8-Unit Brick Apartment
For Sale
$1,279,900
7274 72-74 Third St, Bangor, ME 04401
Updated interiors, upgraded building systems, and rear off-street parking support in-town multifamily operations.
Property Size12,418 SF
Price / SF$103.07
Days on Market60
Property Features for 7274 72-74 Third St
General Information
Standard status
Active
Size
12,418 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x 1BR, 1 x 2BR, 2 x 3BR
Multifamily Units
8
Additional Details
Public Transit
Yes
Building Details
Year Built
1880
Construction
brick
Listing Agency:
Realty of Maine
Listed By:
Kortnie Mullins, Renee Hudgens Kortnie Mullins
(207) 536-8528
Source:
Lawanaandcompany
Added: Aug 17
Changed: Oct 11
Last Checked: Oct 7 at 5:09PM
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
Investment Insights
Based on property information with market context.
Built in 1880, this 12,418-square-foot brick apartment building at 7274 72-74 Third St. in Bangor includes eight units: five one-bedroom apartments, one two-bedroom apartment, and two three-bedroom penthouse-style apartments. Interiors retain original woodwork and architectural details while incorporating granite kitchens with stainless-steel appliances, custom-tiled baths, solid oak flooring, and newer windows.
Major property improvements include new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, extensive brick repointing, and a full roof system replacement completed in 2019. A rear off-street parking area accommodates all units. The property is reported at 100% occupancy, with long-term tenants and a rental history. Its location provides walkable access to downtown Bangor shops, restaurants, entertainment, public transportation, and employment centers.
Major property improvements include new plumbing throughout, a complete electrical overhaul with an upgraded service entrance, extensive brick repointing, and a full roof system replacement completed in 2019. A rear off-street parking area accommodates all units. The property is reported at 100% occupancy, with long-term tenants and a rental history. Its location provides walkable access to downtown Bangor shops, restaurants, entertainment, public transportation, and employment centers.
Key Highlights
- Eight‑unit apartment building with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom units
- 12,418 SF brick property built in 1880
- 100% occupancy with long‑term tenants
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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
678
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors, upgraded building systems, and rear off-street parking support in-town multifamily operations.
Where is this apartment building located?
The property is located at 7274 72-74 Third 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: Eight‑unit apartment building with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom units; 12,418 SF brick property built in 1880; 100% occupancy with long‑term tenants
