Mixed-Use Property with Paved
For Sale
$254,900
44 Center Street, Bangor, ME 04401
Three levels, a finishable attic, and on-site parking support a range of residential and small-scale service uses.
Property Size2,630 SF
Price / SF$96.92
Days on Market689
Property Features for 44 Center Street
General Information
Standard status
Active
Size
2,630 SF
Total Parking Spaces
9
Property subtype
Commercial
Zoning
URD-2
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,817
Building Details
Building Size
2,630 SF
Year Built
1912
Stories
3
Listing Agency:
NextHome Experience
(207) 573-7400
Listed By:
Lisa Caron · License #BR924778,PersonLicenseNumber
(207) 745-5568
Source:
Patryfamilyrealty
Added: Dec 12, 2024
Changed: Oct 31
Last Checked: Oct 31 at 3:07AM
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 NextHome Experience
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Investment Insights
Based on property information with market context.
This 2,630-square-foot, three-level mixed-use property was built in 1912. The first floor has a full bathroom, and the second floor has a half bath. An 18' x 26' attic with pine flooring offers additional space for finishing. Flooring includes hardwood and vinyl on the first and second levels, with carpet upstairs. The paved parking area was completed in 2022 and accommodates at least nine vehicles.
The property is on a city bus route and near shopping, downtown, restaurants, and pubs. The airport is 10 minutes away, and hospitals are five minutes away. Improvements include roof shingles and a boiler installed in 2015, foundation work and basement asbestos removal in 2020, and baseboard heat added to the first-floor bathroom in 2023.
URD-2 zoning permits residential units 1–4, small day care, home occupations or professions, community living arrangements, minor essential service facilities, and hosted or non-hosted short-term rentals, along with qualifying accessory uses. Other options require planning board approval; conditional uses are subject to the zoning provisions.
The property is on a city bus route and near shopping, downtown, restaurants, and pubs. The airport is 10 minutes away, and hospitals are five minutes away. Improvements include roof shingles and a boiler installed in 2015, foundation work and basement asbestos removal in 2020, and baseboard heat added to the first-floor bathroom in 2023.
URD-2 zoning permits residential units 1–4, small day care, home occupations or professions, community living arrangements, minor essential service facilities, and hosted or non-hosted short-term rentals, along with qualifying accessory uses. Other options require planning board approval; conditional uses are subject to the zoning provisions.
Key Highlights
- 2,630‑square‑foot building on three levels; built in 1912
- URD‑2 zoning includes residential units 1–4, day care, home occupations, community living arrangements, and short‑term rentals, subject to applicable approvals
- 18' x 26' attic with pine flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,168
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$443,360
$443.4K
Cap Rate 7%
$316,686
$316.7K
Cap Rate 9%
$246,311
$246.3K
Market Conditions
NOI Build-Up for 2,630 SF
Gross rent
$42.6K $16.20/SF
− Vacancy
−$2.3K −$0.87/SF
EGI
$40.3K $15.33/SF
− OpEx
−$18.1K −$6.90/SF
NOI
$22.2K $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%
$443,360
Cap Rate 7%
$316,686
Cap Rate 9%
$246,311
Alternative Uses
Best Use
Apartment 5plus
$316.7K
$277.1K – $369.5K
NOI $22,168 @ 7.0% cap · market cap 8.70%
Second Best
Mixed Use
$269.2K
$235.6K – $314.1K
NOI $18,847 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$849.4K
$743.2K – $991.0K
NOI $59,459 @ 7.0% cap · market cap 23.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,122
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?
Mixed-use property - Three levels, a finishable attic, and on-site parking support a range of residential and small-scale service uses.
Where is this mixed-use property located?
The property is located at 44 Center Street Bangor, ME.
What is the asking price?
The asking price for this property is $254,900.
What are key features of this property?
This property features: 2,630‑square‑foot building on three levels; built in 1912; URD‑2 zoning includes residential units 1–4, day care, home occupations, community living arrangements, and short‑term rentals, subject to applicable approvals; 18' x 26' attic with pine flooring
