Four-Unit Property with Solar
For Sale
Under Contract
$399,000
64 Division Street, Bangor, ME 04401
Bangor, ME
Property Size2,151 SF
Price / SF$185.50
Days on Market33
Property Features for 64 Division Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
4
Full bathrooms
4
Standard status
Active Under Contract
Size
2,151 SF
Amenities
in-unit washer and dryer
solar panels
Building Details
Year built
1880
Listing Agency:
Bangor, Maine · Better Homes and Gardens Real Estate
(207) 942-6711
Listed By:
Sally Bilancia
(207) 942-6711
Added: Jul 24
Changed: Aug 24
Last Checked: Aug 25 at 4:06AM
MLS# 1668234
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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 1880, this 2,151-square-foot quadplex contains four residential units with a mix of layouts. The largest apartment includes two bedrooms, a living room, sunporch, full bathroom, full kitchen, and in-unit washer and dryer. The other three units each provide one bedroom, a living room, compact kitchen, and full bathroom.
A detached two-car garage accompanies the property and provides additional storage space. Owned solar panels, rather than leased equipment, serve the basement and the owner's personal home by helping offset electricity use. The property is located at 64 Division Street in Bangor, Maine 04401.
A detached two-car garage accompanies the property and provides additional storage space. Owned solar panels, rather than leased equipment, serve the basement and the owner's personal home by helping offset electricity use. The property is located at 64 Division Street in Bangor, Maine 04401.
Key Highlights
- Four‑unit property with one two‑bedroom unit and three one‑bedroom units
- 2,151 square feet; built in 1880
- Detached two‑car garage provides additional storage
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
$19,713
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
4.94%
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%
$394,260
$394.3K
Cap Rate 7%
$281,614
$281.6K
Cap Rate 9%
$219,033
$219.0K
Market Conditions
NOI Build-Up for 2,151 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
$29.7K $13.80/SF
− Vacancy
−$1.5K −$0.71/SF
EGI
$28.2K $13.09/SF
− OpEx
−$8.4K −$3.93/SF
NOI
$19.7K $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%
$394,260
Cap Rate 7%
$281,614
Cap Rate 9%
$219,033
Alternative Uses
Best Use
Multifamily LT 5
$281.6K
$246.4K – $328.6K
NOI $19,713 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$259.0K
$226.6K – $302.2K
NOI $18,130 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$694.7K
$607.9K – $810.5K
NOI $48,630 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,562
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?
Quadplex - Historic quadplex with varied unit layouts, owned solar panels, and a detached garage offering additional storage.
Where is this quadplex located?
The property is located at 64 Division Street Bangor, ME.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Four‑unit property with one two‑bedroom unit and three one‑bedroom units; 2,151 square feet; built in 1880; Detached two‑car garage provides additional storage
