Vacant Three-Story Multifamily
117 Mill Street Orono, ME 04473
New
117 Mill Street, Orono, ME, 04473
$599,900
For Sale
$599,900
COMMERCIAL - Orono, ME
Property Size4,560 SF
Lot Size0.25 Acres
Price / SF$131.56
Days on Market7
Property Features for 117 Mill Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- HDR
- Rooms
- Basement
- Basement
- Unfinished, Full
- 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
- Baseboard, Zoned, Natural Gas, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1910
- Flooring type
- Carpet, Vinyl
- Building materials
- Masonry, Stucco, Vinyl Siding
- Roof type
- Membrane
Listing agency
ERA Dawson-Bradford Co.
(207) 947-6788
Listed by
Adrian Nadeau
(207) 947-3363
Added: Jul 16 Updated: Jul 21 at 10:26AM Checked: Jul 21 at 11:06PM
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.
Located at 117 Mill Street in Orono, Maine, this vacant three-story property offers a flexible multi-use setup for an owner-operator or investor. The building includes residential units with in-unit washer and dryer connections, and one unit is offered furnished. Recent improvements include updated heating systems and a reinforced foundation, supporting long-term stability.
The property is zoned HDR and is positioned on Mill Street with strong visibility. On-site amenities include a garage and ample parking to support tenant, customer, or mixed-use configurations. Public transportation access is also available, and the location provides convenient access to downtown Orono amenities.
With the building currently vacant, the layout allows for immediate updates, leasing, or occupancy without existing tenancy constraints. Potential configurations may include residential, office, and commercial applications, subject to local approvals.
The property is zoned HDR and is positioned on Mill Street with strong visibility. On-site amenities include a garage and ample parking to support tenant, customer, or mixed-use configurations. Public transportation access is also available, and the location provides convenient access to downtown Orono amenities.
With the building currently vacant, the layout allows for immediate updates, leasing, or occupancy without existing tenancy constraints. Potential configurations may include residential, office, and commercial applications, subject to local approvals.
Key Highlights
- Vacant three‑story multi‑use building in Orono, providing flexibility for residential, office, and commercial uses (subject to local approvals).
- Year built 1910 with masonry, stucco, and vinyl siding exterior and a membrane roof.
- Utilities include public water and public sewer.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.9k | $16.20 |
| − Vacancy | −$4.0k | −$0.87 |
| EGI | $69.9k | $15.33 |
| − OpEx | −$31.4k | −$6.90 |
| NOI | $38.4k | $8.43 |
4,560 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,092 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Seacoast Property Solutions
Property Investment Company
Similar For Sale Nearby
FAQs
What type of property is this?
Short term rental property - Vacant three-story building with in-unit washer/dryer connections, updated heating, and on-site garage and parking.
Where is this short term rental property located?
The property is located at 117 Mill Street Orono, ME.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Vacant three‑story multi‑use building in Orono, providing flexibility for residential, office, and commercial uses (subject to local approvals).; Year built 1910 with masonry, stucco, and vinyl siding exterior and a membrane roof.; Utilities include public water and public sewer.
