Four-Unit Residential Income
31 BOSTON AVE Lewiston, ME 04240
For Sale
Contact for pricing
Four-unit multifamily property with off-street parking, detached 2-car garage, and an unfinished basement with laundry hookups.
Property Size4,200 SF
Price / SF$141.67
Days on Market55
Property Features for 31 BOSTON AVE
General Information
- Standard status
- Active
- Size
- 4,200 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1926
Listing Agency:
KW Commercial Greater Portland
(207) 754-9311
Listed By:
Kevin Fletcher · License #ME BA903663
Source:
Crexi
Added: Jun 1
Changed: Jul 21
Last Checked: Jul 23 at 3:12PM
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 KW Commercial Greater Portland
Investment Insights
Based on property information with market context.
This four-unit residential income property at 31 Boston Ave offers a practical setup for both owner-occupants and investors. The property includes a low-maintenance lot, a large paved driveway for off-street parking, and a detached 2-car garage. Inside, the units feature durable laminate, vinyl, and carpet flooring, and the full unfinished basement includes storage space along with laundry hookups.
Utilities are provided by public water and sewer, and the home is heated with natural gas forced-air systems. Additional features include reliable basic service infrastructure intended to support day-to-day residential use.
With its four separate rental units, off-street parking, and unfinished basement capacity, the property is designed for straightforward residential operations and tenant support.
Utilities are provided by public water and sewer, and the home is heated with natural gas forced-air systems. Additional features include reliable basic service infrastructure intended to support day-to-day residential use.
With its four separate rental units, off-street parking, and unfinished basement capacity, the property is designed for straightforward residential operations and tenant support.
Key Highlights
- 4‑unit multi‑family property built in 1926
- Low‑maintenance level lot with large paved driveway for off‑street parking
- Detached 2‑car garage for additional covered parking or storage
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.0k | $14.28 |
| − Vacancy | −$798 | −$0.19 |
| EGI | $59.2k | $14.09 |
| − OpEx | −$17.8k | −$4.23 |
| NOI | $41.4k | $9.86 |
4,200 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$591.8K
$517.8K – $690.4K
NOI $41,425 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$562.3K
$492.0K – $656.0K
NOI $39,358 @ 7.0% cap · market cap 6.61%
Theoretical Best
Warehouse
$7.46M
$6.53M – $8.70M
NOI $522,166 @ 7.0% cap · market cap 87.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit multifamily property with off-street parking, detached 2-car garage, and an unfinished basement with laundry hookups.
Where is this quadplex located?
The property is located at 31 BOSTON AVE Lewiston, ME.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 4‑unit multi‑family property built in 1926; Low‑maintenance level lot with large paved driveway for off‑street parking; Detached 2‑car garage for additional covered parking or storage
