Building Details

Year Built 1897

Listing Agency: CENTURY 21 Queen City Real Estate

Listed By: Adam King Show Phone

Source: Compass

Added: Aug 5, 2025 Changed: Oct 15 Last Checked: Oct 16 at 11:03AM

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Investment Insights

Based on property information with market context.

Built in 1897, this 3,852-square-foot apartment building contains a nine-room boarding-house layout along with two private efficiencies. The furnished rooms use shared kitchen and bathroom facilities, while each efficiency includes its own bath and kitchenette. Furnishings convey with the property, and the existing tenancy structure is month to month. Interior features include heat pump and baseboard heating, plus a bulkhead. Exterior materials include shingle, vinyl siding, and aluminum siding over a wood-frame structure. The property is zoned 15 Multi Fam & Serv and has annual inspections in place. Located at 40 2nd Street in Bangor, the property is near downtown, hospitals, public transportation, and major commuter routes.

Key Highlights

• 3,852‑square‑foot building constructed in 1897
• Nine furnished rooms plus 2 private efficiencies
• Efficiencies include private baths and kitchenettes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,468

Cap Rate

5.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$649,360 $649.4K

Cap Rate 7%

$463,829 $463.8K

Cap Rate 9%

$360,756 $360.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,852 SF

Gross rent

$62.4K $16.20/SF

− Vacancy

−$3.4K −$0.87/SF

EGI

$59.0K $15.33/SF

− OpEx

−$26.6K −$6.90/SF

NOI

$32.5K $8.43/SF

Area

Penobscot County, ME

Vacancy

5.40%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$649,360

Cap Rate 7%

$463,829

Cap Rate 9%

$360,756

Alternative Uses

Best Use

Apartment 5plus

$463.8K

$405.9K – $541.1K (±1% cap)

NOI $32,468 @ 7.0% cap · market cap 5.90%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,086 @ 7.0% cap · market cap 15.83%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Garden Center Locksmith (Bike/Boat/Book/etc) Store Cosmetic Store Catering Service Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,807

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Historic income property offering furnished rooms, private efficiencies, shared amenities, and flexible month-to-month tenancy.

Where is this apartment building located?

The property is located at 40 2nd Street Bangor, ME.

What is the asking price?

The asking price for this property is $549,999.

What are key features of this property?

This property features: 3,852‑square‑foot building constructed in 1897; Nine furnished rooms plus 2 private efficiencies; Efficiencies include private baths and kitchenettes