Updated Two-Unit
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 Market35
Property Features for 74 King Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NCA
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Storage
Basement
Walk-Out Access, Full, 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
Electric (Heating), Hot Water(Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1924
Number of units
2
Flooring type
Vinyl, Wood, Tile, Carpet
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: Sep 5
Last Checked: Sep 8 at 10:06AM
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.
Built in 1924, this 1,926-square-foot duplex contains two units with two bedrooms apiece. The upper apartment is occupied, while the lower unit is vacant and includes an open kitchen and living arrangement, island seating, a mudroom, and a sunroom adjoining the larger bedroom. Interior features include storage, vinyl, wood, tile, and carpet flooring, along with one bathroom in each unit.
Recent work includes new heat pumps throughout, updated flooring, fresh paint, and a new first-floor oven. The property also offers off-street parking, a porch, shingle roofing, wood-frame construction with vinyl siding, public water, and public sewer. It sits on 0.14 acres in Lewiston and is zoned NCA. Showings require at least 48 hours' advance notice to coordinate access with the upstairs tenant.
Recent work includes new heat pumps throughout, updated flooring, fresh paint, and a new first-floor oven. The property also offers off-street parking, a porch, shingle roofing, wood-frame construction with vinyl siding, public water, and public sewer. It sits on 0.14 acres in Lewiston and is zoned NCA. Showings require at least 48 hours' advance notice to coordinate access with the upstairs tenant.
Key Highlights
- 1,926‑square‑foot duplex on a 0.14‑acre lot
- Two units, each with 2 bedrooms
- Upper unit occupied; lower unit vacant
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Wood-frame duplex with two-bedroom units, recent interior improvements, off-street parking, and a tenant-occupied upper level.
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: 1,926‑square‑foot duplex on a 0.14‑acre lot; Two units, each with 2 bedrooms; Upper unit occupied; lower unit vacant
