Three-Unit Residential
For Sale
$550,000
53 Nichols Street, Lewiston, ME 04240
An 1886 property offers two-bedroom and three-bedroom layouts, coin-operated laundry, and NCB zoning.
Property Size3,220 SF
Price / SF$170.81
Days on Market217
Property Features for 53 Nichols Street
General Information
Standard status
Active
Size
3,220 SF
Property subtype
Multi Family Home
Zoning
NCB
Units
Unit Mix
1 x 3BR, 2 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,160
Amenities
on-site coin-op laundry
Building Details
Building Size
3,220 SF
Year Built
1886
Stories
3
Units
3
Listing Agency:
Portside Real Estate Group
(207) 619-7571
Listed By:
Veronica Schneider
(207) 838-4034
Source:
Amerorealty
Added: Mar 30
Changed: Oct 31
Last Checked: Oct 31 at 2:20PM
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 Portside Real Estate Group
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Investment Insights
Based on property information with market context.
This 3,220-square-foot triplex contains three vacant apartments: one with three bedrooms and two with two bedrooms each. Coin-operated laundry is located on site, and the building has a new roof along with interior and exterior updates. Constructed in 1886, the property is zoned NCB.
The building is at 53 Nichols Street in Lewiston, Maine, near Bates College, CMMC, and St. Mary’s Hospital.
The building is at 53 Nichols Street in Lewiston, Maine, near Bates College, CMMC, and St. Mary’s Hospital.
Key Highlights
- Three vacant units: one 3‑bedroom apartment and two 2‑bedroom apartments
- 3,220 square feet in a building constructed in 1886
- Coin‑operated laundry on site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,759
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$635,180
$635.2K
Cap Rate 7%
$453,700
$453.7K
Cap Rate 9%
$352,878
$352.9K
Market Conditions
NOI Build-Up for 3,220 SF
Gross rent
$46.0K $14.28/SF
− Vacancy
−$612 −$0.19/SF
EGI
$45.4K $14.09/SF
− OpEx
−$13.6K −$4.23/SF
NOI
$31.8K $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 Rate 5%
$635,180
Cap Rate 7%
$453,700
Cap Rate 9%
$352,878
Alternative Uses
Best Use
Multifamily LT 5
$453.7K
$397.0K – $529.3K
NOI $31,759 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$431.1K
$377.2K – $502.9K
NOI $30,174 @ 7.0% cap · market cap 5.49%
Theoretical Best
Warehouse
$5.72M
$5.00M – $6.67M
NOI $400,327 @ 7.0% cap · market cap 72.79%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Triplex - An 1886 property offers two-bedroom and three-bedroom layouts, coin-operated laundry, and NCB zoning.
Where is this triplex located?
The property is located at 53 Nichols Street Lewiston, ME.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three vacant units: one 3‑bedroom apartment and two 2‑bedroom apartments; 3,220 square feet in a building constructed in 1886; Coin‑operated laundry on site
