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Property summary
This exceptional value-add investment opportunity presents a nine-unit apartment building located at 115-117 Pierce Street in Lewiston, Maine, 04240. The property, encompassing 7,218 square feet on a 0.11-acre lot, consists of two buildings constructed in 1900 and extensively renovated in 2022. The current zoning is DR. The portfolio includes a diverse mix of unit sizes: one 1-bedroom unit, four 2-bedroom units, and four 4-bedroom units. Currently boasting 100% occupancy, the property generates a substantial net operating income (NOI) of $109,508, resulting in a compelling 12.88% capitalization rate. The asking price is $850,000, translating to $94,444.44 per unit and $117.76 per square foot. Significant capital improvements have already been implemented, including lead abatement, kitchen upgrades, new flooring, and interior painting, along with recent rental increases. This property offers a strong foundation for immediate cash flow and significant future appreciation potential in a thriving Maine market. The property's strong performance and recent renovations make it an attractive investment for both seasoned and new investors seeking a high-return, multifamily asset.
Property profile
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Comparables
6 recent transactions · within 1.5 miComparable in this City
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Value estimation
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Cap rate
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from $99/month
Property description
Physical attributes from public recordsZoning & alternative use
Zoning
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No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
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