Updated Two-Unit
New
For Sale
$315,000
74 King Avenue, Lewiston, ME 04240
MULTI_FAMILY - Lewiston, ME
Property Size1,926 SF
Lot Size0.14 Acres
Price / SF$163.55
Days on Market7
Property Features for 74 King Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Storage
Basement
Full, Walk-Out Access, Unfinished
Lot features
Open, Level, Intown, Near Shopping
Standard status
Active
Size
1,926 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3285
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1924
Number of units
2
Flooring type
Carpet, Wood, Tile, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Erika Ewers
(207) 835-9277
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 11 at 8:06PM
MLS# 1674828
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 wood-frame duplex, built in 1924, contains 1,926 square feet with two bedrooms in each apartment. Recent improvements include heat pumps throughout, new flooring, fresh paint, and a replacement oven in the first-floor unit. That apartment also features an open kitchen and living arrangement, a kitchen island, a spacious mudroom, and a sunroom adjoining the larger bedroom. Additional property features include basement storage, a porch, wood siding, and a shingle roof.
The upper apartment is occupied, while the lower apartment is vacant. The property sits on a 0.14-acre lot at 74 King Avenue in Lewiston, Maine, with public water and public sewer service. Off-street parking is provided, and showings require at least 48 hours' advance notice for tenant notification.
The upper apartment is occupied, while the lower apartment is vacant. The property sits on a 0.14-acre lot at 74 King Avenue in Lewiston, Maine, with public water and public sewer service. Off-street parking is provided, and showings require at least 48 hours' advance notice for tenant notification.
Key Highlights
- Two‑unit duplex with 1,926 square feet
- Two bedrooms in each apartment
- 0.14‑acre lot at 74 King Avenue, Lewiston, ME 04240
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
399
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-bedroom apartments with recent interior improvements, public utilities, and off-street parking.
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 1,926 square feet; Two bedrooms in each apartment; 0.14‑acre lot at 74 King Avenue, Lewiston, ME 04240
