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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    229 Springer Dr Bangor, ME 04401-3622

    • Retail space
    • 85,700 SF
    • 15.87 lot acres
    OFF-MARKET
    Last Sale
    Apr 04, 2023
    $3,005,216
    Value Estimations
    $4,455,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0007823
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Burlington / Men'S Clothing Store / Baby Clothing Store

    Property Details for 229 Springer Dr

    Year built
    1992
    Lot size
    15.87 lot acres
    Property size
    85,700 SF
    Zone code
    GC&S
    Property type
    Retail space
    APN
    BANG M:R69 L:001-E
    APU
    BANGMR69L001E

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,235,000
      ML approach
      $4,215,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,109,000
      Market price range: $2.97M - $8.15M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bangor
    County
    Penobscot
    State
    Maine
    Longitude
    -68.7376
    Latitude
    44.8421
    CBSA code
    12620
    CBSA name
    BANGOR, ME METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $104,251
    $2,007,500
    $3,436,400
    $5,443,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $500,000
      10,900 SF

      566 Un St

      RETAIL STORES (PERSONAL SERVICES) • 10,900 SF
      566 Un St, Bangor, ME 04401-3752
      View Details
    • Value Estimation
      $1,105,000
      31,868 SF

      45 Bangor Mall Blvd

      RETAIL STORES (PERSONAL SERVICES) • 31,868 SF
      45 Bangor Mall Blvd, Bangor, ME 04401-3612
      View Details
    • Value Estimation
      $475,000
      3,504 SF

      49 Bangor Mall Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,504 SF
      49 Bangor Mall Blvd, Bangor, ME 04401-3612
      View Details
    • Value Estimation
      $6,790,000
      2,712 SF

      431 Odlin Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,712 SF
      431 Odlin Rd, Bangor, ME 04401-6705
      View Details
    • Value Estimation
      $495,000
      6,096 SF

      554 Un St

      RETAIL STORES (PERSONAL SERVICES) • 6,096 SF
      554 Un St, Bangor, ME 04401-3751
      View Details
    • Value Estimation
      $380,000
      4,510 SF

      14 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 4,510 SF
      14 Broad St, Bangor, ME 04401
      View Details

    Similar Nearby for Sale

    • $2,600,000
      25,830 SF

      Bangor Retail Building For Sale

      25,830 SF retail building in Bangor Mall District.
      116 Bangor Mall Blvd, Bangor, ME 04401
      View Details
    • $250,000
      3,010 SF

      Bangor Mixed-Use Investment Opportunity

      State Street mixed-use building with retail and residential potential.
      163 State Street Ave, Bangor, ME 04401
      View Details
    • $2,600,000
      25,830 SF

      Bangor Mall Retail Opportunity

      Prime Bangor storefront, 25,830 SF.
      116 Bangor Mall Blvd, Bangor, ME 04401
      View Details
    • $250,000
      3,010 SF

      State Street Mixed-Use Opportunity

      Mixed-use building with retail space and a two-bedroom apartment.
      163 State Street Ave, Bangor, ME 04401
      View Details
    • $420,000
      Pending

      Updated Commercial Building in Bangor

      Modern commercial building with showroom, office, and garage space.
      1555 Hammond St, Bangor, ME 04401
      View Details
    • $920,000
      8,840 SF

      Warehouse/Showroom Building on Hammond Street

      Freestanding warehouse/showroom with service bays and ample parking.
      1178 Hammond St, Bangor, ME 04401
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      8,015 SF

      Retail Space in Stillwater Avenue

      In-line retail space with central AC and garage access.
      1008-1026 Stillwater Ave, Bangor, ME 04401
      View Details
    • Contact for pricing
      23,270 SF

      Retail Building in Stillwater Corridor

      Freestanding retail building with high visibility and accessibility.
      710 Stillwater Ave, Bangor, ME 04401
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space at Airport Mall

      Retail spaces available at a well-located shopping center.
      1129 Union St, Bangor, ME 04401
      View Details
    • Contact for pricing
      1,875 SF

      Retail Space Near Bangor Mall

      Retail spaces available in multi-phased development near Bangor Mall.
      570 Stillwater Ave, Bangor, ME 04401
      View Details
    • Contact for pricing
      810 SF

      Retail Space Near I-95

      810 SF retail space with strong national tenancy.
      516 Stillwater Ave, Bangor, ME 04401
      View Details
    • $144 SF/Yr
      28,837 SF

      Prime Bangor Commercial Space

      Iconic building, 28,837 sq ft, fully vacant.
      586 Main St, Bangor, ME 04401
      View Details

    Property Visit Statistics

    • Visits by month
      34.3k
    • Visitors by month
      26.4k
    • Avg Time on site
      46 min
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    229 Springer Dr
    Bangor, ME 04401-3622
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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