Three-Story Mixed-Use
For Sale
$549,900
117 Mill Street, Orono, ME 04473
Commercial Sale, Orono, ME
Property Size4,560 SF
Lot Size0.25 Acres
Price / SF$120.59
Days on Market55
Property Features for 117 Mill Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HDR
Rooms
Basement
Basement
Full, Unfinished
Lot features
Near Shopping, Suburban
Standard status
Active
Size
4,560 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8565
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Zoned, Natural Gas
Water source
Public
Building Details
Year built
1910
Flooring type
Vinyl, Carpet
Building materials
Masonry, Stucco, Vinyl Siding
Roof type
Membrane
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Adrian Nadeau
(207) 947-3363
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 8 at 8:06AM
MLS# 1669656
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.
Investment Insights
Based on property information with market context.
This vacant three-story mixed-use property contains 4,560 square feet on a 0.25-acre lot and dates to 1910. The building has masonry, stucco, and vinyl siding, with vinyl and carpet flooring. Recent work includes a reinforced foundation and updated heating systems using zoned natural-gas hot-water and baseboard equipment. Residential, office, and commercial configurations are supported subject to local approvals, and residential units include washer and dryer connections; one unit is furnished.
Located at 117 Mill Street in Orono, the property includes an on-site garage and ample parking. Public transportation is accessible, while downtown dining, retail, services, and recreation are nearby. The University of Maine is also in the surrounding area. Public water and public sewer serve the property, which is zoned HDR and has a membrane roof.
Located at 117 Mill Street in Orono, the property includes an on-site garage and ample parking. Public transportation is accessible, while downtown dining, retail, services, and recreation are nearby. The University of Maine is also in the surrounding area. Public water and public sewer serve the property, which is zoned HDR and has a membrane roof.
Key Highlights
- 4,560‑square‑foot vacant three‑story building on 0.25 acres
- 1910 construction with a reinforced foundation and updated heating systems
- HDR zoning with residential, office, and commercial applications subject to local approvals
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,436
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$768,720
$768.7K
Cap Rate 7%
$549,086
$549.1K
Cap Rate 9%
$427,067
$427.1K
Market Conditions
NOI Build-Up for 4,560 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$73.9K $16.20/SF
− Vacancy
−$4.0K −$0.87/SF
EGI
$69.9K $15.33/SF
− OpEx
−$31.4K −$6.90/SF
NOI
$38.4K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$768,720
Cap Rate 7%
$549,086
Cap Rate 9%
$427,067
Alternative Uses
Best Use
Office B
$920.9K
$805.8K – $1.07M
NOI $64,461 @ 7.0% cap · market cap 11.72%
Second Best
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,092 @ 7.0% cap · market cap 18.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 04473, ME
8,070
Population
3,759
Households
2.1
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
17.3 sq mi
ZIP Area
466
Density / Sq Mi
$58,893
Median Household Income
$27,016
Median Earnings
$1,146
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant property with updated heating, a garage, and on-site parking near downtown amenities and the University of Maine.
Where is this mixed-use property located?
The property is located at 117 Mill Street Orono, ME.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 4,560‑square‑foot vacant three‑story building on 0.25 acres; 1910 construction with a reinforced foundation and updated heating systems; HDR zoning with residential, office, and commercial applications subject to local approvals
