9-Room Apartment Building with
For Sale
$549,999
40 2nd Street, Bangor, ME 04401
Commercial Sale, Bangor, ME
Property Size3,852 SF
Lot Size0.12 Acres
Price / SF$142.78
Days on Market201
Property Features for 40 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
15 Multi Fam & Serv
Rooms
Basement
Parking features
On Street
Lot features
Near Turnpike/ Interstate, Near Airport, Downtown, Business District, Bus Line, Historic District, Near Shopping, Retail Strip
Standard status
Active
Size
3,852 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3122
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Heat Pump (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1897
Flooring type
Hardwood
Building materials
Wood Frame, Aluminum Siding, Vinyl Siding
Roof type
Shingle
Listing Agency:
CENTURY 21 Queen City Real Estate · Century 21 Real Estate
(207) 942-4618
Listed By:
Adam King
(207) 385-6850
Added: Mar 31
Changed: Oct 8
Last Checked: Oct 17 at 9:06AM
MLS# 1651834
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,852-square-foot multifamily property includes a 9-room boarding house with three furnished rooms on each floor. Residents share kitchen and bath facilities, while two private efficiencies add individual bathrooms and kitchenettes. Furnishings convey with the property, and the month-to-month tenancy structure supports flexible occupancy arrangements. Annual inspections are in place.
Constructed in 1897 on a 0.12-acre parcel, the building has a wood-frame structure with aluminum and vinyl siding, hardwood flooring, a shingle roof, and a basement. Heating is provided by heat pumps, baseboard systems, and natural gas, with heat pump cooling. The property is served by public water and public sewer, with on-street parking.
The location is near downtown Bangor, hospitals, public transportation, and major commuter routes. Zoning is identified as 15 Multi Fam & Serv.
Constructed in 1897 on a 0.12-acre parcel, the building has a wood-frame structure with aluminum and vinyl siding, hardwood flooring, a shingle roof, and a basement. Heating is provided by heat pumps, baseboard systems, and natural gas, with heat pump cooling. The property is served by public water and public sewer, with on-street parking.
The location is near downtown Bangor, hospitals, public transportation, and major commuter routes. Zoning is identified as 15 Multi Fam & Serv.
Key Highlights
- 3,852‑square‑foot multifamily property on a 0.12‑acre parcel
- 9 furnished rooms arranged as three rooms per floor
- 2 private efficiencies with individual 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
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
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
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Furnished rooms and private efficiencies provide distinct shared and self-contained accommodations.
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 multifamily property on a 0.12‑acre parcel; 9 furnished rooms arranged as three rooms per floor; 2 private efficiencies with individual baths and kitchenettes
