Six-Unit Apartment
New
For Sale
$649,999
256 Park Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size6,200 SF
Lot Size0.11 Acres
Price / SF$104.84
Days on Market2
Property Features for 256 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2, Bathroom 6, Bathroom 5, Bathroom 4
Basement
Full, Walk-Out Access, Sump Pump, Unfinished
Lot features
Rolling/ Sloping, Sidewalks, Intown, Near Turnpike/ Interstate, Near Public Transit
Standard status
Active
Size
6,200 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4448
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1891
Number of units
6
Flooring type
Laminate, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Flat
Architectural style
Other
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Franklin Katunda
(207) 518-8371
Added: Sep 7
Last Checked: Sep 8 at 11:06AM
MLS# 1679581
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 6,200-square-foot apartment building contains six units and is situated on a 0.11-acre lot. Built in 1891, the property has wood-frame construction with vinyl siding, laminate and vinyl flooring, and a flat roof. Heating is provided by oil-fired hot water and baseboard systems, with a basement included in the building. The property is served by public water and public sewer and carries RES zoning.
Located in downtown Lewiston, the building is near area hospitals, Bates College, and local amenities. Five of the six units are currently rented, providing an existing tenant base within the multifamily asset. Showing requests require 24–48 hours’ notice, with group showings to be determined.
Located in downtown Lewiston, the building is near area hospitals, Bates College, and local amenities. Five of the six units are currently rented, providing an existing tenant base within the multifamily asset. Showing requests require 24–48 hours’ notice, with group showings to be determined.
Key Highlights
- Six‑unit apartment building with 6,200 square feet of property size
- Five of six units are currently rented
- 0.11‑acre lot in downtown Lewiston
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
Property Profile
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
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?
Apartment building - Downtown property with five rented units, public utilities, and residential zoning.
Where is this apartment building located?
The property is located at 256 Park Street 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: Six‑unit apartment building with 6,200 square feet of property size; Five of six units are currently rented; 0.11‑acre lot in downtown Lewiston
