Brick 8-Unit Apartment
For Sale
$1,279,900
72-74 Third Street, Bangor, ME 04401
Commercial Sale, Bangor, ME
Property Size12,418 SF
Lot Size0.21 Acres
Price / SF$103.07
Days on Market96
Property Features for 72-74 Third Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
14 Urban Res Dist 2
Rooms
Basement
Parking features
Off Street
Basement
Walk-Out Access, Finished, Full
Lot features
Public Transport Access, Near Turnpike/ Interstate, Bus Line, Near Shopping
Standard status
Active
Size
12,418 SF
Lot size
0.21 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8080
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating), Baseboard, Hot Water(Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1880
Number of units
8
Flooring type
Tile, Vinyl, Wood
Building materials
Stone, Wood Frame, Brick
Roof type
Fiberglass, Shingle, Tar/Gravel
Buildings
1
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Kortnie Mullins
(207) 991-4924
Added: Aug 3
Changed: Nov 3
Last Checked: Nov 6 at 6:06AM
MLS# 1644945
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.
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Investment Insights
Based on property information with market context.
Located at 72-74 Third Street, this 8-unit apartment building was constructed in 1880 and contains 12,418 square feet on 0.21 acres. The unit mix includes five 1-bedroom apartments, one 2-bedroom apartment, and two 3-bedroom penthouse-style units. Original woodwork and other architectural details remain, while interiors feature granite kitchens with stainless-steel appliances, tiled bathrooms, oak flooring, and newer windows.
Major building improvements include replacement plumbing, upgraded electrical service, extensive brick repointing, and a full roof replacement completed in 2019. Heating includes natural gas, heat pumps, baseboard, hot water, and electric systems; cooling is provided by heat pumps. Public water and sewer serve the property, and rear off-street parking accommodates all units.
The property is zoned 14 Urban Res Dist 2 and is described as 100% occupied. Downtown Bangor is within walkable reach of shops, restaurants, entertainment, public transportation, and employment centers.
Major building improvements include replacement plumbing, upgraded electrical service, extensive brick repointing, and a full roof replacement completed in 2019. Heating includes natural gas, heat pumps, baseboard, hot water, and electric systems; cooling is provided by heat pumps. Public water and sewer serve the property, and rear off-street parking accommodates all units.
The property is zoned 14 Urban Res Dist 2 and is described as 100% occupied. Downtown Bangor is within walkable reach of shops, restaurants, entertainment, public transportation, and employment centers.
Key Highlights
- 8‑unit apartment building with 12,418 square feet on 0.21 acres
- Unit mix: five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments
- Full roof system replacement completed in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,670
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,595
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments with off-street parking and a varied unit mix in downtown Bangor.
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: 8‑unit apartment building with 12,418 square feet on 0.21 acres; Unit mix: five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments; Full roof system replacement completed in 2019
