Townhouse-Style Apartment
2 Hopes Place, Bradley, ME 04411
For Sale
$1,500,000
Two residential buildings combine rental townhomes with a separate owner residence, workshop, and storage units.
Property Size9,596 SF
Price / SF$156.32
Days on Market872
Property Features for 2 Hopes Place
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
ERA Dawson-Bradford Co.
(207) 947-6788
Listed By:
Marianna Reeves
(207) 299-6363
Source:
Amerorealty
Added: Jun 25, 2024
Changed: Nov 7
Last Checked: Nov 13 at 2:43PM
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 ERA Dawson-Bradford Co.
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Investment Insights
Based on property information with market context.
This 9,596-square-foot apartment property comprises two buildings with seven townhouse units and an owner residence. Each townhouse has two bedrooms, one and a half baths, an eat-in kitchen, and a living room, with sliding doors opening to an outdoor area. The owner residence includes two bedrooms with en-suite baths, a living room, dining room, office or den, and stone patio. A two-car attached garage serves the residence. Each building has a boiler room with laundry; the property also includes a workshop and 16 storage units.
Well and septic serve the buildings. An on-demand generator supports heating, hot water, the well, and septic systems. The property is zoned RES and was built in 1990. Bangor is approximately 15 minutes away, and the University of Maine is 5 miles from the property.
The seven townhouse units are leased annually on September-to-August terms. The owner residence is expected to be vacant at or before closing. Additional units may be possible on the undeveloped land, subject to adequate soils testing and town approval.
Well and septic serve the buildings. An on-demand generator supports heating, hot water, the well, and septic systems. The property is zoned RES and was built in 1990. Bangor is approximately 15 minutes away, and the University of Maine is 5 miles from the property.
The seven townhouse units are leased annually on September-to-August terms. The owner residence is expected to be vacant at or before closing. Additional units may be possible on the undeveloped land, subject to adequate soils testing and town approval.
Key Highlights
- Seven townhouse units across two buildings, plus a separate owner residence
- Each townhouse has 2 bedrooms, 1.5 baths, an eat‑in kitchen, living room, and sliding doors to an outdoor area
- Owner residence includes 2 bedrooms with en‑suite baths, an attached 2‑car garage, and stone patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,883
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,617,660
$1.6M
Cap Rate 7%
$1,155,471
$1.2M
Cap Rate 9%
$898,700
$898.7K
Market Conditions
NOI Build-Up for 9,596 SF
Gross rent
$155.5K $16.20/SF
− Vacancy
−$8.4K −$0.87/SF
EGI
$147.1K $15.33/SF
− OpEx
−$66.2K −$6.90/SF
NOI
$80.9K $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%
$1,617,660
Cap Rate 7%
$1,155,471
Cap Rate 9%
$898,700
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $80,883 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.10M
$2.71M – $3.62M
NOI $216,946 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
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Business Placement
Demographics for 04411, ME
1,532
Population
687
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
95%
High-School Grad
49.5 sq mi
ZIP Area
31
Density / Sq Mi
$68,929
Median Household Income
$40,685
Median Earnings
$1,069
Median Rent
$190,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Penobscot County, ME
Properties on Market for Apartment buildings in Penobscot County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two residential buildings combine rental townhomes with a separate owner residence, workshop, and storage units.
Where is this apartment building located?
The property is located at 2 Hopes Place Bradley, ME.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Seven townhouse units across two buildings, plus a separate owner residence; Each townhouse has 2 bedrooms, 1.5 baths, an eat‑in kitchen, living room, and sliding doors to an outdoor area; Owner residence includes 2 bedrooms with en‑suite baths, an attached 2‑car garage, and stone patio
