Restored Mill Multifamily
21 Mill Road Falmouth, ME 04105
21 Mill Road, Falmouth, ME, 04105
$1,200,000
For Sale
$1,200,000
MULTI_FAMILY - Colonial - Falmouth, ME
Property Size2,400 SF
Lot Size0.27 Acres
Price / SF$500
Days on Market91
Property Features for 21 Mill Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Zoning
- Res
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bathroom 3, Bathroom 1
- Parking features
- Open, Underground/Basement
- Patio and Porch features
- Deck, Patio
- Pets allowed
- No
- Interior features
- In-Law Apartment
- Appliances
- Tankless Water Heater
- Standard status
- Active
- Size
- 2,400 SF
- Lot size
- 0.27 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5641
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Wood, Wood Stove
- Water source
- Public
- Water front features
- Stream
- Water front
- 1
Building Details
- Year built
- 1890
- Floors in Building
- 2
- Number of units
- 3
- Flooring type
- Wood, Laminate, Carpet
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Colonial
Listing Agency
www.HomeZu.com
(877) 249-5478
45 Eisenhower Drive, Boston, ME
Listed by
Jason Saphire · License #9086666
(877) 249-5478
Added: Apr 17 Checked: Jul 16 at 10:06 pm
MLS# 1642972
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.
Investment Insights
Based on property information with market context.
This multifamily property features a restored mill with a two-bedroom main dwelling unit, an additional dwelling unit (ADU), and separate guest quarters. The property is situated on 0.27 acres along the banks of the Piscataqua River in Falmouth, Maine. The building size is approximately 2400 square feet. Its location offers proximity to I-95, schools, and golf courses. The property is zoned for residential use.
Key Highlights
- Restored mill property with a 2‑bedroom main dwelling unit plus an ADU and separate guest quarters
- Situated on the banks of a stream (Piscataqua River per remarks)
- Includes in‑law apartment (ADU) and separate guest quarters
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 | $76.3k | $31.80 |
| − Vacancy | −$4.6k | −$1.91 |
| EGI | $71.7k | $29.89 |
| − OpEx | −$32.3k | −$13.45 |
| NOI | $39.5k | $16.44 |
2,400 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$659.6K
$577.2K – $769.6K
NOI $46,175 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Unique property with main dwelling, ADU, and guest quarters.
Where is this single family property located?
The property is located at 21 Mill Road Falmouth, ME.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Restored mill property with a 2‑bedroom main dwelling unit plus an ADU and separate guest quarters; Situated on the banks of a stream (Piscataqua River per remarks); Includes in‑law apartment (ADU) and separate guest quarters
