Two-Unit Duplex with Private
For Sale
$279,000
15 Grant Street, Bangor, ME 04401
Well-maintained duplex with separate laundry access, off-street parking, and character finishes in Bangor’s Little City neighborhood.
Property Size1,628 SF
Price / SF$171.38
Days on Market67
Property Features for 15 Grant Street
General Information
Standard status
Active
Size
1,628 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Realty of Maine
Listed By:
Evelyn Conrad
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 24
Changed: Aug 28
Last Checked: Aug 29 at 10:30AM
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 well-maintained duplex, built in 1900, contains 1,628 square feet and offers two distinct residential units. Unit 1 includes 3–4 bedrooms, 2 full baths, spacious rooms, and an in-unit washer and dryer. Unit 2 provides a 1-bedroom layout with additional laundry access in the basement. Each unit has its own private porch, and off-street parking is included.
Character details include tin ceilings and hardwood floors. Natural gas heat and heat pumps serve the property. The duplex is located in Bangor’s Little City neighborhood with access to Husson University, St. Joseph Hospital, Northern Light Eastern Maine Medical Center, shopping, dining, and downtown Bangor.
Character details include tin ceilings and hardwood floors. Natural gas heat and heat pumps serve the property. The duplex is located in Bangor’s Little City neighborhood with access to Husson University, St. Joseph Hospital, Northern Light Eastern Maine Medical Center, shopping, dining, and downtown Bangor.
Key Highlights
- Two‑unit duplex with 1,628 square feet, built in 1900
- Unit 1 offers 3–4 bedrooms, 2 full baths, spacious rooms, and in‑unit laundry
- Unit 2 features a 1‑bedroom layout with additional basement laundry 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
$14,920
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
5.35%
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%
$298,400
$298.4K
Cap Rate 7%
$213,143
$213.1K
Cap Rate 9%
$165,778
$165.8K
Market Conditions
NOI Build-Up for 1,628 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
$22.5K $13.80/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$21.3K $13.09/SF
− OpEx
−$6.4K −$3.93/SF
NOI
$14.9K $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%
$298,400
Cap Rate 7%
$213,143
Cap Rate 9%
$165,778
Alternative Uses
Best Use
Multifamily LT 5
$213.1K
$186.5K – $248.7K
NOI $14,920 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$196.0K
$171.5K – $228.7K
NOI $13,722 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$525.8K
$460.1K – $613.4K
NOI $36,806 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
788
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?
Duplex - Well-maintained duplex with separate laundry access, off-street parking, and character finishes in Bangor’s Little City neighborhood.
Where is this duplex located?
The property is located at 15 Grant Street Bangor, ME.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,628 square feet, built in 1900; Unit 1 offers 3–4 bedrooms, 2 full baths, spacious rooms, and in‑unit laundry; Unit 2 features a 1‑bedroom layout with additional basement laundry access
