Renovated 10-Unit Apartment
For Sale
$969,000
37 Union Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size7,200 SF
Lot Size0.12 Acres
Price / SF$134.58
Days on Market66
Property Features for 37 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 2, Bathroom 9, Bathroom 3, Bathroom 10, Bathroom 6, Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 7, Bathroom 8, Basement
Parking features
Off Street
Basement
Partial, Finished, Unfinished
Lot features
Open, Level, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
7,200 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6454
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1916
Number of units
10
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Flat, Membrane
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Daniel Weber Nicholas Laverriere
(207) 284-3043
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 18 at 2:06AM
MLS# 1667692
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.
Built in 1916, this 7,200-square-foot apartment property contains 10 units with a mix of one-, two-, and three-bedroom layouts. Interior work includes refreshed kitchens and bathrooms, new flooring, updated finishes, and modernized living areas. Hardwood floors, built-ins, original architectural elements, and generous layouts remain in several apartments. Major building improvements include two new heating systems and two new hot water heaters. The membrane roof has been professionally inspected and is reported to be in good condition.
The property occupies 0.12 acres at 37 Union Street in Lewiston, Maine. Public water and public sewer serve the building, which also offers off-street parking. Construction consists of a wood frame with vinyl siding, while heating is provided by natural-gas baseboard systems. Its Lewiston setting places residents near local employers, restaurants, shopping, public transportation, Bates College, Central Maine Medical Center, and the Auburn-Lewiston commercial corridor.
The property occupies 0.12 acres at 37 Union Street in Lewiston, Maine. Public water and public sewer serve the building, which also offers off-street parking. Construction consists of a wood frame with vinyl siding, while heating is provided by natural-gas baseboard systems. Its Lewiston setting places residents near local employers, restaurants, shopping, public transportation, Bates College, Central Maine Medical Center, and the Auburn-Lewiston commercial corridor.
Key Highlights
- 10‑unit apartment building with 1-, 2-, and 3‑bedroom layouts
- 7,200 square feet on 0.12 acres at 37 Union Street
- Two new heating systems and two new hot water heaters
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
$67,471
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
6.96%
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%
$1,349,420
$1.3M
Cap Rate 7%
$963,871
$963.9K
Cap Rate 9%
$749,678
$749.7K
Market Conditions
NOI Build-Up for 7,200 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
$124.4K $17.28/SF
− Vacancy
−$1.7K −$0.24/SF
EGI
$122.7K $17.04/SF
− OpEx
−$55.2K −$7.67/SF
NOI
$67.5K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,349,420
Cap Rate 7%
$963,871
Cap Rate 9%
$749,678
Alternative Uses
Best Use
Apartment 5plus
$963.9K
$843.4K – $1.12M
NOI $67,471 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$12.79M
$11.19M – $14.92M
NOI $895,142 @ 7.0% cap · market cap 92.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,245
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - The building combines refreshed interiors, upgraded mechanical systems, and off-street parking.
Where is this apartment building located?
The property is located at 37 Union Street Lewiston, ME.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: 10‑unit apartment building with 1-, 2-, and 3‑bedroom layouts; 7,200 square feet on 0.12 acres at 37 Union Street; Two new heating systems and two new hot water heaters
