Two-Unit Residential Income
65 Cram Avenue Lewiston, ME 04240
65 Cram Avenue, Lewiston, ME, 04240
$389,900
For Sale
$389,900
Two-unit property with updated kitchen, natural gas heat, and a spacious detached two-car garage.
Property Size1,630 SF
Price / SF$239.20
Days on Market32
Property Features for 65 Cram Avenue
General Information
- Standard status
- Active
- Size
- 1,630 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1940
Listing Agency
Fontaine Family - The Real Estate Leader
(207) 576-6523
Listed by
Bill Bergeron
(207) 576-6523
Source
Brendafontaine
Added: Jun 16 Checked: Jul 17 at 2:23 am
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 Fontaine Family - The Real Estate Leader
Investment Insights
Based on property information with market context.
This two-unit residential income property offers two separate living spaces. The first-floor unit includes two bedrooms and a beautifully updated kitchen, with some original hardwood floors adding character to the interior. The second-floor unit features three bedrooms and also highlights original hardwood floors.
The home is set in a convenient neighborhood setting and is close to local amenities and the turnpike, supporting easy day-to-day access. A spacious two-car detached garage provides off-street parking, and the property includes a newer boiler with natural gas heat.
Overall, the layout supports distinct unit living while maintaining consistent building features, including hardwood flooring and separate bedroom configurations across the two units.
The home is set in a convenient neighborhood setting and is close to local amenities and the turnpike, supporting easy day-to-day access. A spacious two-car detached garage provides off-street parking, and the property includes a newer boiler with natural gas heat.
Overall, the layout supports distinct unit living while maintaining consistent building features, including hardwood flooring and separate bedroom configurations across the two units.
Key Highlights
- Two‑unit property built in 1940
- Natural gas heat with a newer boiler
- Updated kitchen in the first‑floor unit
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.3k | $14.28 |
| − Vacancy | −$310 | −$0.19 |
| EGI | $23.0k | $14.09 |
| − OpEx | −$6.9k | −$4.23 |
| NOI | $16.1k | $9.86 |
1,630 SF · lease $14.28/SF/yr · vacancy 1.33% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$229.7K
$201.0K – $268.0K
NOI $16,077 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.6K
NOI $15,275 @ 7.0% cap · market cap 3.92%
Theoretical Best
Warehouse
$2.89M
$2.53M – $3.38M
NOI $202,650 @ 7.0% cap · market cap 51.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-unit property with updated kitchen, natural gas heat, and a spacious detached two-car garage.
Where is this duplex located?
The property is located at 65 Cram Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two‑unit property built in 1940; Natural gas heat with a newer boiler; Updated kitchen in the first‑floor unit
