Five-Unit Apartment
71 1st Street Bangor, ME 04401
71 1st Street, Bangor, ME, 04401
$324,900
For Sale
$324,900
MULTI_FAMILY - Colonial - Bangor, ME
Property Size2,776 SF
Lot Size0.11 Acres
Price / SF$117.04
Days on Market29
Property Features for 71 1st Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- 14 Urban Res Dist 2
- Bathrooms
- 5
- Rooms
- Basement, Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 2
- Parking features
- Off Street
- Basement
- Dirt Floor
- Appliances
- ENERGY STAR Qualified Appliances
- Standard status
- Active
- Size
- 2,776 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 3111
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Natural Gas
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Number of units
- 5
- Flooring type
- Laminate, Plank, Hardwood, Vinyl
- Building materials
- Masonry, Stone, Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Colonial
Listing Agency
CENTURY 21 Queen City Real Estate
(207) 942-4618
592 Hammond Street Ste 2, Bangor, ME
Listed by
Adam King
(207) 385-6850
Added: Jun 19 Checked: Jul 17 at 1:06 pm
MLS# 1668153
Listing URL
Copyright © 2026 Maine Listings. 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.
71 First Street is a five-unit apartment building in Bangor, offering a unit mix of two 2-bedroom apartments and three 1-bedroom apartments. The property includes exterior and major system capital improvements, including a new roof, new siding, new windows, and an updated natural gas furnace. With a reported total building size of 2,776 square feet on a 0.11-acre lot, the layout is suited to an income-focused residential operation.
All units are on month-to-month leases, which can provide flexibility for a new owner as they manage operations. The home is zoned 14 Urban Res Dist 2, supporting its continued use as a residential income property. The property is located in Bangor with convenient access to downtown, hospitals, shopping, restaurants, and major employers.
For buyers and operators, this asset offers a straightforward multifamily configuration alongside improvements typically associated with larger capital outlay. Because the exterior and major systems have already been addressed, the next owner can focus on potential interior, cosmetic, and unit-level updates to align with their operating goals. Month-to-month tenancy may also allow for ongoing management adjustments without waiting for lease renewals.
All units are on month-to-month leases, which can provide flexibility for a new owner as they manage operations. The home is zoned 14 Urban Res Dist 2, supporting its continued use as a residential income property. The property is located in Bangor with convenient access to downtown, hospitals, shopping, restaurants, and major employers.
For buyers and operators, this asset offers a straightforward multifamily configuration alongside improvements typically associated with larger capital outlay. Because the exterior and major systems have already been addressed, the next owner can focus on potential interior, cosmetic, and unit-level updates to align with their operating goals. Month-to-month tenancy may also allow for ongoing management adjustments without waiting for lease renewals.
Key Highlights
- 5‑unit multifamily at 71 First St, Bangor, ME, with 2 two‑bedroom apartments and 3 one‑bedroom apartments
- Major improvements reported: new roof, new siding, new windows, and updated natural gas furnace
- All units on month‑to‑month leases, offering flexibility to adjust operations and rents
Local 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit residential income property with two 2-bedroom and three 1-bedroom apartments and recent exterior and systems upgrades.
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 multifamily at 71 First St, Bangor, ME, with 2 two‑bedroom apartments and 3 one‑bedroom apartments; Major improvements reported: new roof, new siding, new windows, and updated natural gas furnace; All units on month‑to‑month leases, offering flexibility to adjust operations and rents
