Updated Duplex with
For Sale
$349,900
64 Old Greene Rd, Lewiston, ME 04240
Two-unit residence with refreshed interiors, modern mechanical systems, and a renovated first-floor kitchen.
Property Size1,920 SF
Price / SF$182.24
Days on Market22
Property Features for 64 Old Greene Rd
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
main-level laundry
generator
Building Details
Year Built
1867
Listing Agency:
(207) 841-7569
Listed By:
Kathy Gallant
(207) 841-7569
Source:
Gre207
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 30 at 4:32PM
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 Kathy Gallant
Investment Insights
Based on property information with market context.
This 1867-built duplex at 64 Old Greene Rd includes two residential units and 1,920 square feet of property area. The first floor offers three bedrooms, hardwood flooring, new kitchen cabinetry, granite countertops, and main-level laundry. Both units have new paint and updated baseboard heating.
Major system improvements include a new boiler, new water heater, and structural work in the basement. A whole-home Generac generator provides additional backup power. The property combines updated living spaces with a two-unit configuration suitable for an owner-occupant or residential income use.
Major system improvements include a new boiler, new water heater, and structural work in the basement. A whole-home Generac generator provides additional backup power. The property combines updated living spaces with a two-unit configuration suitable for an owner-occupant or residential income use.
Key Highlights
- Two‑unit duplex at 64 Old Greene Rd, Lewiston, ME 04240
- 1,920 square feet; built in 1867
- First floor includes three bedrooms and main‑level laundry
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
$18,937
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
5.41%
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%
$378,740
$378.7K
Cap Rate 7%
$270,529
$270.5K
Cap Rate 9%
$210,411
$210.4K
Market Conditions
NOI Build-Up for 1,920 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
$27.4K $14.28/SF
− Vacancy
−$365 −$0.19/SF
EGI
$27.1K $14.09/SF
− OpEx
−$8.1K −$4.23/SF
NOI
$18.9K $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%
$378,740
Cap Rate 7%
$270,529
Cap Rate 9%
$210,411
Alternative Uses
Best Use
Multifamily LT 5
$270.5K
$236.7K – $315.6K
NOI $18,937 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$257.0K
$224.9K – $299.9K
NOI $17,992 @ 7.0% cap · market cap 5.14%
Theoretical Best
Warehouse
$3.41M
$2.98M – $3.98M
NOI $238,704 @ 7.0% cap · market cap 68.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
196
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-unit residence with refreshed interiors, modern mechanical systems, and a renovated first-floor kitchen.
Where is this duplex located?
The property is located at 64 Old Greene Rd Lewiston, ME.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex at 64 Old Greene Rd, Lewiston, ME 04240; 1,920 square feet; built in 1867; First floor includes three bedrooms and main‑level laundry
