Colonial Triplex with
For Sale
$450,000
83 Essex Street, Bangor, ME 04401
MULTI_FAMILY - Colonial - Bangor, ME
Property Size2,806 SF
Lot Size0.22 Acres
Price / SF$160.37
Days on Market35
Property Features for 83 Essex Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
14 Urban Res Dist 2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Basement, Bathroom 2, Bathroom 3
Patio and Porch features
Deck, Porch
Interior features
1st Floor Bedroom
Fencing
Fenced
Basement
Unfinished, Full
Lot features
Level, Sidewalks, Intown, Near Turnpike/ Interstate, Near Town, Neighborhood, Suburban, Near Public Transit
Standard status
Active
Size
2,806 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5694
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Amenities
shared washer and dryer
Building Details
Year built
1875
Number of units
3
Flooring type
Carpet, Vinyl, Hardwood
Building materials
Wood Frame, Brick, Clapboard
Roof type
Slate
Architectural style
Colonial
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Kortnie Mullins
(207) 991-4924
Added: Jul 9
Changed: Aug 1
Last Checked: Aug 12 at 2:06AM
MLS# 1667500
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.
83 Essex Street in Bangor, Maine is a Colonial-style three-unit triplex on a 0.22-acre lot built in 1875. The first-floor main-home unit features a spacious two-bedroom layout with a large living room, a generously sized kitchen with dishwasher, hardwood floors in the dining room, and a convenient mudroom. The second-floor unit offers a one-bedroom layout with a kitchen, living room, porch, and newer vinyl flooring, and a third one-bedroom unit is also located on the second floor.
On-site laundry is shared, and the home is heated with natural gas equipment including an efficient natural gas boiler with zoned hot water/baseboard systems. Interior finishes include carpet, vinyl, and hardwood flooring. Exterior amenities include a deck and porch, fenced yard, and two driveways providing off-street parking. Public water and public sewer serve the property, with a slate roof. Zoning is 14 Urban Res Dist 2.
On-site laundry is shared, and the home is heated with natural gas equipment including an efficient natural gas boiler with zoned hot water/baseboard systems. Interior finishes include carpet, vinyl, and hardwood flooring. Exterior amenities include a deck and porch, fenced yard, and two driveways providing off-street parking. Public water and public sewer serve the property, with a slate roof. Zoning is 14 Urban Res Dist 2.
Key Highlights
- 0.22‑acre lot with 2,806 SF Colonial triplex built in 1875
- First‑floor two‑bedroom unit with dishwasher, mudroom, and hardwood dining room floors
- Two second‑floor one‑bedroom units, one with newer vinyl flooring and a porch
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,715
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$514,300
$514.3K
Cap Rate 7%
$367,357
$367.4K
Cap Rate 9%
$285,722
$285.7K
Market Conditions
NOI Build-Up for 2,806 SF
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.
Gross rent
$38.7K $13.80/SF
− Vacancy
−$2.0K −$0.71/SF
EGI
$36.7K $13.09/SF
− OpEx
−$11.0K −$3.93/SF
NOI
$25.7K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$514,300
Cap Rate 7%
$367,357
Cap Rate 9%
$285,722
Alternative Uses
Best Use
Multifamily LT 5
$367.4K
$321.4K – $428.6K
NOI $25,715 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$337.9K
$295.6K – $394.2K
NOI $23,651 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$906.3K
$793.0K – $1.06M
NOI $63,438 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,146
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?
Triplex - Three-unit Colonial triplex with deck and porch, fenced yard, shared washer/dryer, and two driveways for off-street parking.
Where is this triplex located?
The property is located at 83 Essex Street Bangor, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 0.22‑acre lot with 2,806 SF Colonial triplex built in 1875; First‑floor two‑bedroom unit with dishwasher, mudroom, and hardwood dining room floors; Two second‑floor one‑bedroom units, one with newer vinyl flooring and a porch
