Courtesy / Vitalius Real Estate Group
809 Sabattus St., built in 1880, has four units and a new natural gas boiler installed last year.
Updated: September 25, 2023
In Lewiston, 58 units of multifamily housing sell for a total of $6.4 million in separate deals
Courtesy / Vitalius Real Estate Group
A property that sold at 487 Main St. is 3,593 square feet with mixed uses.
In Lewiston, an initial attempt to sell 11 primarily multifamily buildings with 58 units as a single portfolio made little headway with both local and out-of-state investors.
But when the package was split up into individual listings, the sales achieved prices that exceeded targets.
The list price as a single portfolio was $6 million.
Sold individually, the combined prices totaled $6.376 million, said Brit Vitalius of Vitalius Real Estate Group, who handled the deal.
“That approach generated a much higher net profit for the seller,” Vitalius said. “It also made the three- to four-family properties available for owner-occupant buyers, increasing home ownership in the area.”
Vitalius Real Estate Group was hired to represent an owner in the sale of their 11-building portfolio, totaling 58 units and centrally located in the downtown area.
The initial package received offers below the seller’s target price from both local and out-of-state investors.
The seller accepted the Vitalius team’s recommendation to change strategy and list each property individually.
The properties are high-quality apartment buildings in what Vitalius said is the fastest-growing investment market in southern Maine.
“There was tremendous interest, and each property received multiple offers and lasted less than two weeks on the market,” he said.
“When the last of the 11 buildings sold, the seller netted a 15% premium over what he was originally asking for the portfolio.”
Courtesy / Vitalius Real Estate Group
228 East Ave., a 6,867-square-foot, six-unit apartment building dating back to 1919, sold for $630,000.
The buyers were an even split between investors and owner-occupants, he said.
The Lewiston multi-family market is attracting investors and owner-occupants as potential buyers get priced out of the Portland market, Vitalius said.
The sales were as follows:
- 166 Blake St., 3 units, $450,000.
- 119 Pierce St., 3 units plus single family house, built 1921, $585,000.
- 39 Howard St., large 3-unit on 13,500-square-foot lot, potentially allowing for expansion or development opportunities, vacant top floor freshly remodeled with new granite kitchen, stainless appliances and refinished floors, plenty of parking, outdoor space, $480,000.
- 174 Bartlett St., built around 1900, 3 fully updated units, new heating system, $450,000.
- 809 Sabattus St., built in 1880, 4 units, plus two parcels in a flexible commercial zone, parking space, private yard, new natural gas boiler installed 2022, $396,000.
- 53 Maple St., 4 units, $550,000.
- 215-217 Blake St., 5 units, $575,000.
- 167 Pine St., 6 units, $450,000.
- 228 East Ave., 6 units, 6,867 square feet, built 1919, $630,000.
- 487 Main St., built in 1892, 3,593-square-foot mixed-use, attached garage for two or more cars, framed attic with plumbing and electrical provides expansion potential, $310,000.
- 172-176 Blake St., 15 units, built in 1881, 9,192 square feet, $1.5 million.
The seller is an area resident who acquired the portfolio over the past decade and performed substantial improvements, said Vitalius.
Courtesy / Vitalius Real Estate Group
119 Pierce St., a three-unit apartment building plus a single-family house, sold for $585,000.
“Every building has new heating system, most have new roofs,” he said. “Most were completely rebuilt — walls, kitchen, everything.”
The seller decided to off-load the properties in order to retire.
“It’s a lot of work,” Vitalius said of real estate management.
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