Updated Two-Unit
For Sale
$425,000
401 College Street, Lewiston, ME 04240
Duplex near Bates College with landscaped grounds, porches, and flexible lower-level space.
Property Size2,632 SF
Price / SF$161.47
Days on Market9
Property Features for 401 College Street
General Information
Standard status
Active
Size
2,632 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Amenities
porches
gardens
decking
Other
Building Details
Year Built
1926
Listing Agency:
Fontaine Family - The Real Estate Leader
Listed By:
David Foster
(207) 415-7501
Source:
Brendafontaine
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 22 at 6:15PM
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 Fontaine Family - The Real Estate Leader
Investment Insights
Based on property information with market context.
Built in 1926, this duplex offers 2,632 square feet across two residential units on a spacious double lot. The lower unit includes an updated kitchen with modern appliances and finishes, a refreshed bathroom, refinished wood flooring, new hardwood in two bedrooms, and a private office that can also serve as a third bedroom. Fresh interior paint, upgraded entry doors, new ceiling fans, and new decking add to the improvements.
The upper unit features updated kitchen and bathroom flooring, contemporary faucets, and new ceiling fans. Its expansive porch complements the property's landscaped gardens and provides additional outdoor space. Located at 401 College St in Lewiston, the property is minutes from Bates College and includes welcoming porches on both levels.
The upper unit features updated kitchen and bathroom flooring, contemporary faucets, and new ceiling fans. Its expansive porch complements the property's landscaped gardens and provides additional outdoor space. Located at 401 College St in Lewiston, the property is minutes from Bates College and includes welcoming porches on both levels.
Key Highlights
- 2,632‑square‑foot duplex built in 1926
- Spacious double lot with landscaped gardens
- Lower unit includes updated kitchen, refreshed bathroom, and refinished wood floors
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
$25,960
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
6.11%
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%
$519,200
$519.2K
Cap Rate 7%
$370,857
$370.9K
Cap Rate 9%
$288,444
$288.4K
Market Conditions
NOI Build-Up for 2,632 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
$37.6K $14.28/SF
− Vacancy
−$500 −$0.19/SF
EGI
$37.1K $14.09/SF
− OpEx
−$11.1K −$4.23/SF
NOI
$26.0K $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%
$519,200
Cap Rate 7%
$370,857
Cap Rate 9%
$288,444
Alternative Uses
Best Use
Multifamily LT 5
$370.9K
$324.5K – $432.7K
NOI $25,960 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$352.3K
$308.3K – $411.1K
NOI $24,664 @ 7.0% cap · market cap 5.80%
Theoretical Best
Warehouse
$4.67M
$4.09M – $5.45M
NOI $327,224 @ 7.0% cap · market cap 76.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
438
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?
Duplex - Duplex near Bates College with landscaped grounds, porches, and flexible lower-level space.
Where is this duplex located?
The property is located at 401 College Street Lewiston, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,632‑square‑foot duplex built in 1926; Spacious double lot with landscaped gardens; Lower unit includes updated kitchen, refreshed bathroom, and refinished wood floors
