7-Unit Studio Apartment
For Sale
$525,000
53 Lowell Street, Lewiston, ME 04240
Fully occupied apartment property with off-street parking and natural gas heat.
Property Size3,519 SF
Price / SF$149.19
Days on Market112
Property Features for 53 Lowell Street
General Information
Standard status
Active
Size
3,519 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Units
Unit Mix
7 x studio
Multifamily Units
7
Amenities
off-street parking
Building Details
Year Built
1851
Listing Agency:
J T Leahy Real Estate
Listed By:
Jonathan Leahy
(207) 607-5965
Source:
Portsiderealestategroup
Added: May 12
Changed: Aug 28
Last Checked: Aug 29 at 10:33AM
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 J T Leahy Real Estate
Investment Insights
Based on property information with market context.
This 3,519-square-foot apartment building contains seven studio units and was constructed in 1851. The property is currently fully occupied and includes off-street parking. Natural gas heat provides an efficient heating system for the building.
The property sits in a quiet residential area within walking distance of Central Maine Medical Center in Lewiston, Maine. Its unit configuration and proximity to the medical center support housing use for hospital workers and visitors, including furnished or short-term rental arrangements as described for the property.
The property sits in a quiet residential area within walking distance of Central Maine Medical Center in Lewiston, Maine. Its unit configuration and proximity to the medical center support housing use for hospital workers and visitors, including furnished or short-term rental arrangements as described for the property.
Key Highlights
- Seven studio apartments within a 3,519‑square‑foot building
- Fully occupied apartment property
- Off‑street parking included
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
$32,976
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
6.28%
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%
$659,520
$659.5K
Cap Rate 7%
$471,086
$471.1K
Cap Rate 9%
$366,400
$366.4K
Market Conditions
NOI Build-Up for 3,519 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
$60.8K $17.28/SF
− Vacancy
−$851 −$0.24/SF
EGI
$60.0K $17.04/SF
− OpEx
−$27.0K −$7.67/SF
NOI
$33.0K $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%
$659,520
Cap Rate 7%
$471,086
Cap Rate 9%
$366,400
Alternative Uses
Best Use
Apartment 5plus
$471.1K
$412.2K – $549.6K
NOI $32,976 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.25M
$5.47M – $7.29M
NOI $437,501 @ 7.0% cap · market cap 83.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,333
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?
Apartment building - Fully occupied apartment property with off-street parking and natural gas heat.
Where is this apartment building located?
The property is located at 53 Lowell Street Lewiston, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Seven studio apartments within a 3,519‑square‑foot building; Fully occupied apartment property; Off‑street parking included
