Updated Three-Unit
For Sale
$429,000
89 Walnut Street, Lewiston, ME 04240
A vacant second-floor residence offers flexibility alongside two other apartments, with separate outdoor spaces and parking for each unit.
Property Size2,487 SF
Price / SF$172.50
Days on Market209
Property Features for 89 Walnut Street
General Information
Standard status
Active
Size
2,487 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Zoning
DR
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,783
Amenities
washer/dryer hookup
storage closet
private side porch
front porch access
Building Details
Building Size
2,487 SF
Year Built
1891
Buildings
1
Stories
3
Units
3
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Stephen Kenney
(207) 754-8340
Source:
Patryfamilyrealty
Added: Apr 7
Changed: Oct 30
Last Checked: Oct 30 at 2:06PM
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
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Investment Insights
Based on property information with market context.
This 2,487-square-foot triplex in Lewiston contains three apartments and was built in 1891. Two units have received updates that include new flooring, paint, granite countertops, and appliances; the second-floor unit is vacant. The building has vinyl siding, replacement vinyl windows, a flat roof, and improvements to the front deck. A natural gas boiler provides heat.
Each apartment has its own washer and dryer hookups, a hallway storage closet, a private side porch, front porch access, and a dedicated off-street parking space. The property is within walking distance of the Coliseum and local sports fields.
Each apartment has its own washer and dryer hookups, a hallway storage closet, a private side porch, front porch access, and a dedicated off-street parking space. The property is within walking distance of the Coliseum and local sports fields.
Key Highlights
- Three‑unit residential building with 2,487 square feet
- Two apartments updated with new flooring, paint, granite countertops, and appliances
- Vacant second‑floor apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,529
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$490,580
$490.6K
Cap Rate 7%
$350,414
$350.4K
Cap Rate 9%
$272,544
$272.5K
Market Conditions
NOI Build-Up for 2,487 SF
Gross rent
$35.5K $14.28/SF
− Vacancy
−$472 −$0.19/SF
EGI
$35.0K $14.09/SF
− OpEx
−$10.5K −$4.23/SF
NOI
$24.5K $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 Rate 5%
$490,580
Cap Rate 7%
$350,414
Cap Rate 9%
$272,544
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,529 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$332.9K
$291.3K – $388.4K
NOI $23,306 @ 7.0% cap · market cap 5.43%
Theoretical Best
Warehouse
$4.42M
$3.86M – $5.15M
NOI $309,197 @ 7.0% cap · market cap 72.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,223
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - A vacant second-floor residence offers flexibility alongside two other apartments, with separate outdoor spaces and parking for each unit.
Where is this triplex located?
The property is located at 89 Walnut Street Lewiston, ME.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Three‑unit residential building with 2,487 square feet; Two apartments updated with new flooring, paint, granite countertops, and appliances; Vacant second‑floor apartment
