3-Unit Multifamily
For Sale
$325,000
71 Warren Avenue, Lewiston, ME 04240
Each apartment has its own laundry, and one unit is vacant.
Property Size1,720 SF
Price / SF$188.95
Days on Market144
Property Features for 71 Warren Avenue
General Information
Standard status
Active
Size
1,720 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
1 x studio, 1 x 1BR, 1 x 2BR
Multifamily Units
3
Amenities
in-unit laundry
detached garage
fenced yard
off-street parking
Building Details
Year Built
1897
Listing Agency:
Portside Real Estate Group
Listed By:
Heather Szela
(207) 485-4400
Source:
Portsiderealestategroup
Added: Jun 11
Changed: Oct 28
Last Checked: Oct 30 at 7:10PM
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 Portside Real Estate Group
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Investment Insights
Based on property information with market context.
Built in 1897, this three-unit property has a studio, a one-bedroom apartment, and a two-bedroom apartment. Laundry is provided in each unit, and one apartment is vacant. Recent work includes a new electrical panel, renovation of the third-floor unit, and updates to the first-floor apartment.
The property includes a detached one-car garage, a fenced yard, and off-street parking at 71 Warren Avenue in Lewiston, Maine.
The property includes a detached one-car garage, a fenced yard, and off-street parking at 71 Warren Avenue in Lewiston, Maine.
Key Highlights
- Three units: studio, one‑bedroom, and two‑bedroom apartments
- One unit is currently vacant
- Laundry in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,964
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,280
$339.3K
Cap Rate 7%
$242,343
$242.3K
Cap Rate 9%
$188,489
$188.5K
Market Conditions
NOI Build-Up for 1,720 SF
Gross rent
$24.6K $14.28/SF
− Vacancy
−$327 −$0.19/SF
EGI
$24.2K $14.09/SF
− OpEx
−$7.3K −$4.23/SF
NOI
$17.0K $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 Rate 5%
$339,280
Cap Rate 7%
$242,343
Cap Rate 9%
$188,489
Alternative Uses
Best Use
Multifamily LT 5
$242.3K
$212.1K – $282.7K
NOI $16,964 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$230.3K
$201.5K – $268.6K
NOI $16,118 @ 7.0% cap · market cap 4.96%
Theoretical Best
Warehouse
$3.05M
$2.67M – $3.56M
NOI $213,839 @ 7.0% cap · market cap 65.80%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has its own laundry, and one unit is vacant.
Where is this triplex located?
The property is located at 71 Warren Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Three units: studio, one‑bedroom, and two‑bedroom apartments; One unit is currently vacant; Laundry in each unit
