Five-Unit Multifamily
For Sale
$324,900
71 1ST Street, Bangor, ME 04401
Five-unit apartment building with two 2-bedroom and three 1-bedroom units and month-to-month leases.
Property Size2,776 SF
Price / SF$117.04
Days on Market53
Property Features for 71 1ST Street
General Information
Standard status
Active
Size
2,776 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
CENTURY 21 Queen City Real Estate
Listed By:
Adam King
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 15
Changed: Jul 27
Last Checked: Jul 30 at 5:27PM
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 CENTURY 21 Queen City Real Estate
Investment Insights
Based on property information with market context.
This five-unit multifamily apartment building offers a unit mix of two 2-bedroom apartments and three 1-bedroom apartments. The property features major recent capital improvements, including a new roof, new siding, new windows, and an updated natural gas furnace, with interiors still presenting opportunity for cosmetic updates.
All units are currently leased on a month-to-month basis, which provides flexibility for a new owner to adjust operations. The property is located in Bangor with convenient access to downtown and nearby hospitals, shopping, restaurants, and major employers.
From a configuration standpoint, the building is designed as a straightforward 5-unit rental property, with the exterior and major systems already addressed and remaining value-add focused on unit interiors.
All units are currently leased on a month-to-month basis, which provides flexibility for a new owner to adjust operations. The property is located in Bangor with convenient access to downtown and nearby hospitals, shopping, restaurants, and major employers.
From a configuration standpoint, the building is designed as a straightforward 5-unit rental property, with the exterior and major systems already addressed and remaining value-add focused on unit interiors.
Key Highlights
- 5‑unit apartment building with 2 two‑bedroom units and 3 one‑bedroom units
- Major exterior and systems updates include a new roof, new siding, and new windows
- Updated natural gas furnace
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.0k | $16.20 |
| − Vacancy | −$2.4k | −$0.87 |
| EGI | $42.5k | $15.33 |
| − OpEx | −$19.1k | −$6.90 |
| NOI | $23.4k | $8.43 |
2,776 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$334.3K
$292.5K – $390.0K
NOI $23,399 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$896.6K
$784.5K – $1.05M
NOI $62,760 @ 7.0% cap · market cap 19.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,977
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?
Apartment building - Five-unit apartment building with two 2-bedroom and three 1-bedroom units and month-to-month leases.
Where is this apartment building located?
The property is located at 71 1ST Street Bangor, ME.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 5‑unit apartment building with 2 two‑bedroom units and 3 one‑bedroom units; Major exterior and systems updates include a new roof, new siding, and new windows; Updated natural gas furnace
