Historic Short-Term Rental
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 Market56
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
deck
backyard
covered storage
Building Details
Year built
1803
Listing Agency:
Bangor, Maine · Better Homes and Gardens Real Estate
(207) 942-6711
Listed By:
Philip Sloan
(207) 356-8279
Added: Aug 21
Changed: Sep 16
Last Checked: Oct 15 at 5:06AM
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 farmhouse-style property combines a primary residence with two furnished apartment spaces. The main house includes 5–7 bedrooms, two full bathrooms, built-in cabinetry and bookcases, an open gathering area, a wood-burning stove, and access to a large deck and backyard. One attached apartment has one bedroom and a deck, while the upper apartment includes one bedroom, a full bathroom, and its own private deck. Covered storage areas are also located in the backyard.
The property is located at 473 / 475 Union Street in Bangor, across from 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 minutes away. The site encompasses 0.5 acres and includes multiple furnished living areas suited to short-term lodging use.
The property is located at 473 / 475 Union Street in Bangor, across from 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 minutes away. The site encompasses 0.5 acres and includes multiple furnished living areas suited to short-term lodging use.
Key Highlights
- 3,096‑square‑foot property built in 1803
- Primary residence with 5–7 bedrooms and two full bathrooms
- Two furnished one‑bedroom apartment spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,096
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,920
$521.9K
Cap Rate 7%
$372,800
$372.8K
Cap Rate 9%
$289,956
$290.0K
Market Conditions
NOI Build-Up for 3,096 SF
Gross rent
$50.2K $16.20/SF
− Vacancy
−$2.7K −$0.87/SF
EGI
$47.4K $15.33/SF
− OpEx
−$21.4K −$6.90/SF
NOI
$26.1K $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%
$521,920
Cap Rate 7%
$372,800
Cap Rate 9%
$289,956
Alternative Uses
Best Use
Apartment 5plus
$372.8K
$326.2K – $434.9K
NOI $26,096 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
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.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Historic lodging property with a primary residence and two furnished one-bedroom apartments, each offering separate outdoor space.
Where is this short term rental property 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 property built in 1803; Primary residence with 5–7 bedrooms and two full bathrooms; Two furnished one‑bedroom apartment spaces
