Building Details

Year built 2008

Listing Agency: NextHome Experience Show Phone

Listed By: Isaac Raymond · License #BA919629,PersonLicenseNumber Show Phone

Added: Oct 6 Changed: Oct 9 Last Checked: Oct 9 at 1:06PM

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MLS# 1683297

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Investment Insights

Based on property information with market context.

This 2008 flex property at 1380 Hammond Street in Bangor contains approximately 7,250 square feet across multiple buildings. The main building has approximately 3,000 square feet of finished office space, including seven private offices, two reception areas, a full bathroom, and a kitchenette. An attached 1,392-square-foot heated garage and warehouse adds workspace and equipment capacity, with a hot-air blower for supplemental heat. The separate cold storage building measures 40 feet by 50 feet, with 16-foot walls and power, and provides approximately 2,000 square feet. Central heating and air conditioning serve the main building; the property also has natural gas service and an on-demand generator.

An outdoor loading dock accommodates tractor-trailer access. The parking area can accommodate well over 20 vehicles and/or equipment. The property occupies 1.93 acres on Hammond Street in Bangor, Maine.

Key Highlights

• Approximately 7,250 square feet across multiple buildings on 1.93 acres
• Separate cold storage building measures 40' x 50', with 16‑foot walls and power
• Main building includes approximately 3,000 square feet of finished office space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$62,525

Cap Rate

5.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,250,500 $1.3M

Cap Rate 7%

$893,214 $893.2K

Cap Rate 9%

$694,722 $694.7K

Market Conditions

NOI Build-Up for 7,250 SF

Gross rent

$101.8K $14.04/SF

− Vacancy

−$5.6K −$0.77/SF

EGI

$96.2K $13.27/SF

− OpEx

−$33.7K −$4.64/SF

NOI

$62.5K $8.62/SF

Area

Penobscot County, ME

Vacancy

5.50%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,250,500

Cap Rate 7%

$893,214

Cap Rate 9%

$694,722

Alternative Uses

Best Use

Flex RnD

$893.2K

$781.6K – $1.04M (±1% cap)

NOI $62,525 @ 7.0% cap · market cap 5.00%

Second Best

Warehouse

$687.7K

$601.8K – $802.4K (±1% cap)

NOI $48,141 @ 7.0% cap · market cap 3.85%

Theoretical Best

Office A

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,908 @ 7.0% cap · market cap 13.11%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Perry & Morrill, Inc Construction Company

Suggested Use

Top Pick Furniture & Home Goods Grocery & Convenience Store Garden Center Barber Shop Computer & Electronic Repair Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

208

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04401, ME

44,608

Population

20,932

Households

2.1

Avg Household Size

40

Median Age

37%

College-Educated

96%

High-School Grad

100.1 sq mi

ZIP Area

446

Density / Sq Mi

$66,136

Median Household Income

$40,863

Median Earnings

$1,048

Median Rent

$229,600

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - A multi-building property combines finished offices, heated work areas, dedicated cold storage, and tractor-trailer loading access.

Where is this flex space located?

The property is located at 1380 Hammond Street Bangor, ME.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Approximately 7,250 square feet across multiple buildings on 1.93 acres; Separate cold storage building measures 40' x 50', with 16‑foot walls and power; Main building includes approximately 3,000 square feet of finished office space