Renovated Two-Unit
For Sale
$299,900
36 Larkin Street, Bangor, ME 04401
Both units were renovated in 2022 and include on-site laundry and off-street parking.
Property Size2,112 SF
Price / SF$141
Days on Market39
Property Features for 36 Larkin Street
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi-family
Amenities
washer and dryer on site
Building Details
Year Built
1900
Year Renovated
2022
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Northeast Real Estate
Listed By:
Emily Ellis
(603) 866-2942
Source:
Profoundrealestate
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 29 at 11:04AM
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 Berkshire Hathaway HomeServices Northeast Real Estate
Investment Insights
Based on property information with market context.
This two-unit duplex offers 2,112 square feet across a property built in 1900. Both units were renovated in 2022 with modern finishes and comfortable living spaces. The first-floor unit has two bedrooms, while the second-floor unit has three bedrooms. On-site washer and dryer service both units, and a direct-vent furnace installed in 2022 provides updated heating equipment.
Located at 36 Larkin Street in Bangor, the property is just minutes from downtown, shopping, restaurants, the Bangor Waterfront concert venue, and the Cross Insurance Center. A spacious rear parking area provides off-street parking for both units. The configuration supports owner occupancy in one unit while renting the other, or use as a two-unit residential investment property.
Located at 36 Larkin Street in Bangor, the property is just minutes from downtown, shopping, restaurants, the Bangor Waterfront concert venue, and the Cross Insurance Center. A spacious rear parking area provides off-street parking for both units. The configuration supports owner occupancy in one unit while renting the other, or use as a two-unit residential investment property.
Key Highlights
- Two‑unit duplex with 2,112 square feet
- Both units renovated in 2022
- First‑floor unit has two bedrooms; second‑floor unit has three bedrooms
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
$19,355
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
6.45%
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%
$387,100
$387.1K
Cap Rate 7%
$276,500
$276.5K
Cap Rate 9%
$215,056
$215.1K
Market Conditions
NOI Build-Up for 2,112 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
$29.1K $13.80/SF
− Vacancy
−$1.5K −$0.71/SF
EGI
$27.7K $13.09/SF
− OpEx
−$8.3K −$3.93/SF
NOI
$19.4K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$387,100
Cap Rate 7%
$276,500
Cap Rate 9%
$215,056
Alternative Uses
Best Use
Multifamily LT 5
$276.5K
$241.9K – $322.6K
NOI $19,355 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$254.3K
$222.5K – $296.7K
NOI $17,802 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$682.1K
$596.9K – $795.8K
NOI $47,748 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
840
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both units were renovated in 2022 and include on-site laundry and off-street parking.
Where is this duplex located?
The property is located at 36 Larkin Street Bangor, ME.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,112 square feet; Both units renovated in 2022; First‑floor unit has two bedrooms; second‑floor unit has three bedrooms
