Turnkey 8-Unit Brick Apartment
72-74 3rd Street Bangor, ME 04401
For Sale
$1,289,900
Renovated 8-unit brick multifamily with updated interiors, newer windows, and rear off-street parking.
Property Size12,418 SF
Price / SF$103.87
Days on Market313
Property Features for 72-74 3rd Street
General Information
- Standard status
- Active
- Size
- 12,418 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1880
Listing Agency:
Realty of Maine
(207) 991-4924
Listed By:
Kortnie Mullins
(207) 991-4924
Source:
Compass
Added: Sep 15, 2025
Changed: Jul 23
Last Checked: Jul 23 at 4:48AM
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
Investment Insights
Based on property information with market context.
This is a stately brick apartment building with eight residential units, configured with five 1-bedroom units, one 2-bedroom unit, and two larger 3-bedroom penthouse-style apartments. The property features preserved period character alongside updated finishes. Interiors include granite-appointed kitchens with stainless-steel appliances, custom-tiled baths, and solid oak flooring, with newer windows throughout.
Major building systems have been upgraded, including new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, and a full roof replacement in 2019. The exterior has also undergone extensive repointing to support long-term durability.
The building provides generous off-street parking to the rear of the property, accommodating all units. The current rent roll indicates 100% occupancy, and additional financial details are available upon request.
Major building systems have been upgraded, including new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, and a full roof replacement in 2019. The exterior has also undergone extensive repointing to support long-term durability.
The building provides generous off-street parking to the rear of the property, accommodating all units. The current rent roll indicates 100% occupancy, and additional financial details are available upon request.
Key Highlights
- 8‑unit brick multifamily built in 1880 with five 1‑bedroom units, one 2‑bedroom unit, and two 3‑bedroom penthouse‑style apartments
- 100% occupancy reported with long‑term responsible tenants and a strong rental history
- Major system upgrades include new plumbing throughout, complete electrical overhaul with upgraded service entrance, and roof replacement in 2019
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 | $201.2k | $16.20 |
| − Vacancy | −$10.9k | −$0.87 |
| EGI | $190.3k | $15.33 |
| − OpEx | −$85.6k | −$6.90 |
| NOI | $104.7k | $8.43 |
12,418 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.74M
NOI $104,670 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,746 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Renovated 8-unit brick multifamily with updated interiors, newer windows, and rear off-street parking.
Where is this apartment building located?
The property is located at 72-74 3rd Street Bangor, ME.
What is the asking price?
The asking price for this property is $1,289,900.
What are key features of this property?
This property features: 8‑unit brick multifamily built in 1880 with five 1‑bedroom units, one 2‑bedroom unit, and two 3‑bedroom penthouse‑style apartments; 100% occupancy reported with long‑term responsible tenants and a strong rental history; Major system upgrades include new plumbing throughout, complete electrical overhaul with upgraded service entrance, and roof replacement in 2019
