Two-Unit Duplex with Attached
For Sale
$399,000
35-37 Franklin Street, Lewiston, ME 04240
Separate utilities, private outdoor spaces, and distinct layouts support flexible two-unit living near Bates College.
Property Size2,974 SF
Price / SF$134.16
Days on Market13
Property Features for 35-37 Franklin Street
General Information
Standard status
Active
Size
2,974 SF
Total Parking Spaces
2
Property subtype
Multi-family
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
deck
fenced yard
patio
sheds
Building Details
Year Built
1977
Listing Agency:
The Real Estate Store
(207) 838-5593
Listed By:
Elizabeth Marks · License #BA917314
(603) 866-2942
Source:
Profoundrealestate
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 23 at 3:20AM
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 The Real Estate Store
Investment Insights
Based on property information with market context.
This 2,974-square-foot duplex combines a two-story main residence with an attached ranch-style apartment. Built in 1977, the primary home includes four bedrooms, two baths, a kitchen and dining area, living room, first-floor laundry, sunroom, deck, patio, sheds, and a fenced yard. The attached two-car garage provides separation from the second residence, which was added in 1990 and measures 24' x 44'.
The apartment offers two bedrooms, one bath, a large kitchen, single-level living, first-floor laundry, new flooring, and a private rear deck with its own yard. Both units have separate full foundations and separate utilities. The property is located at 35-37 Franklin St in Lewiston, within the Bates College area.
The apartment offers two bedrooms, one bath, a large kitchen, single-level living, first-floor laundry, new flooring, and a private rear deck with its own yard. Both units have separate full foundations and separate utilities. The property is located at 35-37 Franklin St in Lewiston, within the Bates College area.
Key Highlights
- Two‑unit duplex totaling 2,974 SF
- Main home built in 1977 with 4 bedrooms and 2 baths
- Attached 24' x 44' apartment added in 1990
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
$29,333
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
7.35%
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%
$586,660
$586.7K
Cap Rate 7%
$419,043
$419.0K
Cap Rate 9%
$325,922
$325.9K
Market Conditions
NOI Build-Up for 2,974 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
$42.5K $14.28/SF
− Vacancy
−$565 −$0.19/SF
EGI
$41.9K $14.09/SF
− OpEx
−$12.6K −$4.23/SF
NOI
$29.3K $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%
$586,660
Cap Rate 7%
$419,043
Cap Rate 9%
$325,922
Alternative Uses
Best Use
Multifamily LT 5
$419.0K
$366.7K – $488.9K
NOI $29,333 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$398.1K
$348.4K – $464.5K
NOI $27,869 @ 7.0% cap · market cap 6.98%
Theoretical Best
Warehouse
$5.28M
$4.62M – $6.16M
NOI $369,743 @ 7.0% cap · market cap 92.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,227
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?
Duplex - Separate utilities, private outdoor spaces, and distinct layouts support flexible two-unit living near Bates College.
Where is this duplex located?
The property is located at 35-37 Franklin Street Lewiston, ME.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,974 SF; Main home built in 1977 with 4 bedrooms and 2 baths; Attached 24' x 44' apartment added in 1990
