turned-over and well-maintained units, with 5 of the 6 units currently rented to long-term tenants. Its configuration may also accommodate an owner-occupant seeking a residence within a multifamily setting.
Located in downtown Lewiston, the property is near area hospitals, Bates College, and local amenities. Downtown conveniences are within walking distance, adding practical access to everyday services and destinations. Showing requests require 24-48 hours’ notice, and group showings are scheduled for Thursday 9/10 from 12:00PM - 1:30PM.
Located in downtown Lewiston, the property is near area hospitals, Bates College, and local amenities. Downtown conveniences are within walking distance, adding practical access to everyday services and destinations. Showing requests require 24-48 hours’ notice, and group showings are scheduled for Thursday 9/10 from 12:00PM - 1:30PM.
Key Highlights
- 6‑unit multifamily property with 6,200 square feet
- 5 of the 6 units are rented to long‑term tenants
- Built in 1891
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
$58,100
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
8.94%
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%
$1,162,000
$1.2M
Cap Rate 7%
$830,000
$830.0K
Cap Rate 9%
$645,556
$645.6K
Market Conditions
NOI Build-Up for 6,200 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
$107.1K $17.28/SF
− Vacancy
−$1.5K −$0.24/SF
EGI
$105.6K $17.04/SF
− OpEx
−$47.5K −$7.67/SF
NOI
$58.1K $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 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%
$1,162,000
Cap Rate 7%
$830,000
Cap Rate 9%
$645,556
Alternative Uses
Best Use
Apartment 5plus
$830.0K
$726.3K – $968.3K
NOI $58,100 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$11.01M
$9.64M – $12.85M
NOI $770,817 @ 7.0% cap · market cap 118.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,224
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Downtown multifamily property with established occupancy and proximity to hospitals, Bates College, and downtown amenities.
Where is this apartment building located?
The property is located at 256 Park St Lewiston, ME.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: 6‑unit multifamily property with 6,200 square feet; 5 of the 6 units are rented to long‑term tenants; Built in 1891
