Updated Two-Unit
For Sale
$315,000
74 King Avenue, Lewiston, ME 04240
Each residence includes two bedrooms; one unit is occupied and the first-floor unit is vacant.
Property Size1,926 SF
Days on Market18
Property Features for 74 King Avenue
General Information
Standard status
Active
Size
1,926 SF
Property subtype
Multi Family Home
Zoning
NCA
Taxes and HOA fees
Annual Taxes
$3,285
Building Details
Building Size
1,926 SF
Year Built
1924
Stories
3
Units
2
Listing Agency:
EXP Realty
(207) 835-9277
Listed By:
Erika Ewers
(207) 835-9277
Source:
Startpoint
Added: Aug 5
Changed: Aug 18
Last Checked: Aug 21 at 2:49PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This two-unit residential property was built in 1924 and provides two bedrooms in each residence. The first-floor unit is currently vacant and features an open kitchen and living arrangement, a kitchen island, a spacious mudroom, and a sunroom adjoining the larger bedroom. The upstairs unit is occupied by a tenant.
Recent improvements include new heat pumps throughout, updated flooring, fresh interior paint, and a new oven in the first-floor residence. The property is zoned NCA and is located at 74 King Avenue in Lewiston, Maine. Showings require at least 48 hours’ advance notice to coordinate access with the upstairs tenant.
Recent improvements include new heat pumps throughout, updated flooring, fresh interior paint, and a new oven in the first-floor residence. The property is zoned NCA and is located at 74 King Avenue in Lewiston, Maine. Showings require at least 48 hours’ advance notice to coordinate access with the upstairs tenant.
Key Highlights
- Two‑unit duplex with two bedrooms in each residence
- First‑floor unit is vacant; upstairs unit is tenant occupied
- First floor includes an open layout, kitchen island, mudroom, and sunroom
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
$18,996
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
6.03%
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%
$379,920
$379.9K
Cap Rate 7%
$271,371
$271.4K
Cap Rate 9%
$211,067
$211.1K
Market Conditions
NOI Build-Up for 1,926 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
$27.5K $14.28/SF
− Vacancy
−$366 −$0.19/SF
EGI
$27.1K $14.09/SF
− OpEx
−$8.1K −$4.23/SF
NOI
$19.0K $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 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%
$379,920
Cap Rate 7%
$271,371
Cap Rate 9%
$211,067
Alternative Uses
Best Use
Multifamily LT 5
$271.4K
$237.5K – $316.6K
NOI $18,996 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$257.8K
$225.6K – $300.8K
NOI $18,048 @ 7.0% cap · market cap 5.73%
Theoretical Best
Warehouse
$3.42M
$2.99M – $3.99M
NOI $239,450 @ 7.0% cap · market cap 76.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
386
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 - Each residence includes two bedrooms; one unit is occupied and the first-floor unit is vacant.
Where is this duplex located?
The property is located at 74 King Avenue Lewiston, ME.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms in each residence; First‑floor unit is vacant; upstairs unit is tenant occupied; First floor includes an open layout, kitchen island, mudroom, and sunroom
