Historic Office
For Sale
$595,000
293 State Street, Bangor, ME 04401
Queen Anne architecture combines private offices, finished work areas, and dedicated paved parking for professional use.
Property Size3,584 SF
Price / SF$166.02
Days on Market77
Property Features for 293 State Street
General Information
Standard status
Active
Size
3,584 SF
Property subtype
Commercial
Lease Term
[]
Amenities
hardwood floors
custom hand-carved wood mantles
gas fireplaces
modern kitchen
heat pumps
exterior cameras
heated steps
custom built-in workstations
Building Details
Year Built
1913
Buildings
1
Stories
3
Construction
Queen Anne Victorian
Listing Agency:
Realty of Maine
Listed By:
Patricia Largay
(207) 680-3667
Source:
Portsiderealestategroup
Added: Jun 15
Changed: Aug 28
Last Checked: Aug 30 at 5:52PM
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 SF Queen Anne Victorian office property combines preserved architectural character with contemporary business functionality. The three-story building includes hardwood floors, custom hand-carved wood mantels, two gas fireplaces, a modern kitchen, three baths, 12 +/- private offices, legal suites, administrative desk areas, and four custom built-in workstations. Four fully finished floors include a basement office with its own exterior entrance from the on-site paved parking lot.
The property is positioned on State Street in Bangor's professional and medical corridor. Building systems include a gas furnace, eight heat pumps, exterior security cameras, and heated front and rear concrete steps. Its configuration supports office occupancy along with the residential or hybrid live-work uses described for the property.
The property is positioned on State Street in Bangor's professional and medical corridor. Building systems include a gas furnace, eight heat pumps, exterior security cameras, and heated front and rear concrete steps. Its configuration supports office occupancy along with the residential or hybrid live-work uses described for the property.
Key Highlights
- 3,584 SF Queen Anne Victorian office building constructed in 1913
- 12 +/- private offices with distinct legal suites and administrative desk areas
- Four custom built‑in workstations, modern kitchen, and three baths
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?
Office building - Queen Anne architecture combines private offices, finished work areas, and dedicated paved parking for professional use.
Where is this office building 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: 3,584 SF Queen Anne Victorian office building constructed in 1913; 12 +/- private offices with distinct legal suites and administrative desk areas; Four custom built‑in workstations, modern kitchen, and three baths
