Updated Duplex with
249 Palm Street #1&2, Bangor, ME 04401
For Sale
$279,000
Two separately configured apartments provide options for rental use or extended-family living.
Property Size1,354 SF
Price / SF$206.06
Days on Market197
Property Features for 249 Palm Street #1&2
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
garage
air conditioning
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Elevate Maine Realty
(207) 331-4565
Listed By:
Kristen Roy
(207) 671-8149
Source:
Amerorealty
Added: Apr 27
Changed: Nov 7
Last Checked: Nov 8 at 9:25PM
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 Elevate Maine Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,354-square-foot duplex, built in 1920, contains two apartments. The first-floor unit has two bedrooms, one bathroom, recent updates, and a new natural gas heating system. Upstairs, the one-bedroom, one-bathroom apartment features an updated kitchen, heat pump heating, and air conditioning. A garage and backyard add to the property’s physical features, along with indoor and outdoor living areas.
The property is on Palm Street in Bangor, within walking distance of a local park and close to hospitals, shopping, downtown Bangor, and the interstate. URD-1 zoning is reported for the property.
The property is on Palm Street in Bangor, within walking distance of a local park and close to hospitals, shopping, downtown Bangor, and the interstate. URD-1 zoning is reported for the property.
Key Highlights
- Two units: first floor has 2 bedrooms and 1 bathroom; second floor has 1 bedroom and 1 bathroom
- 1,354 square feet; built in 1920
- Second‑floor unit has an updated kitchen, heat pump heating, and air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,409
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$248,180
$248.2K
Cap Rate 7%
$177,271
$177.3K
Cap Rate 9%
$137,878
$137.9K
Market Conditions
NOI Build-Up for 1,354 SF
Gross rent
$18.7K $13.80/SF
− Vacancy
−$959 −$0.71/SF
EGI
$17.7K $13.09/SF
− OpEx
−$5.3K −$3.93/SF
NOI
$12.4K $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 Rate 5%
$248,180
Cap Rate 7%
$177,271
Cap Rate 9%
$137,878
Alternative Uses
Best Use
Multifamily LT 5
$177.3K
$155.1K – $206.8K
NOI $12,409 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$163.0K
$142.7K – $190.2K
NOI $11,413 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$437.3K
$382.6K – $510.2K
NOI $30,611 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
856
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
$229,600
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Penobscot County, ME
Properties on Market for Duplexes in Penobscot County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured apartments provide options for rental use or extended-family living.
Where is this duplex located?
The property is located at 249 Palm Street #1&2 Bangor, ME.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two units: first floor has 2 bedrooms and 1 bathroom; second floor has 1 bedroom and 1 bathroom; 1,354 square feet; built in 1920; Second‑floor unit has an updated kitchen, heat pump heating, and air conditioning
