Historic Triplex with
For Sale
$479,000
473 / 475 Union St, Bangor, ME 04401
Farmhouse-style property with a five-to-seven-bedroom main residence and two furnished one-bedroom apartment spaces.
Property Size3,096 SF
Price / SF$154.72
Days on Market9
Property Features for 473 / 475 Union St
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Amenities
built-in cabinets and bookcases
wood burning stove
deck
backyard
covered storage
Building Details
Year Built
1803
Construction
farmhouse-style
Listing Agency:
(207) 838-5593
Listed By:
Doug Schauf · License #BA917314
(207) 838-5593
Source:
Makemaineyourhome
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 4:28PM
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 Doug Schauf
Investment Insights
Based on property information with market context.
Built in 1803, this farmhouse-style triplex combines a substantial main residence with two furnished apartment spaces. The primary house includes five to seven bedrooms, two full bathrooms, built-in cabinetry and bookcases, an open area for dining or gathering, and a wood-burning stove. A one-bedroom living space is attached to the main house, while a second one-bedroom, one-bath apartment occupies the level above. Multiple decks, a shared backyard, and covered storage areas extend the usable space.
The one-acre property is located at 473 / 475 Union St in Bangor, across from Beth Pancoe pool, Mansfield Stadium, Sawyer Arena, and Hayford Park. The Thomas Hill Standpipe and historic homes near Stephen King’s Bangor estate are also within walking distance. Bangor International Airport, downtown restaurants, waterfront concerts, and the Cross Center are minutes away.
The one-acre property is located at 473 / 475 Union St in Bangor, across from Beth Pancoe pool, Mansfield Stadium, Sawyer Arena, and Hayford Park. The Thomas Hill Standpipe and historic homes near Stephen King’s Bangor estate are also within walking distance. Bangor International Airport, downtown restaurants, waterfront concerts, and the Cross Center are minutes away.
Key Highlights
- Triplex configuration with a five‑to‑seven‑bedroom main house and two one‑bedroom apartments
- 3,096‑square‑foot property on one acre
- Main residence includes two full bathrooms and a wood‑burning stove
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
$28,373
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
5.92%
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%
$567,460
$567.5K
Cap Rate 7%
$405,329
$405.3K
Cap Rate 9%
$315,256
$315.3K
Market Conditions
NOI Build-Up for 3,096 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
$42.7K $13.80/SF
− Vacancy
−$2.2K −$0.71/SF
EGI
$40.5K $13.09/SF
− OpEx
−$12.2K −$3.93/SF
NOI
$28.4K $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%
$567,460
Cap Rate 7%
$405,329
Cap Rate 9%
$315,256
Alternative Uses
Best Use
Multifamily LT 5
$405.3K
$354.7K – $472.9K
NOI $28,373 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$372.8K
$326.2K – $434.9K
NOI $26,096 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$999.9K
$874.9K – $1.17M
NOI $69,994 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
518
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?
Triplex - Farmhouse-style property with a five-to-seven-bedroom main residence and two furnished one-bedroom apartment spaces.
Where is this triplex located?
The property is located at 473 / 475 Union St Bangor, ME.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Triplex configuration with a five‑to‑seven‑bedroom main house and two one‑bedroom apartments; 3,096‑square‑foot property on one acre; Main residence includes two full bathrooms and a wood‑burning stove
