Updated Storefront
For Sale
$290,000
585 Hammond Street, Bangor, ME 04401
Commercial building with basement storage, attic space, and multiple documented capital improvements.
Property Size1,000 SF
Days on Market427
Property Features for 585 Hammond Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Zoning
NSD
Taxes and HOA fees
Annual Taxes
$1,736
Building Details
Building Size
1,000 SF
Year Built
1920
Year Renovated
2019
Listing Agency:
NextHome Experience
(207) 745-9614
Listed By:
Nicole Drake · License #BA922288,PersonLicenseNumber
(207) 745-9614
Source:
Startpoint
Added: Jun 21, 2025
Changed: Aug 21
Last Checked: Aug 21 at 6:41AM
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
Investment Insights
Based on property information with market context.
This storefront property dates to 1920 and includes a clean, dry basement for storage along with usable attic space. Improvements include a furnace installed in 2024, custom shelving added in 2023, and 2019 work covering the front steps, pavement, siding, and bathroom. Electrical updates were completed in 2017, select windows were replaced, spray foam insulation was installed in the basement in 2016, and the roof was replaced in 2015. A professional survey was completed in 2018.
The property is located at 585 Hammond Street in Bangor, near downtown Bangor, I-95, Bangor International Airport, Husson University, the University of Maine, and local amenities. NSD zoning is identified for the site.
The property is located at 585 Hammond Street in Bangor, near downtown Bangor, I-95, Bangor International Airport, Husson University, the University of Maine, and local amenities. NSD zoning is identified for the site.
Key Highlights
- 1920 storefront building at 585 Hammond Street, Bangor, ME 04401
- NSD zoning
- Furnace installed in 2024 and custom shelving added in 2023
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
$8,366
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
2.88%
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%
$167,320
$167.3K
Cap Rate 7%
$119,514
$119.5K
Cap Rate 9%
$92,956
$93.0K
Market Conditions
NOI Build-Up for 1,000 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
$14.4K $14.40/SF
− Vacancy
−$2.4K −$2.45/SF
EGI
$12.0K $11.95/SF
− OpEx
−$3.6K −$3.59/SF
NOI
$8.4K $8.37/SF
Area
Penobscot County, ME
Vacancy
17.00%
Lease Rate
$14.40 /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%
$167,320
Cap Rate 7%
$119,514
Cap Rate 9%
$92,956
Alternative Uses
Best Use
Retail
$119.5K
$104.6K – $139.4K
NOI $8,366 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$323.0K
$282.6K – $376.8K
NOI $22,608 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 29%
Gulf Oil
Shops & Services
1,419 visits/mo
0.4 miles
Gambino's
Dining
1,343 visits/mo
0.0 miles
Citgo
Shops & Services
989 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
887 visits/mo
0.1 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building with basement storage, attic space, and multiple documented capital improvements.
Where is this storefront property located?
The property is located at 585 Hammond Street Bangor, ME.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 1920 storefront building at 585 Hammond Street, Bangor, ME 04401; NSD zoning; Furnace installed in 2024 and custom shelving added in 2023
