Downtown Mixed-Use
For Sale
$1,199,000
123-127 Franklin Street, Bangor, ME 04401
Commercial Sale, Bangor, ME
Property Size13,200 SF
Lot Size0.12 Acres
Price / SF$90.83
Days on Market108
Property Features for 123-127 Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
24 Downtown Dev Dist
Rooms
Basement
Parking features
On Street
Basement
Full
Lot features
Public Transport Access, Downtown, Bus Line, Near Shopping
Standard status
Active
Size
13,200 SF
Lot size
0.12 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11923
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1912
Number of units
4
Flooring type
Carpet, Hardwood, Tile
Building materials
Masonry, Brick, Concrete
Roof type
Membrane
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Stephen Sprague
(207) 319-8129
Added: Jul 9
Changed: Oct 24
Last Checked: Oct 24 at 7:06AM
MLS# 1653941
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.
Located at 123-127 Franklin Street, this 13,200-square-foot mixed-use property combines four renovated apartments with two restaurant areas. The residential units occupy the second and third floors and include hardwood flooring, large windows, and washer and dryer hookups. Apartment layouts range from two to three bedrooms, with select units offering a den and additional bath. Updates were completed between 2015 and 2019.
The commercial component includes a lower-level pub and a first-floor restaurant and bar with a dining area. The first-floor space is receiving cosmetic work, while both restaurant areas were renovated between 2020 and 2021 and include updated kitchen suppression systems. The building’s façade was repaired and repainted in 2019. A natural gas furnace was installed in 2012, and the property has central air, public water, and public sewer. Zoning is 24 Downtown Dev Dist.
The commercial component includes a lower-level pub and a first-floor restaurant and bar with a dining area. The first-floor space is receiving cosmetic work, while both restaurant areas were renovated between 2020 and 2021 and include updated kitchen suppression systems. The building’s façade was repaired and repainted in 2019. A natural gas furnace was installed in 2012, and the property has central air, public water, and public sewer. Zoning is 24 Downtown Dev Dist.
Key Highlights
- 13,200 SF mixed‑use building on 0.12 acres
- Four residential apartments with two- to three‑bedroom layouts
- Two restaurant spaces, including a lower‑level pub and first‑floor bar area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$94,595
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,891,900
$1.9M
Cap Rate 7%
$1,351,357
$1.4M
Cap Rate 9%
$1,051,056
$1.1M
Market Conditions
NOI Build-Up for 13,200 SF
Gross rent
$166.3K $12.60/SF
− Vacancy
−$15.0K −$1.13/SF
EGI
$151.4K $11.47/SF
− OpEx
−$56.8K −$4.30/SF
NOI
$94.6K $7.17/SF
Area
Penobscot County, ME
Vacancy
9.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,891,900
Cap Rate 7%
$1,351,357
Cap Rate 9%
$1,051,056
Alternative Uses
Best Use
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $179,820 @ 7.0% cap · market cap 15.00%
Second Best
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,261 @ 7.0% cap · market cap 9.28%
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,426 @ 7.0% cap · market cap 24.89%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,014
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?
Mixed-use property - Renovated apartments and restaurant space occupy a masonry building within Bangor’s Downtown 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 $1,199,000.
What are key features of this property?
This property features: 13,200 SF mixed‑use building on 0.12 acres; Four residential apartments with two- to three‑bedroom layouts; Two restaurant spaces, including a lower‑level pub and first‑floor bar area
