8-Unit Brick Apartment
For Sale
$1,279,900
72-74 Third Street, Bangor, ME 04401
Historic multifamily property with renovated interiors, updated building systems, and rear parking serving every residence.
Property Size12,418 SF
Price / SF$103.07
Days on Market95
Property Features for 72-74 Third Street
General Information
Standard status
Active
Size
12,418 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1880
Listing Agency:
Realty of Maine
Listed By:
Kortnie Mullins
(207) 991-4924
Source:
Portsiderealestategroup
Added: Jul 8
Changed: Oct 8
Last Checked: Oct 10 at 1:27AM
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.
Built in 1880, this brick apartment building contains 8 units comprising five 1-bedroom apartments, one 2-bedroom apartment, and two 3-bedroom penthouse-style residences. Interiors retain original woodwork and other period elements while incorporating granite kitchens with stainless-steel appliances, custom-tiled bathrooms, solid oak flooring, and newer windows. Building improvements include new plumbing, a comprehensive electrical upgrade with an improved service entrance, and roof replacement completed in 2019. Exterior brick repointing has also been completed.
The property is located at 72-74 Third Street in Bangor, with proximity to downtown shops, restaurants, entertainment, public transportation, and employment centers. A rear off-street parking area accommodates all units. The building is reported at 100% occupancy and includes long-term tenants with an established rental history.
The property is located at 72-74 Third Street in Bangor, with proximity to downtown shops, restaurants, entertainment, public transportation, and employment centers. A rear off-street parking area accommodates all units. The building is reported at 100% occupancy and includes long-term tenants with an established rental history.
Key Highlights
- 8‑unit building with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments
- Brick construction dating to 1880 with original woodwork and period architectural details
- Granite kitchens, stainless‑steel appliances, custom‑tiled baths, oak flooring, and newer windows
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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with renovated interiors, updated building systems, and rear parking serving every residence.
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 building with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments; Brick construction dating to 1880 with original woodwork and period architectural details; Granite kitchens, stainless‑steel appliances, custom‑tiled baths, oak flooring, and newer windows
