Historic Mixed-Use Downtown
For Sale
Contact for pricing
158 Main Street, Bangor, ME 04401
Four-floor mixed-use building includes an established tavern, a dance and ballet studio, and six one-bedroom apartments.
Property Size22,000 SF
Price / SF$122.73
Days on Market51
Property Features for 158 Main Street
General Information
Standard status
Active
Size
22,000 SF
Total Parking Spaces
40
Property subtype
Retail, Mixed Use
Zoning
Downtown Development
Additional Details
Traffic Count
30,000 vehicles/day
Multifamily Units
6
Building Details
Year Built
1900
Stories
4
Tenancy
Multi
Listing Agency:
Century 21 Queen City Real Estate
(207) 355-5333
Listed By:
Ella Ruiz · License #SA928845
Source:
Crexi
Added: Jul 7
Changed: Aug 23
Last Checked: Aug 26 at 7:30AM
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 Century 21 Queen City Real Estate
Investment Insights
Based on property information with market context.
The McGuire Building is a historic four-floor, mixed-use commercial property offered for sale. The building includes the iconic Tavern, a well-established dance and ballet studio, and six one-bedroom apartments. The apartments share two bathrooms and were previously operated as a rooming house.
Located in the heart of downtown Bangor at 158 Main Street, the property benefits from strong visibility and exposure to more than 30,000 vehicles daily. The site is within Bangor’s Downtown Development District.
With multiple income-producing components already in place, the building’s configuration supports a range of continued commercial and residential uses under its existing layout. The property also features prominent downtown landmark presence, including an existing view of the Penobscot River and nearby recognizable visual elements referenced in the remarks.
Located in the heart of downtown Bangor at 158 Main Street, the property benefits from strong visibility and exposure to more than 30,000 vehicles daily. The site is within Bangor’s Downtown Development District.
With multiple income-producing components already in place, the building’s configuration supports a range of continued commercial and residential uses under its existing layout. The property also features prominent downtown landmark presence, including an existing view of the Penobscot River and nearby recognizable visual elements referenced in the remarks.
Key Highlights
- Approx. 22,000 SF four‑floor mixed‑use commercial building at 158 Main Street in downtown Bangor
- Established tavern plus a dance and ballet studio within the building
- Six 1‑bedroom apartments with two shared bathrooms (previously operated as a rooming house)
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
$185,435
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
6.87%
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%
$3,708,700
$3.7M
Cap Rate 7%
$2,649,071
$2.6M
Cap Rate 9%
$2,060,389
$2.1M
Market Conditions
NOI Build-Up for 22,000 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
$356.4K $16.20/SF
− Vacancy
−$19.2K −$0.87/SF
EGI
$337.2K $15.33/SF
− OpEx
−$151.7K −$6.90/SF
NOI
$185.4K $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%
$3,708,700
Cap Rate 7%
$2,649,071
Cap Rate 9%
$2,060,389
Alternative Uses
Best Use
Specialty Retail
$4.28M
$3.75M – $5.00M
NOI $299,701 @ 7.0% cap · market cap 11.10%
Second Best
Apartment 5plus
$2.65M
$2.32M – $3.09M
NOI $185,435 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$7.11M
$6.22M – $8.29M
NOI $497,376 @ 7.0% cap · market cap 18.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,106
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?
Apartment building - Four-floor mixed-use building includes an established tavern, a dance and ballet studio, and six one-bedroom apartments.
Where is this apartment building located?
The property is located at 158 Main Street Bangor, ME.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Approx. 22,000 SF four‑floor mixed‑use commercial building at 158 Main Street in downtown Bangor; Established tavern plus a dance and ballet studio within the building; Six 1‑bedroom apartments with two shared bathrooms (previously operated as a rooming house)
