Renovated Mixed-Use
For Sale
$1,239,000
123-127 Franklin Street, Bangor, ME 04401
Four updated apartments accompany a tavern and restaurant component in downtown Bangor’s Development District.
Property Size13,200 SF
Price / SF$93.86
Days on Market186
Property Features for 123-127 Franklin Street
General Information
Standard status
Active
Size
13,200 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1912
Listing Agency:
ERA Dawson-Bradford Co.
Listed By:
Stephen Sprague
(207) 680-3667
Source:
Portsiderealestategroup
Added: Feb 26
Changed: Aug 29
Last Checked: Aug 30 at 6:32PM
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 ERA Dawson-Bradford Co.
Investment Insights
Based on property information with market context.
This 13,200-square-foot mixed-use building combines four residential apartments with a tavern and restaurant component at 123-127 Franklin Street. The apartments occupy the second and third floors and were renovated between 2015 and 2019. Unit sizes range from 800 SF to 1,000 SF, with hardwood floors, large windows, and washer and dryer hookups. The unit mix includes two-bedroom and three-bedroom layouts, with select units offering dens and additional baths.
Commercial space includes a dining area, bar, and kitchen. Improvements to the commercial areas were completed between 2020 and 2021, including updated kitchen suppression systems, while cosmetic renovations are underway in the first-floor restaurant and bar area. Benjamin’s Pub occupies the lower-level tavern and restaurant space, and the first-floor commercial area is leased by Benjamins.
The property is located in Bangor’s Development District and includes a natural gas furnace installed in 2012. The building façade was repaired and repainted in 2019 using City of Bangor façade grant funds, and the property remains eligible for additional façade grants with up to 50% cost share.
Commercial space includes a dining area, bar, and kitchen. Improvements to the commercial areas were completed between 2020 and 2021, including updated kitchen suppression systems, while cosmetic renovations are underway in the first-floor restaurant and bar area. Benjamin’s Pub occupies the lower-level tavern and restaurant space, and the first-floor commercial area is leased by Benjamins.
The property is located in Bangor’s Development District and includes a natural gas furnace installed in 2012. The building façade was repaired and repainted in 2019 using City of Bangor façade grant funds, and the property remains eligible for additional façade grants with up to 50% cost share.
Key Highlights
- 13,200‑square‑foot mixed‑use building at 123‑127 Franklin Street
- Four apartments renovated between 2015 and 2019
- Apartment layouts range from 800 SF to 1,000 SF
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
$111,261
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
8.98%
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%
$2,225,220
$2.2M
Cap Rate 7%
$1,589,443
$1.6M
Cap Rate 9%
$1,236,233
$1.2M
Market Conditions
NOI Build-Up for 13,200 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
$213.8K $16.20/SF
− Vacancy
−$11.5K −$0.87/SF
EGI
$202.3K $15.33/SF
− OpEx
−$91.0K −$6.90/SF
NOI
$111.3K $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%
$2,225,220
Cap Rate 7%
$1,589,443
Cap Rate 9%
$1,236,233
Alternative Uses
Best Use
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $179,820 @ 7.0% cap · market cap 14.51%
Second Best
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,261 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,426 @ 7.0% cap · market cap 24.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,014
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four updated apartments accompany a tavern and restaurant component in downtown Bangor’s Development District.
Where is this mixed-use property located?
The property is located at 123-127 Franklin Street Bangor, ME.
What is the asking price?
The asking price for this property is $1,239,000.
What are key features of this property?
This property features: 13,200‑square‑foot mixed‑use building at 123‑127 Franklin Street; Four apartments renovated between 2015 and 2019; Apartment layouts range from 800 SF to 1,000 SF
