Four-Unit Colonial
For Sale
$385,000
131 Second Street, Bangor, ME 04401
Multi-Family, Bangor, ME
Property Size2,056 SF
Lot Size0.06 Acres
Price / SF$187.26
Days on Market36
Property Features for 131 Second Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
URD-2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Basement, Bathroom 3, Bathroom 1
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Attic
Basement
Dirt Floor, Unfinished, Full
Lot features
Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate
Standard status
Active
Size
2,056 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3549
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Flooring type
Carpet, Vinyl, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Shonne Wright
(207) 649-2072
Added: Jul 18
Changed: Aug 21
Last Checked: Aug 22 at 8:06AM
MLS# 1661495
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.
Investment Insights
Based on property information with market context.
This four-unit residential property contains three one-bedroom apartments and one three-bedroom apartment within a 2,056-square-foot Colonial-style building. Constructed in 1900, the property includes an attic, basement, deck, and off-street parking. Wood-frame construction, vinyl siding, shingle roofing, and a combination of carpet, laminate, and vinyl flooring are documented. Heating is provided by a forced-air oil system, with public water and public sewer serving the property.
The 0.06-acre parcel is located at 131 Second Street in Bangor, directly across from Second Street Park and near downtown Bangor. The property is zoned URD-2 and includes four bathrooms, supporting the existing four-unit configuration.
The 0.06-acre parcel is located at 131 Second Street in Bangor, directly across from Second Street Park and near downtown Bangor. The property is zoned URD-2 and includes four bathrooms, supporting the existing four-unit configuration.
Key Highlights
- Four‑unit property with three one‑bedroom units and one three‑bedroom unit
- 2,056‑square‑foot building on a 0.06‑acre parcel
- Colonial‑style construction dating to 1900
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
$18,842
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
4.89%
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%
$376,840
$376.8K
Cap Rate 7%
$269,171
$269.2K
Cap Rate 9%
$209,356
$209.4K
Market Conditions
NOI Build-Up for 2,056 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
$28.4K $13.80/SF
− Vacancy
−$1.5K −$0.71/SF
EGI
$26.9K $13.09/SF
− OpEx
−$8.1K −$3.93/SF
NOI
$18.8K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$376,840
Cap Rate 7%
$269,171
Cap Rate 9%
$209,356
Alternative Uses
Best Use
Multifamily LT 5
$269.2K
$235.5K – $314.0K
NOI $18,842 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$247.6K
$216.6K – $288.8K
NOI $17,330 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$664.0K
$581.0K – $774.7K
NOI $46,482 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,378
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with varied unit layouts, off-street parking, and a deck near downtown Bangor.
Where is this quadplex located?
The property is located at 131 Second Street Bangor, ME.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four‑unit property with three one‑bedroom units and one three‑bedroom unit; 2,056‑square‑foot building on a 0.06‑acre parcel; Colonial‑style construction dating to 1900
