Colonial Duplex with Hardwood
New
For Sale
$280,000
23 George Street, Bangor, ME 04401
MULTI_FAMILY - Colonial - Bangor, ME
Property Size1,728 SF
Lot Size0.16 Acres
Price / SF$162.04
Days on Market5
Property Features for 23 George Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Shower
Basement
Full, Unfinished, Dirt Floor
Lot features
Open, Level, Sidewalks, Historic District, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
1,728 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2910
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1846
Number of units
2
Flooring type
Wood, Carpet, Laminate, Vinyl
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Jennifer Herbold
(207) 478-4230
Added: Aug 7
Last Checked: Aug 11 at 8:06PM
MLS# 1659279
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 duplex contains 1,728 square feet across two units and was built in 1846. Each unit includes a bonus room or office, hardwood floors, new windows, and a dedicated electric meter. The first-floor residence has a remodeled kitchen, while the upper unit offers an updated kitchen with vaulted ceilings. A first-floor bedroom, two bathrooms, basement, porch, wood siding, and shingle roofing add to the property’s configuration.
The 0.16-acre property is located at 23 George Street in Bangor, with public water and public sewer service. Heating is provided by oil-fired hot-water baseboard systems, and off-street parking is available. Recent work includes a roof replacement in February 2025, second-floor interior painting in 2025, a new furnace and oil tank in March 2026, and chimney lining in 2026.
The 0.16-acre property is located at 23 George Street in Bangor, with public water and public sewer service. Heating is provided by oil-fired hot-water baseboard systems, and off-street parking is available. Recent work includes a roof replacement in February 2025, second-floor interior painting in 2025, a new furnace and oil tank in March 2026, and chimney lining in 2026.
Key Highlights
- 1,728‑square‑foot duplex on a 0.16‑acre lot
- Two units with separate dedicated electric meters
- Each unit includes a bonus room or office, hardwood floors, and new windows
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
$15,836
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
5.66%
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%
$316,720
$316.7K
Cap Rate 7%
$226,229
$226.2K
Cap Rate 9%
$175,956
$176.0K
Market Conditions
NOI Build-Up for 1,728 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
$23.8K $13.80/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$22.6K $13.09/SF
− OpEx
−$6.8K −$3.93/SF
NOI
$15.8K $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%
$316,720
Cap Rate 7%
$226,229
Cap Rate 9%
$175,956
Alternative Uses
Best Use
Multifamily LT 5
$226.2K
$198.0K – $263.9K
NOI $15,836 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$208.1K
$182.1K – $242.8K
NOI $14,565 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$558.1K
$488.3K – $651.1K
NOI $39,067 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,700
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 - Two-unit residential property with separate electric meters, bonus rooms, and off-street parking.
Where is this duplex located?
The property is located at 23 George Street Bangor, ME.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 1,728‑square‑foot duplex on a 0.16‑acre lot; Two units with separate dedicated electric meters; Each unit includes a bonus room or office, hardwood floors, and new windows
