Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    34 Penn Plz53b Bangor, ME 04401-3620

    • Office Properties & Spaces
    • 2,426 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Jul 26, 2021
    Value Estimations
    $300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0094537
    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

    • Office Properties & Spaces

    Property Details for 34 Penn Plz53b

    Year built
    1988
    Lot size
    0.66 lot acres
    Property size
    2,426 SF
    Zone code
    S&PS
    Property type
    Office Properties & Spaces
    APN
    BANG M:R61 L:005-F U:34-53B
    APU
    BANGMR61L005FU3453B

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $195,000
      Current use
      COMMERCIAL (GENERAL)
      $270,000
      Change: +39% Conversion: Easy
      RETAIL STORES
      $250,000
      Change: +28% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bangor
    County
    Penobscot
    State
    Maine
    Longitude
    -68.7503
    Latitude
    44.8369
    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
    $691
    $5,600
    $30,500
    $36,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      99,755 SF

      663 Stillwater Ave & Bangor Mall Blvd

      Land • 99,755 SF
      663 Stillwater Ave & Bangor Mall Blvd, Bangor, ME 04401
      View Details
    • Value Estimation
      $1,055,000
      33,702 SF

      489 State St, Unit B

      CONDOMINIUM OFFICES • 33,702 SF
      489 State St, Bangor, ME 04401-6616
      View Details
    • Value Estimation
      $280,000
      514 SF

      417 State St, Unit 24

      CONDOMINIUM OFFICES • 514 SF
      417 State St, Bangor, ME 04401-6630
      View Details
    • Value Estimation
      $140,000
      2,757 SF

      36 Penn Plz, Unit 50

      CONDOMINIUM OFFICES • 2,757 SF
      36 Penn Plz, Bangor, ME 04401-3620
      View Details
    • Value Estimation
      $280,000
      1,658 SF

      417 State St, Unit 40A

      CONDOMINIUM OFFICES • 1,658 SF
      417 State St, Bangor, ME 04401-6630
      View Details
    • Value Estimation
      $305,000
      1,922 SF

      417 State St, Unit 12E

      CONDOMINIUM OFFICES • 1,922 SF
      417 State St, Bangor, ME 04401-6630
      View Details

    Similar Nearby for Sale

    • $276,000
      1,365 SF

      Prime Bangor Office Building

      Turn-key office space, updated 2019.
      97 Allen St, Bangor, ME 04401
      View Details
    • $795,000
      9,928 SF

      Bangor Office Building - Great Location

      Prime Bangor office space, 9,928 sq ft, 2.85 acres.
      700 Mount Hope Ave, Bangor, ME 04401
      View Details
    • $1,095,000
      6,170 SF

      Center Point Retail Building For Sale

      Former Walgreens, Drive-Thru, High Traffic
      1570 Broadway, Bangor, ME 04401
      View Details
    • $1,095,000
      6,170 SF

      Bangor Office Building - 6,170 SF

      Prime Bangor location, 6,170 sq ft office building, 1.83 acres.
      1570 Broadway, Bangor, ME 04401
      View Details
    • $189,000
      3,444 SF

      Downtown Bangor Office Condo

      Historic office condo with rental income potential in downtown Bangor.
      74 Hammond St, Bangor, ME 04401
      View Details
    • $1,675,000

      Bangor Office Investment Opportunity

      Renovated office building near I-95 with long-term tenant.
      38 School St, Bangor, ME 04401
      View Details

    Similar Nearby for Lease

    • $42,000
      15,486 SF

      Prime Bangor Office Suite

      Downtown Bangor Executive Office Space
      33 State St, 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
    • Contact for pricing
      99,755 SF

      Bangor Mall Prime Pad Sites

      Retail, Office, Land - Multiple Spaces Available
      663 Stillwater Ave & Bangor Mall Blvd, Bangor, ME 04401
      View Details
    • $18 SF/Yr
      40,200 SF

      Prime Bangor Executive Office Space

      1,730 SF Suite Available in Class A Building
      0 1 Cumberland Pl, Bangor, ME 04401
      View Details
    • $15 SF/Yr
      88,478 SF

      Downtown Bangor Office Space

      88,478 SF Office Building, Suites Available
      80 Exchange St, Bangor, ME 04401
      View Details
    • Contact for pricing
      571 SF

      Downtown Bangor Office Building

      Renovated six-story office building in downtown Bangor.
      6 State Street Ave, Bangor, ME 04401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    34 Penn Plz53b
    Bangor, ME 04401-3620
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.