Listed by Porta & Co
$8,600,000
105-Unit LIHTC Apartment Portfolio
Details
Property Type Retail, Multifamily
Sub Type Apartment Building
Units 105
Year Built 1900, 2000
Year Renovated 1997, 2015
Buildings 7
Stories 10
Acreage 0.13 - 2.08
Ground Lease No
About This Property
Marketing description
Originally founded in 1892 by A. Langdon Freese, Freese’s Department Store became one of Bangor’s most prominent downtown retail anchors and a defining presence along Main Street. The store expanded significantly over the early 20th century and was long associated with Bangor’s historic retail corridor, often described as the “Fifth Avenue of Maine.” Freese’s ultimately closed in 1985 as retail activity shifted toward suburban shopping centers, including the Bangor Mall.
The former department store has since been transformed through adaptive reuse into a mixed-use downtown asset. After years of partial vacancy, the building was redeveloped to include commercial space, market-rate apartments, senior housing, and cultural uses. The property now includes 10 market-rate apartments, 34 elderly housing units, 39 assisted living units, and space occupied by the Maine Discovery Museum, demonstrating the continued demand for historic downtown buildings repurposed as housing and community-serving uses
The Bangor multifamily market has shifted over the last two years from a growth-oriented investment environment driven by rent appreciation and recapitalization strategies to one more focused on current yield, durable occupancy, and disciplined underwriting. Elevated construction costs, operating expenses, insurance premiums, and debt market volatility have increased investor scrutiny; however, Bangor continues to demonstrate resilient renter demand.
As the economic, healthcare, education, and service hub for northern and eastern Maine, Bangor benefits from a diverse demand base supported by regional employers, area hospitals, Husson University, and the University of Maine in nearby Orono. Limited new multifamily supply and relative affordability compared to southern Maine have helped support strong occupancy, often supplemented with long waitlists for lowincome units.
While rents and per-unit pricing remain below Portland levels, Bangor offers investors a more attainable basis and generally stronger going-in yield profile. With new development constrained by construction and financing costs, stabilized assets with durable income, strong occupancy, and embedded rent growth remain well-positioned within the market.
Investment highlights
- 28 Merchants Plaza, Bangor, Maine
- Number of Units: 34 (plus street-level retail/office)
- Number of Buildings/Stories: 1 building, 7 stories
- Year Built: 1900 (Renovated 1997)
- Land Area: 0.13 Acres
- Siz e39,704 SF
- Total Assessed Value: $2,288,300
- Style of Units: Downtown Mid to High Rise
- Utilities: Versant electric, natural gas, sprinkler
- Amenities: Elevator, pull cord EMT stations, trash rooms every floor, laundry rooms every other floor, on-site management
- 10 Water Street, Bangor, Maine
- * 55+ age restricted
- Number of Units: 39
- Number of Buildings/Stories: 1 building, 3 stories
- Year Built: 1900 (Renovated 2015)
- Land Area: 0.34 Acres
- Size: 43,644 SF
- Total Assessed Value: $1,025,800
- Style of Units: Downtown Mid to High Rise
- 3rd Party Assisted Living Provider: Penquis C.A.P
- Utilities: Versant electric, natural gas, sprinkler
- Amenities: Air conditioning, pull cord EMT stations, laundry, Elevator, dining hall, grand group lounge with expansive skylight
- 44 Boyd Street, Bangor, Maine
- Number of Units: 32 (4 ADA accessible)
- Number of Buildings: 5
- Year Built: 2000
- Land Area: 2.08 Acres
- Size: 30,747 SF
- Total Assessed Value: $2,068,900
- Style of Units: Garden Style
- Utilities: Separate Versant electric, 6 natural gas boilers
- Amenities: Common Laundry, on-site maintenance office/storage, neighboring Williams Public Park and playground
Listing Contacts
Listed by Porta & Co
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Zoning
DDD MixedMixed UseDowntown Development District
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View all 31 uses
View all 31 uses Last updated Feb 26, 2026 For deeper zoning details, reports are available at Zoneomics
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Property History
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