Office Condo With Private
For Sale
$169,900
115 Franklin Street #4th Floor, Bangor, ME 04401
Updated fourth-floor office condo with dedicated elevator access, a conference room, private bathroom, and flexible workspace configuration.
Property Size2,060 SF
Days on Market612
Property Features for 115 Franklin Street #4th Floor
General Information
Standard status
Active
Size
2,060 SF
Elevators
Yes
Property subtype
Commercial
Zoning
Com
Additional Details
Floor
4
Taxes and HOA fees
Annual Taxes
$3,738
Amenities
private bathroom with shower
basement storage
Building Details
Building Size
2,060 SF
Year Built
1983
Listing Agency:
EXP Realty
(207) 949-2425
Listed By:
Corey Dunn
(207) 949-2425
Source:
Startpoint
Added: Dec 17, 2024
Changed: Aug 19
Last Checked: Aug 20 at 1:12PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This updated fourth-floor office condominium provides more than 2,000 square feet of organized professional space. The layout includes seven private offices, a large conference room, a reception area, and two additional workstations. As the only unit on the floor, it offers a private operating environment with direct elevator access. A private bathroom with shower and approximately 150 square feet of basement storage add practical support space.
The property is located at 115 Franklin Street in downtown Bangor, across from a large municipal parking lot and near free street parking. Dining, shopping, municipal buildings, and the library are within steps of the office. The property is offered for sale and may support conversion to residential condominiums under the mixed-use designation referenced in the property information.
The property is located at 115 Franklin Street in downtown Bangor, across from a large municipal parking lot and near free street parking. Dining, shopping, municipal buildings, and the library are within steps of the office. The property is offered for sale and may support conversion to residential condominiums under the mixed-use designation referenced in the property information.
Key Highlights
- More than 2,000 square feet of office space on the fourth floor
- Seven private offices plus a large conference room
- Only unit on the floor with direct elevator access
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
$14,762
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
8.69%
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%
$295,240
$295.2K
Cap Rate 7%
$210,886
$210.9K
Cap Rate 9%
$164,022
$164.0K
Market Conditions
NOI Build-Up for 2,060 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
$26.0K $12.60/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$23.6K $11.47/SF
− OpEx
−$8.9K −$4.30/SF
NOI
$14.8K $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 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%
$295,240
Cap Rate 7%
$210,886
Cap Rate 9%
$164,022
Alternative Uses
Best Use
Office B
$416.0K
$364.0K – $485.3K
NOI $29,120 @ 7.0% cap · market cap 17.14%
Second Best
Mixed Use
$210.9K
$184.5K – $246.0K
NOI $14,762 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$665.3K
$582.2K – $776.2K
NOI $46,572 @ 7.0% cap · market cap 27.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated fourth-floor office condo with dedicated elevator access, a conference room, private bathroom, and flexible workspace configuration.
Where is this office units located?
The property is located at 115 Franklin Street #4th Floor Bangor, ME.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: More than 2,000 square feet of office space on the fourth floor; Seven private offices plus a large conference room; Only unit on the floor with direct elevator access
