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Listed by Kevin Fletcher Keller Williams Realty
$ 2,750,000
Est. payment /mo
New
1 Waterworks RD Bangor, ME 04401
56,628 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 56,628 sqft
Price per Sqft $48
MLS Listing ID 1686684
HOA Y/N No
Year Built 1875
Tax Year 2025
Lot Size 1.670 Acres
Acres 1.67
Property Sub-Type Multi Family
Source Maine Listings
Land Area 56628
Property Description
Prime multi-family investment opportunity along the Penobscot River in Bangor! Historic 1875 brick masonry building redeveloped in 2007 into 35 residential apartments on a 1.67-acre waterfront lot. Features passenger elevator access, full wet sprinkler safety system, on-site parking, and dedicated tenant storage. Operates under the LIHTC program (Section 42) with a 50%/60% AMI unit split and an extended use agreement in place through 2097. Benefits from a specialized City of Bangor Tax Revenue Agreement through April 2036, reimbursing municipal taxes paid over $7,500 for operating expenses. Excellent upside potential for experienced affordable housing operators. Qualified LIHTC buyers required.
Location
State ME
County Penobscot
Zoning DDD
Exterior
Parking Features 21+ Spaces
Others
Tax ID BANG-000064R-000000-000001-A000000
