Adaptive Reuse Senior Housing
For Sale
Contact for pricing
28 Merchants Plaza, Bangor, ME 04401
Historic downtown space repurposed for apartments, elderly housing, assisted living, and museum use.
Property SizeContact for details
Days on Market102
Property Features for 28 Merchants Plaza
General Information
Standard status
Active
Property subtype
Retail, Multifamily
Additional Details
Multifamily Units
83
Building Details
Year Built
1900
Year Renovated
1997
Buildings
7
Stories
10
Units
105
Tenancy
Multi
Listing Agency:
Porta & Co
Listed By:
Tim Millett · License #ME
(207) 754-6332
Source:
Crexi
Added: May 30
Changed: Sep 2
Last Checked: Sep 8 at 5:55AM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
Property Analytics
Property Profile
Current Use
Lease Details
83
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,285
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
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Frequently Asked Questions
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
