8-Unit Multifamily
For Sale
Contact for pricing
72 3rd St, Bangor, ME 04401
Well-maintained 8-unit multifamily building offered for sale.
Property Size12,418 SF
Price / SF$103.07
Days on Market167
Property Features for 72 3rd St
General Information
Standard status
Active
Size
12,418 SF
Property subtype
Multifamily
Zoning
14 Urban Res Dist 2
Additional Details
Multifamily Units
8
Building Details
Year Built
1880
Buildings
1
Units
8
Listing Agency:
Realty of Maine Bangor
Listed By:
Renee Hudgens · License #BR918538
(207) 991-4926
Source:
Crexi
Added: Mar 25
Changed: Aug 25
Last Checked: Sep 6 at 9:09PM
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 Realty of Maine Bangor
Investment Insights
Based on property information with market context.
This is an 8-unit multifamily property available for sale. The offering is structured around residential rental income, with eight separate units within the building.
The property is located at 72 3rd St in Bangor, Maine (04401). It is presented as a residential income asset with a current list price of $1,289,900.
With a total property size of 12,418 square feet, the building provides eight units for prospective owners looking for multifamily ownership in Bangor.
The property is located at 72 3rd St in Bangor, Maine (04401). It is presented as a residential income asset with a current list price of $1,289,900.
With a total property size of 12,418 square feet, the building provides eight units for prospective owners looking for multifamily ownership in Bangor.
Key Highlights
- 8‑unit multifamily building
- Year built: 1880
- Public remarks indicate $161,238 per unit
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
$104,670
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
8.18%
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%
$2,093,400
$2.1M
Cap Rate 7%
$1,495,286
$1.5M
Cap Rate 9%
$1,163,000
$1.2M
Market Conditions
NOI Build-Up for 12,418 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
$201.2K $16.20/SF
− Vacancy
−$10.9K −$0.87/SF
EGI
$190.3K $15.33/SF
− OpEx
−$85.6K −$6.90/SF
NOI
$104.7K $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 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%
$2,093,400
Cap Rate 7%
$1,495,286
Cap Rate 9%
$1,163,000
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.74M
NOI $104,670 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,746 @ 7.0% cap · market cap 21.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,595
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 - Well-maintained 8-unit multifamily building offered for sale.
Where is this apartment building located?
The property is located at 72 3rd St Bangor, ME.
What is the asking price?
The asking price for this property is $1,279,900.
What are key features of this property?
This property features: 8‑unit multifamily building; Year built: 1880; Public remarks indicate $161,238 per unit
