Waterfront Apartment
New
For Sale
$2,750,000
1 Waterworks Rd, Bangor, ME 04401
The 35-unit property combines elevator service, tenant storage, on-site parking, and affordability-program restrictions.
Property Size56,628 SF
Lot Size1.67 Acres
Price / SF$48.56
Days on Market4
Property Features for 1 Waterworks Rd
General Information
Standard status
Active
Size
56,628 SF
Elevators
Yes
Lot size
1.67 Acres
Additional Details
Sprinkler System
Yes
Multifamily Units
35
Currently Operating
Yes
Amenities
dedicated tenant storage
Building Details
Year Built
1875
Year Renovated
2007
Buildings
1
Construction
brick masonry
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Kevin Fletcher · License #BA903663
(207) 754-9311
Source:
Exprealty
Added: Nov 3
Changed: Nov 4
Last Checked: Nov 4 at 2:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
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Investment Insights
Based on property information with market context.
A historic brick masonry building dating to 1875 was redeveloped in 2007 as a 35-apartment property on a 1.67-acre waterfront parcel. Residents have passenger elevator access, dedicated storage, and on-site parking; the building is also equipped with a full wet sprinkler system.
The apartments operate under the LIHTC program, Section 42, with a 50%/60% AMI unit split and an extended use agreement through 2097. A City of Bangor Tax Revenue Agreement runs through April 2036 and reimburses municipal taxes paid above $7,500 for operating expenses. Qualified LIHTC buyers are required.
The apartments operate under the LIHTC program, Section 42, with a 50%/60% AMI unit split and an extended use agreement through 2097. A City of Bangor Tax Revenue Agreement runs through April 2036 and reimburses municipal taxes paid above $7,500 for operating expenses. Qualified LIHTC buyers are required.
Key Highlights
- 35 residential apartments in a historic brick masonry building
- 1.67‑acre waterfront parcel along the Penobscot River
- Originally built in 1875 and redeveloped in 2007
Property Analytics
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Lease Details
35
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
846
Businesses Nearby
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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
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Market
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Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The 35-unit property combines elevator service, tenant storage, on-site parking, and affordability-program restrictions.
Where is this apartment building located?
The property is located at 1 Waterworks Rd Bangor, ME.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 35 residential apartments in a historic brick masonry building; 1.67‑acre waterfront parcel along the Penobscot River; Originally built in 1875 and redeveloped in 2007
