Two-Unit Duplex with
New
For Sale
$399,000
35-37 Franklin Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size2,974 SF
Lot Size0.37 Acres
Price / SF$134.16
Days on Market7
Property Features for 35-37 Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
NCB
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Open
Patio and Porch features
Deck
Interior features
1st Floor Bedroom
Fencing
Fenced
Basement
Unfinished, Full
Lot features
Open, Level, Neighborhood
Standard status
Active
Size
2,974 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6664
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Oil, Hot Water(Heating), Natural Gas, Baseboard, Zoned
Water source
Public
Building Details
Year built
1977
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl, Wood, Carpet
Building materials
Wood Frame, Composition
Roof type
Shingle
Architectural style
Ranch, Contemporary
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
Elizabeth Marks
(207) 332-6210
Added: Aug 16
Changed: Aug 19
Last Checked: Aug 22 at 5:06AM
MLS# 1676471
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex combines a two-story main residence with an attached ranch-style apartment. The 1977 main house contains four bedrooms and two bathrooms, with a kitchen and dining area, living room, first-floor laundry, two first-floor bedrooms, and two additional bedrooms upstairs. A sunroom with a gas stove and skylight opens to a deck, patio, fenced yard, and sheds. The apartment, added in 1990, provides two bedrooms, one bathroom, a kitchen, first-floor laundry, new flooring, and a private rear deck with its own yard. An attached two-car garage separates the residences, which have separate full foundations and utilities.
The property is located in the Bates College area of Lewiston on a 0.37-acre lot. Public water and sewer serve the property, and the NCB zoning designation is included in the listing information. The 2,974-square-foot building features wood-frame construction, shingle roofing, mixed flooring, and oil and natural-gas heating with zoned baseboard and hot-water systems.
The property is located in the Bates College area of Lewiston on a 0.37-acre lot. Public water and sewer serve the property, and the NCB zoning designation is included in the listing information. The 2,974-square-foot building features wood-frame construction, shingle roofing, mixed flooring, and oil and natural-gas heating with zoned baseboard and hot-water systems.
Key Highlights
- 2,974‑square‑foot duplex on a 0.37‑acre lot
- Main residence built in 1977 with 4 bedrooms and 2 bathrooms
- Attached 24' x 44' ranch‑style 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
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences offer separate utilities, private outdoor areas, and a combination of multi-level and ranch-style living.
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: 2,974‑square‑foot duplex on a 0.37‑acre lot; Main residence built in 1977 with 4 bedrooms and 2 bathrooms; Attached 24' x 44' ranch‑style apartment added in 1990
