35-Unit Brick Apartment
New
For Sale
$2,750,000
1 Waterworks Road, Bangor, ME 04401
Commercial Sale, Bangor, ME
Property Size56,628 SF
Lot Size1.67 Acres
Price / SF$48.56
Days on Market1
Property Features for 1 Waterworks Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
DDD
Standard status
Active
Size
56,628 SF
Lot size
1.67 Acres
Taxes and HOA fees
Tax Year
2025
Amenities
waterfront
on-site parking
dedicated tenant storage
Building Details
Year built
1875
Number of units
35
Building materials
Brick
Buildings
1
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Kevin Fletcher · License #BA903663
(207) 754-9311
Added: Nov 3
Last Checked: Nov 3 at 9:06PM
MLS# 1686684
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.
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Investment Insights
Based on property information with market context.
This 35-unit apartment property occupies a 1.67-acre waterfront parcel along the Penobscot River. The brick masonry building dates to 1875 and was redeveloped in 2007. Residents have passenger elevator access, dedicated storage, and on-site parking, with a full wet sprinkler system serving the building.
The apartments operate under the LIHTC program (Section 42), with a 50%/60% AMI unit split and an extended use agreement running through 2097. A City of Bangor tax revenue agreement remains in place through April 2036 and reimburses municipal taxes paid above $7,500 for operating expenses.
The apartments operate under the LIHTC program (Section 42), with a 50%/60% AMI unit split and an extended use agreement running through 2097. A City of Bangor tax revenue agreement remains in place through April 2036 and reimburses municipal taxes paid above $7,500 for operating expenses.
Key Highlights
- 35 residential apartments
- 1.67‑acre waterfront property along the Penobscot River
- Brick building constructed in 1875 and redeveloped in 2007
Property Analytics
Who owns this building?
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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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Redeveloped residential property includes elevator access, sprinkler protection, tenant storage, and on-site parking.
Where is this apartment building located?
The property is located at 1 Waterworks Road 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; 1.67‑acre waterfront property along the Penobscot River; Brick building constructed in 1875 and redeveloped in 2007
