Renovated Two-Unit Residential Income
31 Burbank Street Lewiston, ME 04240
31 Burbank Street, Lewiston, ME, 04240
$499,000
Pending
For Sale
$499,000
Pending
Two fully renovated units, each with updated kitchens, bathrooms, and independent HVAC mini-splits for separate comfort.
Property Size2,718 SF
Days on Market183
Property Features for 31 Burbank Street
General Information
- Standard status
- Pending
- Size
- 2,718 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1924
Listing agency
Tim Dunham Realty
(207) 740-0596
Listed by
Sam Prindle
(207) 740-0596
Source
Compass
Added: Jan 19 Updated: Jul 20 at 8:37PM Checked: Jul 20 at 8:37PM
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 Tim Dunham Realty
Investment Insights
Based on property information with market context.
This two-unit residential property offers extensive interior renovations and separate systems for each unit. Each unit has a remodeled kitchen with updated cabinetry, quartz countertops, and updated appliances, along with fully renovated bathrooms. Interior finishes include refinished original hardwood floors, new recessed lighting, fresh interior paint, and newly installed window blinds. Mechanical and energy-efficiency upgrades include one Rheem electric water heater per unit and energy-efficient HVAC systems with independent mini-splits serving each unit. Exterior improvements include new decks or patios and fresh exterior paint.
The primary unit is planned to be delivered vacant at closing, supporting immediate occupancy, while the second unit is currently rented.
Overall, the property presents a turnkey configuration with both strong interior refreshes and unit-level improvements designed to support separate living and operations.
The primary unit is planned to be delivered vacant at closing, supporting immediate occupancy, while the second unit is currently rented.
Overall, the property presents a turnkey configuration with both strong interior refreshes and unit-level improvements designed to support separate living and operations.
Key Highlights
- Two‑unit multi‑family built in 1924 with separate, updated interiors in each unit.
- Each unit has a fully renovated kitchen with new cabinetry, quartz countertops, and updated appliances.
- Each unit features a fully renovated bathroom and refinished original hardwood flooring throughout.
Local 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 | $38.8k | $14.28 |
| − Vacancy | −$516 | −$0.19 |
| EGI | $38.3k | $14.09 |
| − OpEx | −$11.5k | −$4.23 |
| NOI | $26.8k | $9.86 |
2,718 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$383.0K
$335.1K – $446.8K
NOI $26,808 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$363.9K
$318.4K – $424.5K
NOI $25,470 @ 7.0% cap · market cap 5.10%
Theoretical Best
Warehouse
$4.83M
$4.22M – $5.63M
NOI $337,916 @ 7.0% cap · market cap 67.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two fully renovated units, each with updated kitchens, bathrooms, and independent HVAC mini-splits for separate comfort.
Where is this duplex located?
The property is located at 31 Burbank Street Lewiston, ME.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit multi‑family built in 1924 with separate, updated interiors in each unit.; Each unit has a fully renovated kitchen with new cabinetry, quartz countertops, and updated appliances.; Each unit features a fully renovated bathroom and refinished original hardwood flooring throughout.
