Historic Victorian Office
For Sale
$595,000
293 State Street, Bangor, ME 04401
Commercial Sale, Bangor, ME
Property Size3,584 SF
Lot Size0.11 Acres
Price / SF$166.02
Days on Market60
Property Features for 293 State Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Mixed
Rooms
Basement
Parking features
Off Street
Interior features
Storage
Basement
Finished, Walk-Out Access
Accessibility
Accessible Approach with Ramp
Lot features
Downtown, Business District, Bus Line, Near Shopping
Standard status
Active
Size
3,584 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5239
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Other (Heating), Hot Water(Heating), Electric (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Amenities
hardwood floors
gas fireplaces
modern kitchen
heat pumps
security cameras
heated steps
Building Details
Year built
1913
Flooring type
Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Slate, Shingle
Additional Structures
Storage
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Patricia Largay
(207) 949-3060
Added: Jul 8
Changed: Sep 2
Last Checked: Sep 5 at 1:06PM
MLS# 1670681
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.
Built in 1913, this 3,584-square-foot office building occupies a 0.11-acre site on State Street in Bangor. The three-story Victorian structure features wood-frame construction with vinyl siding, slate and shingle roofing, wood flooring, white architectural trim, and two gas fireplaces with carved wood mantels. Its finished layout includes approximately 12 private offices, administrative work areas, four built-in workstations, three baths, storage, and a modern kitchen. A finished basement office has its own exterior entrance and connects directly to the paved off-street parking area.
Building systems include a gas furnace, eight heat pumps, heat-pump cooling, public water, and public sewer. An accessible approach with ramp supports entry, while heated front and rear concrete steps provide winter-weather convenience. The property is zoned Mixed and offers a professional office configuration with residential or hybrid live-work potential supported by the existing layout.
Building systems include a gas furnace, eight heat pumps, heat-pump cooling, public water, and public sewer. An accessible approach with ramp supports entry, while heated front and rear concrete steps provide winter-weather convenience. The property is zoned Mixed and offers a professional office configuration with residential or hybrid live-work potential supported by the existing layout.
Key Highlights
- 3,584‑square‑foot office building on 0.11 acres
- 1913 construction with Victorian architectural detailing
- Approximately 12 private offices, administrative areas, and four built‑in workstations
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
$50,664
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
8.51%
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%
$1,013,280
$1.0M
Cap Rate 7%
$723,771
$723.8K
Cap Rate 9%
$562,933
$562.9K
Market Conditions
NOI Build-Up for 3,584 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
$77.4K $21.60/SF
− Vacancy
−$9.9K −$2.75/SF
EGI
$67.6K $18.85/SF
− OpEx
−$16.9K −$4.71/SF
NOI
$50.7K $14.14/SF
Area
Penobscot County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,013,280
Cap Rate 7%
$723,771
Cap Rate 9%
$562,933
Alternative Uses
Best Use
Office B
$723.8K
$633.3K – $844.4K
NOI $50,664 @ 7.0% cap · market cap 8.51%
Second Best
Mixed Use
$366.9K
$321.1K – $428.1K
NOI $25,684 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,027 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,181
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story professional property with finished office areas, dedicated parking, and a separate basement entrance.
Where is this office building located?
The property is located at 293 State Street Bangor, ME.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,584‑square‑foot office building on 0.11 acres; 1913 construction with Victorian architectural detailing; Approximately 12 private offices, administrative areas, and four built‑in workstations
