4-Unit Apartment
For Sale
$444,900
284 French St, Bangor, ME 04401
Four one-bedroom residences with varied layouts, private outdoor spaces, and shared coin-operated laundry.
Property Size2,352 SF
Price / SF$189.16
Days on Market8
Property Features for 284 French St
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Amenities
farmer's porch
coin-operated laundry
Building Details
Year Built
1916
Listing Agency:
Realty of Maine
(207) 536-8528
Listed By:
Kortnie Mullins, Renee Hudgens Kortnie Mullins
Source:
Lawanaandcompany
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 11:48AM
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 2,352-square-foot quadplex, built in 1916, contains four one-bedroom apartments. Two residences include mudrooms with custom historical pillars, living rooms with original fireplaces, formal dining rooms, galley kitchens, bathroom suites, and access to a farmer’s porch. The other two apartments feature private decks along with kitchens, living areas, and bedrooms.
A natural gas boiler serves the property, and coin-operated laundry provides an on-site resident amenity. The building is located within walking distance of downtown Bangor, John Bapst High School, and area restaurants, shops, and other amenities. The address is 284 French St, Bangor, ME 04401.
A natural gas boiler serves the property, and coin-operated laundry provides an on-site resident amenity. The building is located within walking distance of downtown Bangor, John Bapst High School, and area restaurants, shops, and other amenities. The address is 284 French St, Bangor, ME 04401.
Key Highlights
- Four one‑bedroom apartments in a 2,352‑square‑foot quadplex
- 1916 construction with original fireplaces in two residences
- Two apartments include mudrooms, formal dining rooms, and farmer’s porch 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
$21,555
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
4.84%
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%
$431,100
$431.1K
Cap Rate 7%
$307,929
$307.9K
Cap Rate 9%
$239,500
$239.5K
Market Conditions
NOI Build-Up for 2,352 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
$32.5K $13.80/SF
− Vacancy
−$1.7K −$0.71/SF
EGI
$30.8K $13.09/SF
− OpEx
−$9.2K −$3.93/SF
NOI
$21.6K $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%
$431,100
Cap Rate 7%
$307,929
Cap Rate 9%
$239,500
Alternative Uses
Best Use
Multifamily LT 5
$307.9K
$269.4K – $359.3K
NOI $21,555 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$283.2K
$247.8K – $330.4K
NOI $19,825 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$759.6K
$664.7K – $886.2K
NOI $53,174 @ 7.0% cap · market cap 11.95%
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
2,122
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 one-bedroom residences with varied layouts, private outdoor spaces, and shared coin-operated laundry.
Where is this quadplex located?
The property is located at 284 French St Bangor, ME.
What is the asking price?
The asking price for this property is $444,900.
What are key features of this property?
This property features: Four one‑bedroom apartments in a 2,352‑square‑foot quadplex; 1916 construction with original fireplaces in two residences; Two apartments include mudrooms, formal dining rooms, and farmer’s porch access
