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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.

Property Details of 1 Waterworks Road

Property Details

Nearest Landvest Office

Bangor, ME

Bangor, ME

207-947-2800
23 Water St.,
Suite 204,
Bangor, ME 04401
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