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Listed by Jody Hammond EXP Realty
$1,600,000
Est. payment /mo
16 Baths
2,600 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,600 sqft
Price per Sqft $615
MLS Listing ID 1660566
Full Baths 16
HOA Y/N No
Year Built 1880
Tax Year 2025
Lot Size 0.260 Acres
Acres 0.26
Source Maine Listings
Land Area 2600
Property Description
This 16-unit residential apartment building, located in Bangor, Maine, offers a remarkable investment opportunity in a desirable area. Low expenses with a net operating income of $142,000 +/- annually. The property is conveniently situated on a bus route and is within walking distance to downtown Bangor, where residents can enjoy shopping, restaurants, and various amenities. Featuring off-street parking, the building has undergone numerous updates, including upgraded wiring, newer vinyl siding, fresh flooring and paint in all common areas. Additionally, new fire-rated exterior doors were installed, and the front roof was replaced in 2024, ensuring structural integrity and safety. The property consists of 16 total units, with 8 of them equipped with high-output baseboard heaters. Seller has added 2 washers and 2 dryers that tenants can use onsite . Plus new foundation walls*. Many units have also been enhanced with updated kitchenettes and appliances, making them appealing to prospective tenants. The building maintains a low vacancy rate and generates strong cash flow, making it a rare find in the market with 16 units contained within a single structure. Situated in the heart of Penobscot County, Bangor is a vibrant city known for its rich history and cultural significance. The area provides a blend of urban conveniences and natural beauty, featuring a variety of shopping venues, diverse dining options, and ample access to outdoor activities. This strong community atmosphere, along with Bangor's strategic location, positions it as an attractive market for multi-family investments.
Location
State ME
County Penobscot
Zoning multi family
Direction 74-76 Court Street Bangor
Rooms
Basement Exterior Entry
Interior
Heating Hot Water
Cooling None
Flooring Tile, Vinyl
Exterior
Roof Type Metal
Garage No
Building
Water Public
Architectural Style Colonial
Others
Tax ID 7476courtstreetbangor04401
Virtual Tour https://www.propertypanorama.com/instaview/mreis/1660566
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