UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,776 sqft
Price per Sqft $117
MLS Listing ID 1668153
Full Baths 5
HOA Y/N No
Year Built 1900
Tax Year 2024
Lot Size 4,791 Sqft
Acres 0.11
Source Maine Listings
Land Area 2776
Property Description
Solid 5 unit investment property with the big ticket items already taken care of. The current owner has made major capital improvements, including a new roof, new siding, new windows, and an updated natural gas furnace. These are some of the most expensive items investors typically face with older multifamily properties, giving the next owner a strong foundation from day one.
The building offers a desirable unit mix with two 2 bedroom apartments and three 1 bedroom apartments. All units are currently on month to month leases, creating flexibility for a new owner to improve operations, adjust rents, and increase overall income potential.
While the exterior and major systems have already been addressed, the interiors still offer room for value add improvements. Cosmetic updates to the units could help support higher rents, attract stronger tenants, and create forced appreciation over time. This is a property where the next investor can focus on increasing income instead of immediately replacing major building components.
Located in Bangor with convenient access to downtown, hospitals, shopping, restaurants, and major employers, 71 First Street offers both current rental income and future upside. A strong option for an investor looking for a multifamily asset with completed capital improvements, flexible leases, and a clear path to improved cash flow.
Location
State ME
County Penobscot
Zoning 14 Urban Res Dist 2
Rooms
Basement Interior Entry, Dirt Floor
Interior
Heating Gas Natural, Baseboard
Cooling Window Unit(s)
Flooring Laminate, Vinyl, Hardwood, Plank
Fireplaces Number 2
Equipment Cable
Fireplace Yes
Window Features Double Pane Windows
Appliance ENERGY STAR Qualified Appliances
Exterior
Parking Features Other, On Site, Off Street
Roof Type Shingle
Accessibility 32 - 36 Inch Doors
Garage No
Building
Lot Description Business District, Intown, Near Golf Course, Near Shopping, Near Town, Level
Story 2
Entry Level Multi-Level
Foundation Stone
Water Public
Architectural Style Colonial
Level or Stories 2
Others
Tax ID BANG-000035-000000-000155
Nearby School & Business