Duplex with Updated
For Sale
$299,900
42 Pleasant St, Lewiston, ME 04240
Two residential units offer distinct layouts, tenant occupancy, and separate electrical metering.
Property Size2,412 SF
Price / SF$124.34
Days on Market42
Property Features for 42 Pleasant St
General Information
Standard status
Active
Size
2,412 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1890
Listing Agency:
The Maine Real Estate Experience
(207) 879-9800
Listed By:
Jennifer Sumrall
Source:
Aroostookrealestate
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 25 at 4:00AM
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 Maine Real Estate Experience
Investment Insights
Based on property information with market context.
Built in 1890, this 2,412-square-foot duplex contains two residential units. The first-floor apartment includes three bedrooms and a bonus room, while the second-floor apartment has two bedrooms. Both units are occupied by long-term tenants, providing established rental history.
Recent property improvements include a newer roof and a new heat pump serving each unit. Separate electrical meters support independent utility accounting. The building occupies a corner lot and offers access to I-95 and local amenities.
Recent property improvements include a newer roof and a new heat pump serving each unit. Separate electrical meters support independent utility accounting. The building occupies a corner lot and offers access to I-95 and local amenities.
Key Highlights
- 2,412‑square‑foot duplex built in 1890
- First‑floor unit has 3 bedrooms plus a bonus room
- Second‑floor unit includes 2 bedrooms
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
$23,790
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
7.93%
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%
$475,800
$475.8K
Cap Rate 7%
$339,857
$339.9K
Cap Rate 9%
$264,333
$264.3K
Market Conditions
NOI Build-Up for 2,412 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
$34.4K $14.28/SF
− Vacancy
−$458 −$0.19/SF
EGI
$34.0K $14.09/SF
− OpEx
−$10.2K −$4.23/SF
NOI
$23.8K $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%
$475,800
Cap Rate 7%
$339,857
Cap Rate 9%
$264,333
Alternative Uses
Best Use
Multifamily LT 5
$339.9K
$297.4K – $396.5K
NOI $23,790 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$322.9K
$282.5K – $376.7K
NOI $22,603 @ 7.0% cap · market cap 7.54%
Theoretical Best
Warehouse
$4.28M
$3.75M – $5.00M
NOI $299,873 @ 7.0% cap · market cap 99.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
429
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 - Two residential units offer distinct layouts, tenant occupancy, and separate electrical metering.
Where is this duplex located?
The property is located at 42 Pleasant St Lewiston, ME.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,412‑square‑foot duplex built in 1890; First‑floor unit has 3 bedrooms plus a bonus room; Second‑floor unit includes 2 bedrooms
