Three-Unit Residential Income
For Sale
$465,000
61 Shawmut Street, Lewiston, ME 04240
Three-unit apartment building with two 3-bedroom units and one 2-bedroom unit, heated by natural gas.
Property Size4,086 SF
Price / SF$113.80
Days on Market193
Property Features for 61 Shawmut Street
General Information
Standard status
Active
Size
4,086 SF
Property subtype
Multi-Family
Zoning
GA
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,576
Amenities
Hot Water, Baseboard
3
Interior, Full, Unfinished
Wood, Laminate, Carpet
No
Yes
Washer Hookup
Bathtub, Shower
Granite
3.00
Flat
Shingle Siding, Wood Frame
Building Details
Year Built
1896
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(207) 576-4179
Listed By:
Faith Fontaine
(207) 576-4179
Source:
Compass
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 22 at 8:38PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property includes two 3-bedroom apartments and one 2-bedroom apartment, for a total of 4,086 square feet. Unit 1 has been freshly painted and equipped with brand-new carpet and is currently vacant, making it ready for immediate occupancy or rental. Unit 3 is owner-occupied and will be delivered vacant at closing.
The building is located in downtown Lewiston on Shawmut Street and is described as being close to shopping, parks, restaurants, Bates College, and Central Maine Medical Center.
The property is heated by a natural gas system.
The building is located in downtown Lewiston on Shawmut Street and is described as being close to shopping, parks, restaurants, Bates College, and Central Maine Medical Center.
The property is heated by a natural gas system.
Key Highlights
- Spacious 3‑unit apartment building totaling 4,086 SF in downtown Lewiston
- Unit mix includes two 3‑bedroom units and one 2‑bedroom unit
- Natural gas heating and hot water/baseboard heat
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
$40,300
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
8.67%
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%
$806,000
$806.0K
Cap Rate 7%
$575,714
$575.7K
Cap Rate 9%
$447,778
$447.8K
Market Conditions
NOI Build-Up for 4,086 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
$58.3K $14.28/SF
− Vacancy
−$776 −$0.19/SF
EGI
$57.6K $14.09/SF
− OpEx
−$17.3K −$4.23/SF
NOI
$40.3K $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%
$806,000
Cap Rate 7%
$575,714
Cap Rate 9%
$447,778
Alternative Uses
Best Use
Multifamily LT 5
$575.7K
$503.8K – $671.7K
NOI $40,300 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$547.0K
$478.6K – $638.2K
NOI $38,290 @ 7.0% cap · market cap 8.23%
Theoretical Best
Warehouse
$7.26M
$6.35M – $8.47M
NOI $507,993 @ 7.0% cap · market cap 109.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,273
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?
Triplex - Three-unit apartment building with two 3-bedroom units and one 2-bedroom unit, heated by natural gas.
Where is this triplex located?
The property is located at 61 Shawmut Street Lewiston, ME.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Spacious 3‑unit apartment building totaling 4,086 SF in downtown Lewiston; Unit mix includes two 3‑bedroom units and one 2‑bedroom unit; Natural gas heating and hot water/baseboard heat
