Historic Triplex with
New
For Sale
$479,000
473 / 475 Union Street, Bangor, ME 04401
Multi-Family, Bangor, ME
Property Size3,096 SF
Lot Size0.54 Acres
Price / SF$154.72
Days on Market2
Property Features for 473 / 475 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
URD1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bathroom 4, Basement, Bathroom 1
Patio and Porch features
Porch, Deck
Pets allowed
No
Interior features
1st Floor Bedroom, Storage
Basement
Full, Unfinished
Lot features
Well Landscaped, Open, Corner Lot, Level, Sidewalks, Neighborhood
Standard status
Active
Size
3,096 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4531
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard, Hot Water(Heating), Zoned
Water source
Public
Amenities
built-in cabinets and bookcases
wood burning stove
deck
covered storage areas
Building Details
Year built
1803
Floors in Building
2
Number of units
3
Flooring type
Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group · Better Homes and Gardens Real Estate
(207) 942-6711
Listed By:
Philip Sloan
(207) 356-8279
Added: Aug 21
Last Checked: Aug 22 at 12:06AM
MLS# 1677268
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.
Investment Insights
Based on property information with market context.
This 3,096-square-foot Colonial triplex dates to 1803 and occupies 0.54 acres. The primary residence provides 5–7 bedrooms, two full bathrooms, built-in cabinetry and bookcases, a wood-burning stove, storage, and a substantial deck. Two additional furnished apartments each have one bedroom; one includes a full bathroom and private deck. Wood-frame construction, vinyl siding, wood flooring, shingle roofing, and covered outdoor storage are among the property’s physical features.
The property is located at 473 / 475 Union Street in Bangor, across from the Beth Pancoe pool, Mansfield Stadium, Sawyer Arena, Hayford Park, and the Thomas Hill Standpipe. Downtown restaurants, waterfront concerts, the Cross Center, and the airport are described as being minutes away. Public water and public sewer serve the property, which is zoned URD1.
The property is located at 473 / 475 Union Street in Bangor, across from the Beth Pancoe pool, Mansfield Stadium, Sawyer Arena, Hayford Park, and the Thomas Hill Standpipe. Downtown restaurants, waterfront concerts, the Cross Center, and the airport are described as being minutes away. Public water and public sewer serve the property, which is zoned URD1.
Key Highlights
- 3,096‑square‑foot triplex on a 0.54‑acre lot
- 1803 Colonial with wood‑frame construction and vinyl siding
- Primary residence offers 5–7 bedrooms and two full bathrooms
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
Lease Details
3
Residential units
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 - Colonial property includes two furnished one-bedroom apartments, decks, public utilities, and a shared backyard.
Where is this triplex located?
The property is located at 473 / 475 Union Street 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: 3,096‑square‑foot triplex on a 0.54‑acre lot; 1803 Colonial with wood‑frame construction and vinyl siding; Primary residence offers 5–7 bedrooms and two full bathrooms
