28 Merchants Plaza Bangor, ME 04401

Listing agency Porta & Co

Listed by Tim Millett · License #ME

Source Crexi

Added: May 30 Updated: Jul 10 at 1:51PM Checked: Jul 19 at 9:18AM

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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.

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

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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