Historic Five-Unit Mixed-Use
For Sale
$649,900
77 Broadway, Bangor, ME 04401
Includes a commercial office suite, four apartments, and a separate parcel providing additional parking.
Property Size6,030 SF
Price / SF$107.78
Days on Market30
Property Features for 77 Broadway
General Information
Standard status
Active
Size
6,030 SF
Building Details
Year Built
1834
Listing Agency:
Realty of Maine
(207) 536-8528
Listed By:
Kortnie Mullins, Renee Hudgens Kortnie Mullins
Source:
603luxury
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 29 at 12:33PM
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 Realty of Maine
Investment Insights
Based on property information with market context.
This 6030-square-foot mixed-use property occupies an 1834 brick double house with five total units. The first floor contains a commercial office suite with three offices and an original fireplace. Residential space includes a two-bedroom apartment with hardwood floors, formal dining room, built-in cabinetry, and three fireplaces; a one-bedroom apartment; an efficiency unit; and another one-bedroom apartment. A natural gas boiler installed in 2012 serves the property.
The sale includes a second parcel on Pine Street measuring approximately .11 acres and used for additional parking. The property is located at 77 Broadway in Bangor, within walking distance of downtown Bangor, John Bapst, and nearby shops, dining, and amenities.
The sale includes a second parcel on Pine Street measuring approximately .11 acres and used for additional parking. The property is located at 77 Broadway in Bangor, within walking distance of downtown Bangor, John Bapst, and nearby shops, dining, and amenities.
Key Highlights
- 6030‑square‑foot mixed‑use property in an 1834 brick double house
- Five units: one office suite, two one‑bedroom apartments, one two‑bedroom apartment, and one efficiency
- First‑floor office suite includes three offices and an original fireplace
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
$50,826
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
7.82%
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%
$1,016,520
$1.0M
Cap Rate 7%
$726,086
$726.1K
Cap Rate 9%
$564,733
$564.7K
Market Conditions
NOI Build-Up for 6,030 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
$97.7K $16.20/SF
− Vacancy
−$5.3K −$0.87/SF
EGI
$92.4K $15.33/SF
− OpEx
−$41.6K −$6.90/SF
NOI
$50.8K $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%
$1,016,520
Cap Rate 7%
$726,086
Cap Rate 9%
$564,733
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,241 @ 7.0% cap · market cap 13.12%
Second Best
Apartment 5plus
$726.1K
$635.3K – $847.1K
NOI $50,826 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,326 @ 7.0% cap · market cap 20.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,146
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?
Mixed-use property - Includes a commercial office suite, four apartments, and a separate parcel providing additional parking.
Where is this mixed-use property located?
The property is located at 77 Broadway Bangor, ME.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 6030‑square‑foot mixed‑use property in an 1834 brick double house; Five units: one office suite, two one‑bedroom apartments, one two‑bedroom apartment, and one efficiency; First‑floor office suite includes three offices and an original fireplace
