Building Details

Year Built 1978

Listing Agency: Hoang Realty

Listed By: Heidi Witham Hoa Hoang Show Phone

Source: Soldbymichaelthomas

Added: Jul 21 Changed: Oct 7 Last Checked: Oct 7 at 3:14PM

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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 Hoang Realty

Investment Insights

Based on property information with market context.

Located at 59 Bangor St in Augusta, Maine, this mixed-use property was built in 1978 and is currently configured with a one-bedroom apartment and three office spaces. The existing layout combines residential and office components within the same asset.

The property has historically accommodated office, retail, and residential uses. Its established mix of spaces provides a range of existing configurations for an owner-user, investor, or mixed-use operator, subject to applicable requirements and approvals.

Key Highlights

• Current layout includes one‑bedroom apartment
• Three office spaces are currently in place
• Historically supported office, retail, and residential uses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,959

Cap Rate

8.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$779,180 $779.2K

Cap Rate 7%

$556,557 $556.6K

Cap Rate 9%

$432,878 $432.9K

Market Conditions

NOI Build-Up for 2,756 SF

Gross rent

$59.5K $21.60/SF

− Vacancy

−$7.6K −$2.75/SF

EGI

$51.9K $18.85/SF

− OpEx

−$13.0K −$4.71/SF

NOI

$39.0K $14.14/SF

Area

Kennebec County, ME

Vacancy

12.74%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$779,180

Cap Rate 7%

$556,557

Cap Rate 9%

$432,878

Alternative Uses

Best Use

Office B

$556.6K

$487.0K – $649.3K (±1% cap)

NOI $38,959 @ 7.0% cap · market cap 8.66%

Second Best

Mixed Use

$406.2K

$355.4K – $473.9K (±1% cap)

NOI $28,432 @ 7.0% cap · market cap 6.32%

Theoretical Best

Warehouse

$4.11M

$3.60M – $4.80M (±1% cap)

NOI $287,818 @ 7.0% cap · market cap 63.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Mullens Driving School Training Center Asian massage Alternative Medicine Practice Williams Park City Park

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Electrical Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Office units

Location Intelligence

Trade Area within ½ mile

946

Businesses Nearby

Explore this area Business Placement

Demographics for 04330, ME

26,322

Population

13,017

Households

2

Avg Household Size

44

Median Age

28%

College-Educated

95%

High-School Grad

116.9 sq mi

ZIP Area

225

Density / Sq Mi

$55,158

Median Household Income

$43,177

Median Earnings

$912

Median Rent

$197,600

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Current configuration includes a one-bedroom apartment and three office spaces in a 1978 mixed-use property.

Where is this mixed-use property located?

The property is located at 59 Bangor St Augusta, ME.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Current layout includes one‑bedroom apartment; Three office spaces are currently in place; Historically supported office, retail, and residential uses