8-Unit Brick Apartment
For Sale
$1,279,900
72-74 Third Street, Bangor, ME 04401
Multi-Family, Bangor, ME
Property Size12,418 SF
Lot Size0.21 Acres
Price / SF$103.07
Days on Market37
Property Features for 72-74 Third Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
14 Urban Res Dist 2
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Basement, Bathroom 6, Bathroom 4, Bathroom 2, Bathroom 8, Bathroom 7
Parking features
Off Street
Interior features
1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Shower
Basement
Walk-Out Access, Finished, Full
Lot features
Open, Level, Intown, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
12,418 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8080
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Heat Pump (Heating), Natural Gas, Baseboard, Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Number of units
8
Flooring type
Tile, Wood, Vinyl
Building materials
Stone, Wood Frame, Brick
Roof type
Tar/Gravel, Fiberglass, Shingle
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Kortnie Mullins
(207) 991-4924
Added: Aug 3
Changed: Sep 2
Last Checked: Sep 8 at 5:06PM
MLS# 1644615
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 8-unit apartment property at 72-74 Third Street contains 12,418 square feet on a 0.21-acre parcel. Built in 1880, the brick and wood-frame building retains original wood detailing while incorporating refreshed kitchens, tiled bathrooms, oak flooring, newer windows, and a mix of heat pump, baseboard, hot water, and electric heating systems. Public water and sewer serve the property, with cooling provided by heat pumps.
The apartment mix includes five one-bedroom units, one two-bedroom unit, and two three-bedroom penthouse-style apartments. Major infrastructure work includes new plumbing, updated electrical service, extensive brick repointing, and a roof replacement completed in 2019. Rear off-street parking accommodates the building’s units. The property is located in Bangor, within walking distance of downtown shops, restaurants, entertainment, public transportation, and employment centers. Zoning is 14 Urban Res Dist 2.
The apartment mix includes five one-bedroom units, one two-bedroom unit, and two three-bedroom penthouse-style apartments. Major infrastructure work includes new plumbing, updated electrical service, extensive brick repointing, and a roof replacement completed in 2019. Rear off-street parking accommodates the building’s units. The property is located in Bangor, within walking distance of downtown shops, restaurants, entertainment, public transportation, and employment centers. Zoning is 14 Urban Res Dist 2.
Key Highlights
- 8‑unit apartment building with 12,418 square feet on 0.21 acres
- Unit mix includes five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments
- Brick and wood‑frame construction dating to 1880
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
$104,670
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
8.18%
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%
$2,093,400
$2.1M
Cap Rate 7%
$1,495,286
$1.5M
Cap Rate 9%
$1,163,000
$1.2M
Market Conditions
NOI Build-Up for 12,418 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
$201.2K $16.20/SF
− Vacancy
−$10.9K −$0.87/SF
EGI
$190.3K $15.33/SF
− OpEx
−$85.6K −$6.90/SF
NOI
$104.7K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,093,400
Cap Rate 7%
$1,495,286
Cap Rate 9%
$1,163,000
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.74M
NOI $104,670 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,746 @ 7.0% cap · market cap 21.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,595
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?
Apartment building - Historic brick construction pairs upgraded interiors with off-street parking and a varied apartment mix.
Where is this apartment building located?
The property is located at 72-74 Third Street Bangor, ME.
What is the asking price?
The asking price for this property is $1,279,900.
What are key features of this property?
This property features: 8‑unit apartment building with 12,418 square feet on 0.21 acres; Unit mix includes five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments; Brick and wood‑frame construction dating to 1880
