Passive Solar Office/Medical
For Sale
Contact for pricing
1570 Broadway, Bangor, ME 04401
Unique office/medical building with passive solar design and versatile floorplan.
Property Size6,170 SF
Lot Size1.83 Acres
Price / SF$137.76
Days on Market409
Property Features for 1570 Broadway
General Information
Standard status
Active
Size
6,170 SF
Class
A
Total Parking Spaces
40
Lot size
1.83 Acres
Property subtype
Office, Special Purpose
Zoning
Contract Zone: GSID
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1979
Buildings
1
Stories
2
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Northeast Real Estate Bangor
(207) 944-6430
Listed By:
Jan Currier · License #ME BR210618
Source:
Crexi
Added: Jun 30, 2025
Changed: Aug 8
Last Checked: Aug 11 at 6:33AM
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 Bangor
Investment Insights
Based on property information with market context.
This remarkable office/medical building features a passive solar envelope design for efficient heating throughout the year. The structure incorporates outer north and south walls, a ground floor, and a roof engineered to allow free airflow between them and the interior walls. The design also enables the building to utilize excess British Thermal Units (BTUs) from the solar system for heating via ducts running from the roof peak to the rear wall. Backup heating and cooling systems include heat pumps and a propane fireplace located in the great room. The versatile floor plan includes bathrooms on both floors, large open conference areas, numerous individual office suites on both levels, and two second-floor fire escapes. Ample storage space is available throughout the building. The property is conveniently situated at the edge of Bangor's retail and shopping development, offering two entrances/exits and over 40 parking spaces. It is currently zoned G&ISD, with the Shopping & Personal Services District located across the street on Broadway, potentially allowing the Planning Board to consider additional business opportunities to serve the greater Bangor community. The building size is approximately 6,510 square feet, with approximately 4,578 square feet on the first floor and 1,932 square feet on the second floor, according to city records. The lot size is 1.83 acres and is contract zoned for G&ISD (Map/Lot: R31-14). Two additional lots, Map/Lot R31-14C & 14D, each with approximately 1.96 acres and zoned RRA, can be added to the purchase of the building on Lot 14, bringing the approximate total acreage owned to 5.75 acres.
Key Highlights
- Unique passive solar envelope design for efficient, clean heating.
- Convenient location near Bangor's retail area with high parking capacity (40+ spaces) and two entrances/exits.
- Versatile floor plan with multiple office suites, conference areas, and bathrooms on both floors.
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
$71,540
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
8.42%
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%
$1,430,800
$1.4M
Cap Rate 7%
$1,022,000
$1.0M
Cap Rate 9%
$794,889
$794.9K
Market Conditions
NOI Build-Up for 6,170 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
$135.5K $21.96/SF
− Vacancy
−$16.3K −$2.64/SF
EGI
$119.2K $19.32/SF
− OpEx
−$47.7K −$7.73/SF
NOI
$71.5K $11.59/SF
Area
Penobscot County, ME
Vacancy
12.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$1,430,800
Cap Rate 7%
$1,022,000
Cap Rate 9%
$794,889
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.45M
NOI $87,220 @ 7.0% cap · market cap 10.26%
Second Best
Healthcare Medical
$1.02M
$894.3K – $1.19M
NOI $71,540 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,491 @ 7.0% cap · market cap 16.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
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 building - Unique office/medical building with passive solar design and versatile floorplan.
Where is this office building located?
The property is located at 1570 Broadway Bangor, ME.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Unique passive solar envelope design for efficient, clean heating.; Convenient location near Bangor's retail area with high parking capacity (40+ spaces) and two entrances/exits.; Versatile floor plan with multiple office suites, conference areas, and bathrooms on both floors.
