22-Unit Apartment
145 Union St & 62 High St, Bangor, ME 04401
For Sale
$1,495,000
Two buildings in Bangor feature a natural gas direct-vent furnace and replacement vinyl windows.
Property Size8,682 SF
Price / SF$172.20
Days on Market825
Property Features for 145 Union St & 62 High St
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Berkshire Hathaway HomeServices Northeast Real Estate
(207) 942-8261
Listed By:
Emily Ellis · License ME SP40986
(207) 852-7691
Source:
Integrityhomesrealestategroup
Added: Aug 9, 2024
Changed: Nov 11
Last Checked: Nov 11 at 2:10AM
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 Berkshire Hathaway HomeServices Northeast Real Estate
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Investment Insights
Based on property information with market context.
This Bangor apartment property comprises two buildings with 22 units and a combined 8,682 square feet. Built in 1895, the buildings have replacement vinyl windows and a newly installed natural gas direct-vent furnace. The property is zoned M&SD and is located at 145 Union St and 62 High St.
Key Highlights
- 22 units across two apartment buildings
- 8,682 square feet combined
- New natural gas direct‑vent furnace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,179
Cap Rate
4.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,463,580
$1.5M
Cap Rate 7%
$1,045,414
$1.0M
Cap Rate 9%
$813,100
$813.1K
Market Conditions
NOI Build-Up for 8,682 SF
Gross rent
$140.6K $16.20/SF
− Vacancy
−$7.6K −$0.87/SF
EGI
$133.1K $15.33/SF
− OpEx
−$59.9K −$6.90/SF
NOI
$73.2K $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 Rate 5%
$1,463,580
Cap Rate 7%
$1,045,414
Cap Rate 9%
$813,100
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$914.7K – $1.22M
NOI $73,179 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,283 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
2,106
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
$229,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Bangor, ME
Properties on Market for Apartment buildings in Bangor
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings in Bangor feature a natural gas direct-vent furnace and replacement vinyl windows.
Where is this apartment building located?
The property is located at 145 Union St & 62 High St Bangor, ME.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 22 units across two apartment buildings; 8,682 square feet combined; New natural gas direct‑vent furnace
