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    1024 Stillwater Ave Old Town, ME 04468

    View on Map
    Sponsored
    For Sale
    $348,000

    MULTI_FAMILY - Colonial, Victorian - Old Town, ME

    Property size:
    5,510 SF
    Lot size:
    0.51 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 10 at 9:06 pm

    Property Features for 1024 Stillwater Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Low Density R1
    Rooms
    Bathroom 2, Bathroom 1, Bathroom 3
    Patio and Porch features
    Porch
    Interior features
    1st Floor Bedroom, Attic, Bathtub, One-Floor Living, Pantry, Shower, Storage
    Fencing
    Fenced
    Basement
    Unfinished, Full, Dirt Floor, Crawl Space
    Size
    5,510 SF
    Lot size
    0.51 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Other (Heating)
    Water source
    Public

    Building Details

    Year built
    1892
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Wood, Vinyl
    Building materials
    Wood Siding, Vinyl Siding, Wood Frame
    Roof type
    Shingle, Tar/Gravel
    Architectural style
    Colonial, Victorian
    Additional Structures
    Storage, Outbuilding

    We can help!

    Listing Contact
    Jennifer Defilipp

    Townsend Real Estate 207-842-9200 x227

    Listing agent Jennifer Defilipp (207) 232-8668

    Listing date Mar 4, 2026

    MLS# 1636628 Listing URL

    Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Farmhouse Near Stillwater River

    Located near the Stillwater River Reservoir, this 5,500 sq. ft. farmhouse, dating back to 1892, has been cherished by the same family for 42 years. The property housed the Stillwater Montessori School since 1983. The property retains historic character with original cabinetry, fine woodwork, birds-eye maple and oak floors, and a front entry with paned windows leading into a grand hall and staircase with a carved newel post. Situated at the corner of Stillwater and College Avenue, the property is located minutes from the University of Maine, I-95, shopping, recreation, and trails. The half-acre lot features two points of access, with a driveway connecting Stillwater Avenue to Old Mill Road, and a small garage. The property is a grandfathered two-unit within an R1 zone, offering flexibility as a single-family residence, a two-family, or, with town approval, a business such as a school, church, or public facility. The interior includes 18 rooms, three bathrooms, and a converted barn with two levels of four-season space, plus a large unfinished attic. Modern updates on the first floor include hard-wired smoke detectors, exit signs, and emergency lighting. Exterior features include parking for 12-14 cars and a fenced-in yard.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Stillwater Montessori School High School

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Old Town
    County
    Penobscot
    State
    Maine
    Longitude
    -68.683151
    Latitude
    44.914126

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    FAQs

    What type of property is this?
    School - Grand 5,500 sq. ft. farmhouse near University of Maine.
    Where is this school located?
    The property is located at 1024 Stillwater Ave Old Town, ME.
    What is the asking price?
    The asking price for this property is $348,000.
    What are key features of this property?
    This property features: - Grand 5,500 sq. ft. historic farmhouse (built in 1892) with preserved original features like cabinetry, woodwork, and hardwood floors.; - Rare grandfathered two-unit property in an R1 zone, offering flexibility as a single-family, two-family, or potential business (with town approval).; - Prime location near Stillwater River Reservoir, University of Maine, I-95, shopping, recreation, and trails.
    (207) 272-6581
    Request Owner's contact information
    1024 Stillwater Ave Old Town, ME 04468
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    Old Town, ME 04468
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1024 Stillwater Ave Old Town, ME 04468
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    We can help!
    Listing Contact
    Jennifer Defilipp
    (207) 272-6581 (207) 232-8668 (207) 842-9200
    Learn more
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