Multi-Family Investment Portfolio

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30839989
Property Subtypes: Mid-Rise
Status: Pending/Contingent
Number of Units: 18 Units
Building Size (RSF): 15,103 SF
Gross Building Area: See Agent
Gross Land Area: 0.22 Acres
Sale Price: $1,450,000
Unit Price: $80,555.56 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/15/2023

Overview / Comments

The Boulos Company is pleased to present the exclusive portfolio sale of 179 Pine Street & 115-117 Pierce Street, multi-family investment properties totaling 18 units in the heart of Downtown Lewiston. The sale includes 3 apartment buildings within walking distance from one another with 2 parking lots. All buildings have undergone significant capital improvements, updated mechanical systems, and completed Lewiston’s lead abatement program.

Excellent historical occupancy with below market rents

Unit mix includes ten 2 BR 1 BA units, six 1 BR 1 BA units, & two efficiency units

Several capital improvements have been completed over the last couple of years including but not limited to new roofs, boilers, siding and decks among others

115-117 Pierce Street completed Lewiston’s lead abatement program in 2023. Seller requests that the new buyer assumes contract from the City of Lewiston’s LEAD Grant Program. See broker for additional details

Renovations within vacant units to be completed prior to closing

Additional Details

Nearest MSA: Lewiston-Auburn
County: Androscoggin
Submarket/Township: Lewiston/Auburn
Taxing Authority: City of Lewiston
Tax ID/APN: 196/097 & 195/207
Airports: Auburn/Lewiston Municipal
Total Number of Buildings: 2
Number of Stories: 3
Year Built: 1921
Year Renovated: 2023
Roof Type: Hip
Construction/Siding: Wood Frame
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Other
Fuel: Gas
Zoning Description: DR - Downtown Residential
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 9920/345 9303/27

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,623 46,754 59,530
Median Age: 32.26 36.57 38.35
Households: 8,406 19,842 25,186


Photograph of Listing Agent

Noah Stebbins

The Boulos Company
NECPE Member
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