Multifamily Property with Lodging
New
For Sale
$439,000
89 Pine St, Lewiston, ME 04240
Five rental rooms and a separate apartment offer multiple residential accommodations in a 1,541-square-foot property.
Property Size1,541 SF
Price / SF$284.88
Days on Market5
Property Features for 89 Pine St
General Information
Standard status
Active
Size
1,541 SF
Property subtype
Multi-Family
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1880
Listed By:
Crown Lakes Realty
(207) 436-8889
Source:
Crownlakesrealty
Added: Oct 28
Last Checked: Oct 30 at 2:51PM
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 Crown Lakes Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 89 Pine Street in Lewiston, this 1,541-square-foot multifamily property contains five rental rooms and a separate one-bedroom apartment. Improvements include a replacement roof and windows, electrical updates, fresh interior paint, an electric heat-pump water heater, and an alarm system installed in 2024. Small refrigerators in the rooms are included in the sale.
The property holds a lodging house license. A new owner must apply to the City of Lewiston to continue operating under that use.
The property holds a lodging house license. A new owner must apply to the City of Lewiston to continue operating under that use.
Key Highlights
- Five rental rooms and a separate one‑bedroom apartment
- 1,541‑square‑foot property built in 1880
- Roof and window replacements, electrical updates, and fresh paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,441
Cap Rate
3.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,820
$288.8K
Cap Rate 7%
$206,300
$206.3K
Cap Rate 9%
$160,456
$160.5K
Market Conditions
NOI Build-Up for 1,541 SF
Gross rent
$26.6K $17.28/SF
− Vacancy
−$373 −$0.24/SF
EGI
$26.3K $17.04/SF
− OpEx
−$11.8K −$7.67/SF
NOI
$14.4K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,820
Cap Rate 7%
$206,300
Cap Rate 9%
$160,456
Alternative Uses
Best Use
Apartment 5plus
$206.3K
$180.5K – $240.7K
NOI $14,441 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.74M
$2.39M – $3.19M
NOI $191,585 @ 7.0% cap · market cap 43.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,967
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Five rental rooms and a separate apartment offer multiple residential accommodations in a 1,541-square-foot property.
Where is this multifamily property located?
The property is located at 89 Pine St Lewiston, ME.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Five rental rooms and a separate one‑bedroom apartment; 1,541‑square‑foot property built in 1880; Roof and window replacements, electrical updates, and fresh paint
