Two-Unit Colonial
For Sale
$265,000
15 Grant Street, Bangor, ME 04401
Multi-Family, Bangor, ME
Property Size1,628 SF
Lot Size0.10 Acres
Price / SF$162.78
Days on Market41
Property Features for 15 Grant Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
URD-1
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Off Street
Patio and Porch features
Porch
Interior features
In-Law Apartment, Shower
Basement
Full, Unfinished
Lot features
Well Landscaped, Open, Level, Sidewalks, Intown, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
1,628 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3940
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Heat Pump (Heating), Forced Air
Cooling system
Heat Pump
Water source
Public
Amenities
in-unit washer/dryer
basement laundry
private porch
off-street parking
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Wood, Carpet
Building materials
Wood Frame, Clapboard, Wood Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Evelyn Conrad
(207) 944-9804
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 3:06AM
MLS# 1659307
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,628-square-foot Colonial duplex, built in 1900, contains two separate residential units. The larger apartment has 3-4 bedrooms, two full bathrooms, spacious rooms, and its own washer and dryer. The second unit provides a one-bedroom layout with additional laundry access in the basement. Both residences include private porches, and off-street parking serves the property.
Interior character comes from tin ceilings and hardwood flooring, complemented by vinyl and carpet in other areas. The building has wood-frame construction with clapboard and wood siding, a shingle roof, public water, and public sewer. Heating includes forced air, natural gas, and heat pumps, with heat-pump cooling.
The property occupies 0.1 acres in Bangor’s Little City neighborhood, with access to Husson University, St. Joseph Hospital, Northern Light Eastern Maine Medical Center, shopping, dining, and downtown Bangor. Zoning is URD-1.
Interior character comes from tin ceilings and hardwood flooring, complemented by vinyl and carpet in other areas. The building has wood-frame construction with clapboard and wood siding, a shingle roof, public water, and public sewer. Heating includes forced air, natural gas, and heat pumps, with heat-pump cooling.
The property occupies 0.1 acres in Bangor’s Little City neighborhood, with access to Husson University, St. Joseph Hospital, Northern Light Eastern Maine Medical Center, shopping, dining, and downtown Bangor. Zoning is URD-1.
Key Highlights
- Two‑unit duplex with 1,628 square feet of property size
- Unit 1 offers 3‑4 bedrooms, 2 full bathrooms, and in‑unit laundry
- Unit 2 includes a 1‑bedroom layout with basement laundry access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,920
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$298,400
$298.4K
Cap Rate 7%
$213,143
$213.1K
Cap Rate 9%
$165,778
$165.8K
Market Conditions
NOI Build-Up for 1,628 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.5K $13.80/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$21.3K $13.09/SF
− OpEx
−$6.4K −$3.93/SF
NOI
$14.9K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$298,400
Cap Rate 7%
$213,143
Cap Rate 9%
$165,778
Alternative Uses
Best Use
Multifamily LT 5
$213.1K
$186.5K – $248.7K
NOI $14,920 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$196.0K
$171.5K – $228.7K
NOI $13,722 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$525.8K
$460.1K – $613.4K
NOI $36,806 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
788
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Wood-frame property with private porches, off-street parking, natural gas heat, and heat-pump cooling.
Where is this duplex located?
The property is located at 15 Grant Street Bangor, ME.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,628 square feet of property size; Unit 1 offers 3‑4 bedrooms, 2 full bathrooms, and in‑unit laundry; Unit 2 includes a 1‑bedroom layout with basement laundry access
