127-129 Howe Street - Apartments FOR SALE


Lewiston, ME 04240
$775,000 USD
207-773-7100
127-129 Howe Street, Lewiston, ME for Sale
$775,000 USD
Apartments - FOR SALE
1/9
null | Request Cap Rate

127-129 Howe Street
Lewiston, ME 04240


HIGHLIGHTS

  • Ample off-street parking (15+ spaces)
  • Surplus land: supports 5 additional units
  • 11.2% cap rate on pro forma NOI, 9.9% cap with Mgmt & Reserves allowance

OVERVIEW

Incredible Opportunity to Own a Five-Unit Market Rate Multi-Family Asset Located in the Heart of Downtown Lewiston. We are pleased to present 127 Howe Street for sale - a five-unit market-rate multi-family asset located in the heart of downtown Lewiston, Maine. Comprising two detached wood-frame buildings on a 0.31± acre parcel, the property combines a strong in-place income stream with meaningful value-add upside through its substantial surplus land area. The property consists of a front building (three units, 2–3 stories) and a fully gut-renovated rear building (two units), constructed circa 1896 and extensively updated beginning in 2021. All five units are two-bedroom/one-bath configurations of varying sizes. Unit interiors are in good condition, with the rear building reflecting above-average condition following a complete renovation from the studs, including new plumbing, electrical, flooring, and modern bathroom tile surrounds. The front building has received select updates to flooring and mechanicals. The property presents a compelling combination of near-term income stability and longer-term development optionality - rare in the current Lewiston/Auburn multifamily market.

FOR SALE DETAILS

PRICE

$775,000 USD

PRICE/SF

$158 USD /SF

# OF UNITS

5

PRICE/UNIT

$155,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

127-129 Howe Street, Lewiston

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1869

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

12,966 SF

ZONING

DR

APN/PARCEL ID

LEWI-000196-000000-000168

ASK ABOUT THIS PROPERTY

Bryan J. PlourdeThe Dunham GroupMore Info
207-773-7100

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Bryan J. PlourdeThe Dunham GroupMore Info
207-773-7100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.