Historic Mixed-Use
For Sale
$595,000
293 State St, Bangor, ME 04401
Flexible live-work property with office suites, updated systems, and dedicated paved parking in a professional corridor.
Property Size3,584 SF
Price / SF$166.02
Days on Market23
Property Features for 293 State St
General Information
Standard status
Active
Size
3,584 SF
Amenities
hardwood floors
gas fireplaces
modern kitchen
private offices
legal suites
workstations
basement office with separate entrance
gas furnace
heat pumps
exterior cameras
heated steps
off-street parking
Building Details
Year Built
1913
Buildings
1
Stories
3
Construction
Queen Anne Victorian
Listing Agency:
Realty of Maine
(207) 949-3060
Listed By:
Patricia Largay
Source:
Lawanaandcompany
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 8:22PM
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 Realty of Maine
Investment Insights
Based on property information with market context.
Built in 1913, this 3,584-square-foot Queen Anne Victorian offers a distinctive mixed-use configuration across four finished floors. The property includes 12 +/- private offices, separate legal suites, administrative areas, four custom built-in workstations, a modern kitchen, and three baths. Hardwood floors, hand-carved wood mantels, and two gas fireplaces retain the building’s historic character, while a gas furnace and eight heat pumps provide updated mechanical systems.
A finished basement office has its own entrance to the dedicated paved parking area, supporting client access and off-street parking. Exterior cameras and heated front and rear concrete steps add practical features for daily operations. Located at 293 State St in Bangor, the property sits along the State Street professional and medical corridor and supports residential, commercial, or hybrid live-work use.
A finished basement office has its own entrance to the dedicated paved parking area, supporting client access and off-street parking. Exterior cameras and heated front and rear concrete steps add practical features for daily operations. Located at 293 State St in Bangor, the property sits along the State Street professional and medical corridor and supports residential, commercial, or hybrid live-work use.
Key Highlights
- 3,584 SF Queen Anne Victorian built in 1913
- 12 +/- private offices with separate legal suites
- Four finished floors with three baths and a modern kitchen
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
$50,664
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
8.51%
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%
$1,013,280
$1.0M
Cap Rate 7%
$723,771
$723.8K
Cap Rate 9%
$562,933
$562.9K
Market Conditions
NOI Build-Up for 3,584 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
$77.4K $21.60/SF
− Vacancy
−$9.9K −$2.75/SF
EGI
$67.6K $18.85/SF
− OpEx
−$16.9K −$4.71/SF
NOI
$50.7K $14.14/SF
Area
Penobscot County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,013,280
Cap Rate 7%
$723,771
Cap Rate 9%
$562,933
Alternative Uses
Best Use
Office B
$723.8K
$633.3K – $844.4K
NOI $50,664 @ 7.0% cap · market cap 8.51%
Second Best
Mixed Use
$366.9K
$321.1K – $428.1K
NOI $25,684 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,027 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,377
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible live-work property with office suites, updated systems, and dedicated paved parking in a professional corridor.
Where is this mixed-use property located?
The property is located at 293 State St Bangor, ME.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,584 SF Queen Anne Victorian built in 1913; 12 +/- private offices with separate legal suites; Four finished floors with three baths and a modern kitchen
