Two-Unit Duplex With Detached
For Sale
$379,900
65 Cram Avenue, Lewiston, ME 04240
Multi-Family, Lewiston, ME
Property Size1,630 SF
Lot Size0.20 Acres
Price / SF$233.07
Days on Market47
Property Features for 65 Cram Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Basement
Unfinished, Dirt Floor, Full
Lot features
Level, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
1,630 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2609
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1940
Number of units
2
Flooring type
Wood, Laminate
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Fontaine Family-The Real Estate Leader
(207) 784-3800
Listed By:
Billy Bergeron
(207) 576-6523
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 22 at 3:06AM
MLS# 1669831
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit Colonial duplex features wood-frame construction, shingle roofing, and a mix of wood and laminate flooring. The property is served by public water and public sewer. Heating is provided by natural gas hot water baseboard systems, and the home includes a newer boiler.
Unit details include a second-floor 3-bedroom layout and a first-floor 2-bedroom layout. The first-floor unit also features a beautifully updated kitchen, and both units include original hardwood floors. The property sits on a 0.2-acre lot and is built with a basement.
An attached practical benefit for daily living is the spacious 2-car detached garage. Built in 1940, the duplex provides a straightforward owner-occupant or rental setup within a convenient neighborhood setting, with proximity to the turnpike mentioned in the remarks.
Unit details include a second-floor 3-bedroom layout and a first-floor 2-bedroom layout. The first-floor unit also features a beautifully updated kitchen, and both units include original hardwood floors. The property sits on a 0.2-acre lot and is built with a basement.
An attached practical benefit for daily living is the spacious 2-car detached garage. Built in 1940, the duplex provides a straightforward owner-occupant or rental setup within a convenient neighborhood setting, with proximity to the turnpike mentioned in the remarks.
Key Highlights
- Two‑unit Colonial duplex with wood‑frame construction and shingle roof
- First‑floor unit: 2 bedrooms with an updated kitchen
- Second‑floor unit: 3 bedrooms
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
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 duplex in a convenient setting with a 2-car detached garage, public utilities, and natural gas heating.
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 Colonial duplex with wood‑frame construction and shingle roof; First‑floor unit: 2 bedrooms with an updated kitchen; Second‑floor unit: 3 bedrooms
