Historic Live-Work
For Sale
$595,000
293 State Street, Bangor, ME 04401
Flexible interior includes private offices, legal suites, a kitchen, and a separately accessed finished basement office.
Property Size3,584 SF
Days on Market46
Property Features for 293 State Street
General Information
Standard status
Active
Size
3,584 SF
Property subtype
Commercial
Zoning
Mixed
Taxes and HOA fees
Annual Taxes
$5,239
Building Details
Building Size
3,584 SF
Year Built
1913
Stories
3
Listing Agency:
Realty of Maine
(207) 949-3060
Listed By:
Patricia Largay
(207) 949-3060
Source:
Startpoint
Added: Jul 7
Changed: Aug 17
Last Checked: Aug 20 at 2:44PM
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.
This 1913 Queen Anne Victorian provides a distinctive live-work setting across three stories and four finished floors. The interior combines original hardwood floors and two gas fireplaces with updated workplace infrastructure, including 12 +/- private offices, legal suites, administrative areas, four custom built-in workstations, a modern kitchen, and three baths. A finished basement office has its own exterior entry from the paved parking area.
Mixed zoning and the building’s configuration accommodate residential, commercial, or hybrid use. Building systems include a gas furnace, eight heat pumps, exterior security cameras, and heated front and rear concrete steps. The property is located at 293 State Street in Bangor, within a professional and medical corridor along State Street.
Mixed zoning and the building’s configuration accommodate residential, commercial, or hybrid use. Building systems include a gas furnace, eight heat pumps, exterior security cameras, and heated front and rear concrete steps. The property is located at 293 State Street in Bangor, within a professional and medical corridor along State Street.
Key Highlights
- 1913 Queen Anne Victorian with three stories and four finished floors
- 12 +/- private offices, legal suites, administrative areas, and four custom built‑in workstations
- Finished basement office with separate entry from the paved on‑site parking area
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
2,181
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?
Live-work space - Flexible interior includes private offices, legal suites, a kitchen, and a separately accessed finished basement office.
Where is this live-work space located?
The property is located at 293 State Street 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: 1913 Queen Anne Victorian with three stories and four finished floors; 12 +/- private offices, legal suites, administrative areas, and four custom built‑in workstations; Finished basement office with separate entry from the paved on‑site parking area
