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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    832 College St Lewiston, ME 04240

    • Retirement homes
    • 34.00 lot acres
    For Sale
    View listing
    $1,787,100
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0850644
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retirement homes

    Property Details for 832 College St

    Lot size
    34.00 lot acres
    Property type
    Retirement homes
    Property subtype
    Residential income homes
    APN
    LEWI-000113-000000-000007

    Description

    This exceptional 34+ acre property presents a remarkable development opportunity in Lewiston, Maine. Strategically located less than 2.5 miles from Bates College, this offering comprises two parcels. The first, 832 College Street, boasts over 200 feet of road frontage on College Street, encompassing 7 acres and including a 3-bedroom, 2-bathroom, 1600+ square foot home with an updated kitchen and garage. The second parcel, located at 816 College Street Rear, consists of over 27 acres of undeveloped land, providing significant expansion potential. Conveniently situated near major retailers like Walmart, Home Depot, and Hobby Lobby, as well as the Auburn Mall, this location offers easy access to amenities. The property benefits from dual access points, with recent city approval granting access from Rejane Avenue in addition to College Street. Zoned MDR (Medium Density Residential), the land allows for development of up to eight units per acre for multifamily housing or up to two units per acre for single-family homes, including mobile homes. This presents a unique chance to create a substantial residential development within a thriving community, less than an hour from the Portland International Jetport and Sebago Lake, and approximately 2.5 hours from Boston. The asking price for this expansive property is $1,787,100. The APN is LEWI-000113-000000-000007.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.1788317
    Latitude
    44.136836

    Comparable in this City

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    Similar Nearby for Sale

    • Contact for pricing
      169,000 SF

      140 Mill St

      Multifamily properties • 169,000 SF
      140 Mill St, Lewiston, ME 04240
      View Details
    • New
      $575,000
      7,560 SF

      Lewiston Multifamily Investment Opportunity

      Six-unit multifamily property in Lewiston with value-add potential.
      47-49 Pierce St, Lewiston, ME 04240
      View Details
    • $290,000
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      Lewiston Multifamily Property For Sale

      Multifamily property in high-demand Lewiston location near amenities.
      5 Ralph Ave, Lewiston, ME 04240
      View Details
    • $550,000
      5,393 SF

      Mixed-Use Investment Near Bates College

      Four residential units plus convenience store near Bates College.
      88 Russell St, Lewiston, ME 04240
      View Details
    • New
      $465,000
      4,086 SF

      Lewiston Multi-Family Investment Opportunity

      Spacious three-unit building in downtown Lewiston, ideal for investors.
      61 Shawmut St, Lewiston, ME 04240
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    • $349,000
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      Updated Two-Unit Income Property

      Income-producing, renovated two-unit property near amenities and commuter routes.
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      View Details

    Similar Nearby for Lease

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      Prime Industrial Development Site

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    • $0.18 SF/Yr

      Lewiston, ME 5-Acre Industrial Land

      Prime Lewiston acreage, Highway Business zoning.
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    832 College St
    Lewiston, ME 04240
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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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