3-Unit Colonial
42 Spring Street, Bangor, ME 04401
For Sale
New
$350,000
Multi-Family, Bangor, ME
Property Size2,760 SF
Lot Size0.20 Acres
Price / SF$126.81
Days on Market1
Property Features for 42 Spring Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Basement
Lot features
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group · Better Homes and Gardens Real Estate
Listed By:
Earl Black
(207) 942-6711
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 1687696
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.
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Investment Insights
Based on property information with market context.
This 3-unit Colonial triplex contains 2,760 square feet on a 0.2-acre lot. Built in 1900, the wood-frame building has vinyl siding, a shingle roof, and a porch. Interior finishes include engineered flooring, linoleum, and carpet; heating is forced air with natural gas. Public water and sewer serve the property, which is zoned URD2.
The property is within walking distance of the Post Office and downtown Bangor.
The property is within walking distance of the Post Office and downtown Bangor.
Key Highlights
- Three units in a 2,760‑square‑foot building
- 0.2‑acre lot zoned URD2
- Built in 1900; Colonial style with wood‑frame construction and vinyl siding
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,294
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$505,880
$505.9K
Cap Rate 7%
$361,343
$361.3K
Cap Rate 9%
$281,044
$281.0K
Market Conditions
NOI Build-Up for 2,760 SF
Gross rent
$38.1K $13.80/SF
− Vacancy
−$2.0K −$0.71/SF
EGI
$36.1K $13.09/SF
− OpEx
−$10.8K −$3.93/SF
NOI
$25.3K $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 Rate 5%
$505,880
Cap Rate 7%
$361,343
Cap Rate 9%
$281,044
Alternative Uses
Best Use
Multifamily LT 5
$361.3K
$316.2K – $421.6K
NOI $25,294 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$332.3K
$290.8K – $387.7K
NOI $23,264 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$891.4K
$780.0K – $1.04M
NOI $62,398 @ 7.0% cap · market cap 17.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,986
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - A porch and public water and sewer serve this Bangor multifamily property.
Where is this triplex located?
The property is located at 42 Spring Street Bangor, ME.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three units in a 2,760‑square‑foot building; 0.2‑acre lot zoned URD2; Built in 1900; Colonial style with wood‑frame construction and vinyl siding
