Triplex with Three-Car
For Sale
$450,000
326 South Ave, Lewiston, ME 04240
Three-unit property with varied layouts, private outdoor spaces, garage access, and substantial auxiliary improvements.
Property Size3,118 SF
Price / SF$144.32
Days on Market90
Property Features for 326 South Ave
General Information
Standard status
Active
Size
3,118 SF
Property subtype
Multi-Family
Building Details
Year Built
1815
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
Listed By:
Renee Roy
Source:
603luxury
Added: Jun 3
Changed: Aug 29
Last Checked: Aug 30 at 8:08PM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This 3,118-square-foot triplex, built in 1815, includes a larger first-floor residence and two one-bedroom apartments. The primary unit offers two to three bedrooms, one and a half baths, hardwood flooring, a heated sun porch, laundry space, a walk-in pantry, basement entry, a kitchen slider to a private deck, and a covered front porch. Each apartment has a private porch, stackable laundry equipment, and a dedicated garage bay.
The property occupies just over half an acre at 326 South Avenue in Lewiston, Maine. Outdoor improvements include a paved driveway with five marked parking spaces, a separate paved RV parking area, and garden beds. A three-car garage provides approximately 840 square feet of space above, while a separate 1,063-square-foot outbuilding includes another garage bay and was formerly used as a shop. A new hot water boiler was installed in 2025.
The property occupies just over half an acre at 326 South Avenue in Lewiston, Maine. Outdoor improvements include a paved driveway with five marked parking spaces, a separate paved RV parking area, and garden beds. A three-car garage provides approximately 840 square feet of space above, while a separate 1,063-square-foot outbuilding includes another garage bay and was formerly used as a shop. A new hot water boiler was installed in 2025.
Key Highlights
- Three‑unit property with a larger first‑floor residence and two one‑bedroom apartments
- Approximately 840 sq. ft. above the massive three‑car garage
- Separate 1,063 sq. ft. outbuilding with an additional garage bay
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
$30,753
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
6.83%
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%
$615,060
$615.1K
Cap Rate 7%
$439,329
$439.3K
Cap Rate 9%
$341,700
$341.7K
Market Conditions
NOI Build-Up for 3,118 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
$44.5K $14.28/SF
− Vacancy
−$592 −$0.19/SF
EGI
$43.9K $14.09/SF
− OpEx
−$13.2K −$4.23/SF
NOI
$30.8K $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%
$615,060
Cap Rate 7%
$439,329
Cap Rate 9%
$341,700
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.6K
NOI $30,753 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$417.4K
$365.2K – $487.0K
NOI $29,219 @ 7.0% cap · market cap 6.49%
Theoretical Best
Warehouse
$5.54M
$4.85M – $6.46M
NOI $387,646 @ 7.0% cap · market cap 86.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
390
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?
Triplex - Three-unit property with varied layouts, private outdoor spaces, garage access, and substantial auxiliary improvements.
Where is this triplex located?
The property is located at 326 South Ave Lewiston, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit property with a larger first‑floor residence and two one‑bedroom apartments; Approximately 840 sq. ft. above the massive three‑car garage; Separate 1,063 sq. ft. outbuilding with an additional garage bay
