Two-Unit Residential Income
For Sale
$379,900
65 Cram Avenue, Lewiston, ME 04240
Two-unit property with updated kitchen, natural gas heat, and a spacious detached two-car garage.
Property Size1,630 SF
Price / SF$233.07
Days on Market73
Property Features for 65 Cram Avenue
General Information
Standard status
Active
Size
1,630 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
Colonial
Building Details
Year Built
1940
Stories
2
Tenancy
Multi
Listing Agency:
Fontaine Family
(207) 576-6523
Listed By:
Bill Bergeron · License #BR912781
(207) 576-6523
Source:
Brendafontaine
Added: Jun 21
Changed: Aug 31
Last Checked: Aug 31 at 8:07PM
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
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
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
$16,077
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
4.23%
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%
$321,540
$321.5K
Cap Rate 7%
$229,671
$229.7K
Cap Rate 9%
$178,633
$178.6K
Market Conditions
NOI Build-Up for 1,630 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
$23.3K $14.28/SF
− Vacancy
−$310 −$0.19/SF
EGI
$23.0K $14.09/SF
− OpEx
−$6.9K −$4.23/SF
NOI
$16.1K $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%
$321,540
Cap Rate 7%
$229,671
Cap Rate 9%
$178,633
Alternative Uses
Best Use
Multifamily LT 5
$229.7K
$201.0K – $268.0K
NOI $16,077 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.6K
NOI $15,275 @ 7.0% cap · market cap 4.02%
Theoretical Best
Warehouse
$2.89M
$2.53M – $3.38M
NOI $202,650 @ 7.0% cap · market cap 53.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
194
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 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 $379,900.
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
