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    Professionally Managed Multifamily Building Title is generated by Realmo AI

    78 Howard Street, Lewiston, ME 04240

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    For Sale
    $585,000

    MULTI_FAMILY - Lewiston, ME

    Property size:
    7,200 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $81/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 78 Howard Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    NCB
    Bathrooms
    6
    Rooms
    Basement, Bathroom 1, Bathroom 6, Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 5
    Parking features
    On Street, Off Street
    Basement
    Unfinished, Full
    Standard status
    Active
    Size
    7,200 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    5015

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Baseboard
    Water source
    Public

    Building Details

    Year built
    1925
    Floors in Building
    3
    Number of units
    6
    Flooring type
    Wood
    Building materials
    Wood Frame, Vinyl Siding
    Roof type
    Flat

    We can help!

    Listing Contact
    Malachi Winslow

    Listing agent Malachi Winslow

    Listing office Keller Williams Realty 50 Sewall Street, Portland, ME

    Listing date Jun 3, 2026

    MLS# 1665292 Listing URL

    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.

    HighLights

    • Built in 1925 with wood frame construction and vinyl siding
    • Heating includes baseboard heat with natural gas
    • Flat roof; flooring is wood
    • Utilities: public water and public sewer
    • Parking available with on‑street and off‑street spaces
    • Already under professional management; described as showing right around a 10% cap rate once filled at market rent

    Overview

    This for-sale multifamily apartment building is presented as an income property operating under professional management. The property is located at 78 Howard Street and includes a total building size of 7,200 square feet on a 0.11-acre lot.

    The listing is in Lewiston, Maine, in zoning described as NCB. The property is situated in Androscoggin County, with the postal address provided as 04240.

    For investors or owner-operators looking to assume operations with established management already in place, this offering provides a straightforward option. The current management team is described as wanting to remain, reducing the need to onboard new management or establish operating records from scratch. Because the property is being marketed as already managed and partially supported in terms of major expenses, buyers can focus on due diligence around current operations, units, and any future property decisions consistent with their ownership goals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Skin Care Clinic Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.207098
    Latitude
    44.097582

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    FAQs

    What type of property is this?
    Apartment building - For sale multifamily property offered under professional management in Lewiston, with 7,200 sq. ft. building size.
    Where is this apartment building located?
    The property is located at 78 Howard Street Lewiston, ME.
    What is the asking price?
    The asking price for this property is $585,000.
    What are key features of this property?
    This property features: Built in 1925 with wood frame construction and vinyl siding; Heating includes baseboard heat with natural gas; Flat roof; flooring is wood
    (207) 740-8577
    We can help!
    Listing Contact
    Malachi Winslow
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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