Four-Unit Multifamily
New
For Sale
$425,000
26 Elm St, Lewiston, ME 04240
Historic income property with convenient access to downtown amenities, shopping, employment centers, and major highways.
Property Size2,952 SF
Price / SF$143.97
Days on Market2
Property Features for 26 Elm St
General Information
Standard status
Active
Size
2,952 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1861
Listed By:
Doug Schauf
(207) 838-5593
Source:
Makemaineyourhome
Added: Sep 1
Last Checked: Sep 2 at 5:07PM
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 Doug Schauf
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 2,952 square feet and dates to 1861. The asset is positioned as an income-producing residential property in Lewiston, with a configuration suited to multi-unit ownership.
The property is located near downtown Lewiston and major highway access, with shopping, dining, employment centers, public transportation, and other downtown amenities nearby. Its central setting provides access to a range of everyday services and transportation options.
The property is located near downtown Lewiston and major highway access, with shopping, dining, employment centers, public transportation, and other downtown amenities nearby. Its central setting provides access to a range of everyday services and transportation options.
Key Highlights
- Four‑unit multifamily property
- 2,952 square feet of building area
- Built in 1861
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
$29,116
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
6.85%
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%
$582,320
$582.3K
Cap Rate 7%
$415,943
$415.9K
Cap Rate 9%
$323,511
$323.5K
Market Conditions
NOI Build-Up for 2,952 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
$42.2K $14.28/SF
− Vacancy
−$561 −$0.19/SF
EGI
$41.6K $14.09/SF
− OpEx
−$12.5K −$4.23/SF
NOI
$29.1K $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%
$582,320
Cap Rate 7%
$415,943
Cap Rate 9%
$323,511
Alternative Uses
Best Use
Multifamily LT 5
$415.9K
$364.0K – $485.3K
NOI $29,116 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$395.2K
$345.8K – $461.1K
NOI $27,663 @ 7.0% cap · market cap 6.51%
Theoretical Best
Warehouse
$5.24M
$4.59M – $6.12M
NOI $367,008 @ 7.0% cap · market cap 86.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,546
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?
Quadplex - Historic income property with convenient access to downtown amenities, shopping, employment centers, and major highways.
Where is this quadplex located?
The property is located at 26 Elm St Lewiston, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit multifamily property; 2,952 square feet of building area; Built in 1861
