127-129 Howe Street, Lewiston
Market Rate Multi-Family Asset Located in the Heart of Downtown Lewiston
Marketing description
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.
Investment highlights
• 5 market-rate units, fully furnished
• Rear building fully gut-renovated (2021)
• Modern LVP flooring & tile finishes throughout
• In-unit laundry in all units
• 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
• Lot may be subdivided into two 5-unit sites
• Downtown Residential (DR) zoning
• Steps to shops, restaurants & services
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