120 Rice Street, Bangor, ME 04401

Building Details

Building Size 71,478 SF More

Year Built 1948 More

Listing Agency: RE/MAX Riverside i***@remax-riverside-maine.com Show Phone

Listed By: Andrew Sturgeon Show Phone

Source: Integrityhomesrealestategroup

Added: Jun 10, 2025 Changed: Nov 11 Last Checked: Nov 11 at 2:12AM

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Investment Insights

Based on property information with market context.

Located at 120 Rice Street in Bangor, Maine, this warehouse contains 71,478 square feet. The building dates to 1948 and is zoned Urban Industrial.

Key Highlights

• 71,478‑square‑foot warehouse
• Built in 1948
• Urban Industrial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$474,628

Cap Rate

8.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,492,560 $9.5M

Cap Rate 7%

$6,780,400 $6.8M

Cap Rate 9%

$5,273,644 $5.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 71,478 SF

Gross rent

$600.4K $8.40/SF

− Vacancy

−$42.0K −$0.59/SF

EGI

$558.4K $7.81/SF

− OpEx

−$83.8K −$1.17/SF

NOI

$474.6K $6.64/SF

Area

Penobscot County, ME

Vacancy

7.00%

Lease Rate

$8.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,492,560

Cap Rate 7%

$6,780,400

Cap Rate 9%

$5,273,644

Alternative Uses

Best Use

Warehouse

$6.78M

$5.93M – $7.91M (±1% cap)

NOI $474,628 @ 7.0% cap · market cap 8.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$23.09M

$20.20M – $26.93M (±1% cap)

NOI $1,615,975 @ 7.0% cap · market cap 27.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Maine Paper & Janitorial ... Distribution Center W.B. Mason Big Box & Wholesale Store

Suggested Use

Top Pick Furniture & Home Goods (Bike/Boat/Book/etc) Store Barber Shop Computer & Electronic Repair Garden Center Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

182

Businesses Nearby

Well-served

Demand for This Use

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

Average Price Trend$/SF for Warehouses in Penobscot County, ME

$62.8 Jul

$56.15 Aug

$66.9 Sep

$74.51 Oct

Properties on Market for Warehouses in Penobscot County

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Similar Off Market Nearby

• Galt Block Warehouse Co — 242 Miller St #2, Bangor, ME 04401
• ABC Storage — 78 Rice St #2, Bangor, ME 04401
• North American Van Lines — 78 Rice St #100, Bangor, ME 04401
• Maine Self Storage — 1554 Hammond St, Bangor, ME 04401

Frequently Asked Questions

What type of property is this?

Warehouse - The property carries an Urban Industrial zoning designation.

Where is this warehouse located?

The property is located at 120 Rice Street Bangor, ME.

What is the asking price?

The asking price for this property is $5,800,000.

What are key features of this property?

This property features: 71,478‑square‑foot warehouse; Built in 1948; Urban Industrial zoning