Brick 8-Unit Apartment
For Sale
$1,279,900
72-74 Third Street, Bangor, ME 04401
MULTI_FAMILY - Bangor, ME
Property Size12,418 SF
Lot Size0.21 Acres
Price / SF$103.07
Days on Market15
Property Features for 72-74 Third Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
14 Urban Res Dist 2
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bathroom 7, Basement, Bathroom 3, Bathroom 2, Bathroom 6, Bathroom 8, Bathroom 5, Bathroom 1
Parking features
Off Street
Interior features
1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Shower
Basement
Finished, Full, Walk-Out Access
Lot features
Open, Level, Intown, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
12,418 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8080
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Hot Water(Heating), Baseboard, Natural Gas, Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Number of units
8
Flooring type
Tile, Wood, Vinyl
Building materials
Stone, Wood Frame, Brick
Roof type
Tar/Gravel, Shingle, Fiberglass
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Kortnie Mullins
(207) 991-4924
Added: Jul 18
Changed: Aug 1
Last Checked: Aug 1 at 8:06PM
MLS# 1644615
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.
Apartment buildings at 72-74 Third Street present an eight-unit brick property with a unit mix of five 1-bedroom units, one 2-bedroom unit, and two 3-bedroom penthouse-style apartments. The building’s interiors combine preserved period character with modern updates, including granite-appointed kitchens with stainless-steel appliances, custom-tiled baths, solid oak flooring, and newer windows. The layout also supports flexible living options with features such as a 1st floor bedroom and a 1st floor primary bedroom with bath.
Major system improvements include new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, and a full roof system replacement in 2019. Extensive repointing of the brick exterior has also been completed. The property is served by public water and public sewer, and it includes off-street parking to the rear designed to accommodate all units. 100% occupancy is reported.
Zoned 14 Urban Res Dist 2, the property benefits from an in-town setting with access to downtown Bangor amenities and public transportation, supporting tenant retention.
Major system improvements include new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, and a full roof system replacement in 2019. Extensive repointing of the brick exterior has also been completed. The property is served by public water and public sewer, and it includes off-street parking to the rear designed to accommodate all units. 100% occupancy is reported.
Zoned 14 Urban Res Dist 2, the property benefits from an in-town setting with access to downtown Bangor amenities and public transportation, supporting tenant retention.
Key Highlights
- Eight‑unit mix: five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom penthouse‑style apartments
- Full roof system replacement in 2019
- Upgraded systems include new plumbing, complete electrical overhaul with upgraded service entrance
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 8.18%
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,932
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 - Eight-unit brick apartment building on a 0.21-acre lot with off-street rear parking, public utilities, and 14 Urban Res Dist 2 zoning.
Where is this apartment building located?
The property is located at 72-74 Third Street 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: Eight‑unit mix: five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom penthouse‑style apartments; Full roof system replacement in 2019; Upgraded systems include new plumbing, complete electrical overhaul with upgraded service entrance
