Historic Triplex with Private
New
For Sale
$479,000
473 / 475 Union Street, Bangor, ME 04401
Bangor, ME
Property Size3,096 SF
Lot Size0.50 Acres
Price / SF$154.72
Days on Market5
Property Features for 473 / 475 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
4
Full bathrooms
4
Standard status
Active
Size
3,096 SF
Lot size
0.50 Acres
Amenities
wood burning stove
built-in cabinets and bookcases
large deck
backyard
covered storage areas
private deck
Building Details
Year built
1803
Listing Agency:
Bangor, Maine · Better Homes and Gardens Real Estate
(207) 942-6711
Listed By:
Philip Sloan
(207) 942-6711
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 25 at 3:06AM
MLS# 1677268
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
Built in 1803, this 3,096-square-foot triplex combines a farmhouse-style main residence with two separate furnished apartment spaces. The primary home includes 5-7 bedrooms, two full bathrooms, built-in cabinetry and bookcases, an open area for dining or relaxing, a wood-burning stove, and a large deck. One attached apartment has one bedroom, a deck, and access to the shared backyard, while the upper apartment adds one bedroom, a full bathroom, and its own private deck.
The property is located at 473 / 475 Union Street in Bangor, across from Beth Pancoe Pool, Mansfield Stadium, Sawyer Arena, Hayford Park, the Thomas Hill Standpipe, and historic homes near Stephen King's Bangor estate. Downtown restaurants, waterfront concerts, the Cross Center, and the airport are all described as minutes away.
The property is located at 473 / 475 Union Street in Bangor, across from Beth Pancoe Pool, Mansfield Stadium, Sawyer Arena, Hayford Park, the Thomas Hill Standpipe, and historic homes near Stephen King's Bangor estate. Downtown restaurants, waterfront concerts, the Cross Center, and the airport are all described as minutes away.
Key Highlights
- Triplex with 3,096 square feet of building area
- Historic construction dating to 1803
- Main residence includes 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
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 - Three distinct living areas include a larger main residence and two furnished one-bedroom apartments.
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: Triplex with 3,096 square feet of building area; Historic construction dating to 1803; Main residence includes 5‑7 bedrooms and two full bathrooms
