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127-129 Howe Street
Lewiston, ME 04240
127-129 Howe Street, Lewiston · Multifamily Property For Sale
·
5 Units
Investment Highlights
- Ample off-street parking (15+ spaces)
- 11.2% cap rate on pro forma NOI, 9.9% cap with Mgmt & Reserves allowance
- Surplus land: supports 5 additional units
Executive Summary
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.
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.
Property Facts Under Contract
| Price Per Unit | $155,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| No. Units | 5 | Building Size | 4,905 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1869/2021 |
| Apartment Style | Low-Rise | ||
| Zoning | DR - Downtown Residential | ||
| Price Per Unit | $155,000 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 4,905 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1869/2021 |
| Zoning | DR - Downtown Residential |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | - | - |
Property Taxes
| Parcel Number | LEWI-000196-000000-000168 | Improvements Assessment | $95,040 |
| Land Assessment | $26,760 | Total Assessment | $121,800 |
Property Taxes
Parcel Number
LEWI-000196-000000-000168
Land Assessment
$26,760
Improvements Assessment
$95,040
Total Assessment
$121,800
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