Duplex with Renovated Lower
For Sale
$259,900
16 Walter Street, Bangor, ME 04401
Multi-Family, Bangor, ME
Property Size2,008 SF
Lot Size0.09 Acres
Price / SF$129.43
Days on Market103
Property Features for 16 Walter Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Patio and Porch features
Deck
Pets allowed
No
Basement
Full, Dirt Floor, Unfinished, Sump Pump
Lot features
Level, Sidewalks, Intown, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
2,008 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3024
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Linoleum, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Richard Kenefic
(207) 299-7695
Added: May 19
Changed: Aug 19
Last Checked: Aug 29 at 6:06PM
MLS# 1662774
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Colonial-style duplex, built in 1900, contains 2,008 square feet on a 0.09-acre lot. The wood-frame building has vinyl siding, hardwood and linoleum flooring, a shingle roof, two bathrooms, and a basement. The lower level has been recently renovated and requires minor finishing work, while the upper level is occupied by a long-term tenant. The property also includes a deck and is served by public water and public sewer.
Located at 16 Walter Street in Bangor, the property is within walking distance of the Waterfront, the Cross Center, and downtown dining. It also sits along a major bus route. Heating is provided by an oil-fired forced-air system, and the property is positioned directly on a natural gas line. Residential zoning supports its existing duplex configuration.
Located at 16 Walter Street in Bangor, the property is within walking distance of the Waterfront, the Cross Center, and downtown dining. It also sits along a major bus route. Heating is provided by an oil-fired forced-air system, and the property is positioned directly on a natural gas line. Residential zoning supports its existing duplex configuration.
Key Highlights
- 2,008‑square‑foot duplex on a 0.09‑acre lot
- Lower level recently renovated with minor finishing work remaining
- Wood‑frame Colonial built in 1900 with vinyl siding and shingle roof
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
$18,402
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
7.08%
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%
$368,040
$368.0K
Cap Rate 7%
$262,886
$262.9K
Cap Rate 9%
$204,467
$204.5K
Market Conditions
NOI Build-Up for 2,008 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
$27.7K $13.80/SF
− Vacancy
−$1.4K −$0.71/SF
EGI
$26.3K $13.09/SF
− OpEx
−$7.9K −$3.93/SF
NOI
$18.4K $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%
$368,040
Cap Rate 7%
$262,886
Cap Rate 9%
$204,467
Alternative Uses
Best Use
Multifamily LT 5
$262.9K
$230.0K – $306.7K
NOI $18,402 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$241.8K
$211.6K – $282.1K
NOI $16,925 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$648.5K
$567.5K – $756.6K
NOI $45,397 @ 7.0% cap · market cap 17.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
893
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Colonial two-unit property with public water, public sewer, and a rear deck in Bangor.
Where is this duplex located?
The property is located at 16 Walter Street Bangor, ME.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 2,008‑square‑foot duplex on a 0.09‑acre lot; Lower level recently renovated with minor finishing work remaining; Wood‑frame Colonial built in 1900 with vinyl siding and shingle roof
