Income-Generating Group Living
For Sale
$819,900
913 Essex Street, Bangor, ME 04401
MULTI_FAMILY - Other - Bangor, ME
Property Size3,788 SF
Lot Size1.05 Acres
Price / SF$216.45
Days on Market29
Property Features for 913 Essex Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LDR + RR&A
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 2, Bathroom 1
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, One-Floor Living, Pantry, Shower, Storage
Fencing
Fenced
Basement
Full, Sump Pump
Accessibility
Accessible Approach with Ramp
Lot features
Open, Near Shopping, Near Town, Suburban
Standard status
Active
Size
3,788 SF
Lot size
1.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8045
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Zoned, Hot Water(Heating), Oil, Baseboard
Water source
Public
Building Details
Year built
1967
Number of units
1
Flooring type
Linoleum, Laminate, Wood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Tara Roy
(207) 991-8272
Added: Jul 13
Changed: Aug 3
Last Checked: Aug 10 at 9:06PM
MLS# 1646903
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 expansive income-producing single-family property is configured for group-home or supported living use, with 8+ bedrooms, multiple private offices for staff, and 3 large gathering spaces. The home includes 3 full bathrooms and 7 half baths, supporting a high-occupancy residential layout. Outside, there is a private fenced backyard and ample off-street parking to support daily operations.
Located in Bangor, the property provides convenient access to shopping, services, medical facilities, and major transportation routes. The listing notes an established long-term tenant in place.
Recent improvements include a renovated kitchen completed in 2025 and a new boiler installed in 2024. Zoning is listed as LDR + RR&A. Additional details are available to qualified purchasers; contact an agent for more information.
Located in Bangor, the property provides convenient access to shopping, services, medical facilities, and major transportation routes. The listing notes an established long-term tenant in place.
Recent improvements include a renovated kitchen completed in 2025 and a new boiler installed in 2024. Zoning is listed as LDR + RR&A. Additional details are available to qualified purchasers; contact an agent for more information.
Key Highlights
- 1‑acre Bangor property configured for group‑home or supported living with 8+ bedrooms and 3 full bathrooms
- Multiple indoor gathering spaces plus several private offices for staff and a total of 7 half baths
- Established long‑term tenant in place providing ongoing income
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
$31,929
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
3.89%
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%
$638,580
$638.6K
Cap Rate 7%
$456,129
$456.1K
Cap Rate 9%
$354,767
$354.8K
Market Conditions
NOI Build-Up for 3,788 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
$61.4K $16.20/SF
− Vacancy
−$3.3K −$0.87/SF
EGI
$58.1K $15.33/SF
− OpEx
−$26.1K −$6.90/SF
NOI
$31.9K $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%
$638,580
Cap Rate 7%
$456,129
Cap Rate 9%
$354,767
Alternative Uses
Best Use
Apartment 5plus
$456.1K
$399.1K – $532.2K
NOI $31,929 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,639 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
155
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Large income property on 1+ acre with multiple gathering spaces, offices, extensive bedrooms, and fenced outdoor area.
Where is this single family property located?
The property is located at 913 Essex Street Bangor, ME.
What is the asking price?
The asking price for this property is $819,900.
What are key features of this property?
This property features: 1‑acre Bangor property configured for group‑home or supported living with 8+ bedrooms and 3 full bathrooms; Multiple indoor gathering spaces plus several private offices for staff and a total of 7 half baths; Established long‑term tenant in place providing ongoing income
