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    Adaptive Reuse Senior Housing Building Title is generated by Realmo AI

    28 Merchants Plaza, Bangor, ME 04401

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    Historic downtown space repurposed for apartments, elderly housing, assisted living, and museum use.

    Type:Retail, Multifamily
    Added:
    May 30, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 6 at 3:34 am

    Property Features for 28 Merchants Plaza

    General Information

    Standard status
    Active
    Property subtype
    Retail, Multifamily

    We can help!

    Listing Contact
    Tim Millett

    Listing agent Tim Millett License #ME

    Listing office Porta & Co

    Listing date May 30, 2026

    Source Crexi

    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 Porta & Co

    HighLights

    • Adaptive reuse of historic downtown Freese’s Department Store originally founded in 1892
    • Mixed‑use redevelopment includes 10 market‑rate apartments, 34 elderly housing units, and 39 assisted living units
    • Includes space occupied by the Maine Discovery Museum as a cultural/community use
    • Redeveloped after years of partial vacancy to add commercial space along with residential and senior‑focused housing
    • Freese’s closed in 1985; building later transformed into a downtown mixed‑use asset

    Overview

    Originally founded in 1892, Freese’s Department Store was later transformed through adaptive reuse into a mixed-use downtown property. The redevelopment now includes 10 market-rate apartments, 34 elderly housing units, and 39 assisted living units. The building also features space for the Maine Discovery Museum, supporting a combined residential and community-serving use within the same structure.

    Freese’s became a prominent retail anchor in downtown Bangor along Main Street, and the property remains positioned as a downtown presence following retail closure in 1985. The current tenant mix reflects that continued emphasis on housing and public-facing community uses within the historic building.

    This configuration can be attractive to operators and investors looking for a built-in blend of market-rate residential living, dedicated elderly housing, and assisted living within a single adaptive-reuse asset. The inclusion of museum space further diversifies the building’s day-to-day activity and complements the property’s senior-focused housing program with a cultural component.
    Location Intelligence

    Current Use by Public Records

    Freese's Building Apartments Retirement Community

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bangor
    County
    Penobscot
    State
    Maine
    Longitude
    -68.7713148
    Latitude
    44.7999483

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    FAQs

    What type of property is this?
    Apartment building - Historic downtown space repurposed for apartments, elderly housing, assisted living, and museum use.
    Where is this apartment building located?
    The property is located at 28 Merchants Plaza Bangor, ME.
    What is the asking price?
    The asking price for this property is $8,600,000.
    What are key features of this property?
    This property features: Adaptive reuse of historic downtown Freese’s Department Store originally founded in 1892; Mixed‑use redevelopment includes 10 market‑rate apartments, 34 elderly housing units, and 39 assisted living units; Includes space occupied by the Maine Discovery Museum as a cultural/community use
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tim Millett
    Real Estate License ID: ME
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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