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    72-74 3Rd St Bangor, ME 04401

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    Sponsored
    For Sale
    $1,289,900

    MULTI_FAMILY - Bangor, ME

    Property size:
    12,418 SF
    Lot size:
    0.21 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 5 at 6:06 pm

    Property Features for 72-74 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    14 Urban Res Dist 2
    Rooms
    Bathroom 2, Bathroom 5, Bathroom 6, Bathroom 4, Bathroom 3, Basement, Bathroom 1, Bathroom 7, Bathroom 8
    Parking features
    Off Street
    Interior features
    1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Shower
    Basement
    Full, Finished, Walk-Out Access
    Size
    12,418 SF
    Lot size
    0.21 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Heat Pump (Heating), Baseboard
    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, Brick, Wood Frame
    Roof type
    Fiberglass, Shingle, Tar/Gravel

    We can help!

    Listing Contact
    Kortnie Mullins

    Realty of Maine (207) 942-6310

    Listing agent Kortnie Mullins (207) 942-6310

    Listing date Mar 3, 2026

    MLS# 1644615 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Bangor Multifamily Investment Opportunity

    Located in the historic heart of Bangor, this eight-unit multifamily property presents an investment opportunity. The brick building features a mix of five 1-bedroom units, one 2-bedroom unit, and two 3-bedroom penthouse-style apartments. The units combine preserved period details with modern enhancements, including original woodwork, granite-appointed kitchens with stainless-steel appliances, custom-tiled baths with quality finishes, solid oak flooring, and newer windows. All major building systems have been upgraded, including new plumbing, a complete electrical overhaul with upgraded service entrance, and a full roof system replacement in 2019. The brick exterior has undergone extensive repointing. A generous off-street parking area is located to the rear of the building. The property is located close to downtown Bangor, with walkable access to shops, restaurants, entertainment, public transportation, and employment centers. The property is zoned 14 Urban Res Dist 2. The lot size is 0.21 acres and the property size is 12418 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bangor
    County
    Penobscot
    State
    Maine
    Longitude
    -68.778389
    Latitude
    44.798237

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit multifamily property in Bangor's historic heart with modern upgrades.
    Where is this apartment building located?
    The property is located at 72-74 3Rd St Bangor, ME.
    What is the asking price?
    The asking price for this property is $1,289,900.
    What are key features of this property?
    This property features: - Turnkey 8-unit multi-family property with 100% occupancy and strong rental history.; - Extensively renovated with upgraded plumbing, electrical, and roof (2019).; - Attractive mix of unit sizes (1, 2, and 3-bedroom).
    (207) 991-4924
    Request Owner's contact information
    72-74 3Rd St Bangor, ME 04401
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    Bangor, ME 04401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    72-74 3Rd St Bangor, ME 04401
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    We can help!
    Listing Contact
    Kortnie Mullins
    (207) 991-4924 (207) 942-6310
    Learn more
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