Updated Two-Unit
New
For Sale
$425,000
401 College Street, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size2,632 SF
Lot Size0.34 Acres
Price / SF$161.47
Days on Market2
Property Features for 401 College Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Basement
Unfinished
Lot features
Level, Near Turnpike/ Interstate, Near Town, Shopping Mall, Ski Resort
Standard status
Active
Size
2,632 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3806
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil, Hot Water(Heating)
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl, Wood
Building materials
Wood Frame, Asbestos
Roof type
Flat, Membrane
Listing Agency:
Fontaine Family-The Real Estate Leader
(207) 784-3800
Listed By:
David Foster
(207) 415-7501
Added: Sep 17
Changed: Sep 18
Last Checked: Sep 18 at 10:06AM
MLS# 1681067
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 1926 two-unit duplex contains 2632 square feet on a 0.34-acre double lot in Lewiston. The main residence includes an updated kitchen with modern appliances, two bedrooms with new hardwood flooring, refinished wood floors, a contemporary bathroom, a private office or possible third bedroom, fresh paint, and new entry doors. The upper residence features updated kitchen and bathroom flooring, new ceiling fans, contemporary faucets, and a broad porch. Porches, gardens, and new decking add outdoor space to both levels.
The property is located near Bates College and is served by public water and public sewer. It has NCA zoning, wood-frame construction, a flat membrane roof, and oil-fired baseboard hot-water heating. Tile, vinyl, and wood flooring are present throughout the building.
The property is located near Bates College and is served by public water and public sewer. It has NCA zoning, wood-frame construction, a flat membrane roof, and oil-fired baseboard hot-water heating. Tile, vinyl, and wood flooring are present throughout the building.
Key Highlights
- Two‑unit duplex with 2632 square feet of total property size
- 0.34‑acre double lot near Bates College
- Main unit includes updated kitchen, two bedrooms, office or possible third bedroom, 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 - Two residences with refreshed interiors, porches, gardens, and flexible office or bedroom space near Bates College.
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: Two‑unit duplex with 2632 square feet of total property size; 0.34‑acre double lot near Bates College; Main unit includes updated kitchen, two bedrooms, office or possible third bedroom, and refinished wood floors
