Beach-Area
For Sale
$989,000
21 Milliken Street, Old Orchard Beach, ME 04064
Multi-Family, Old Orchard Beach, ME
Property Size2,288 SF
Lot Size0.12 Acres
Price / SF$432.26
Days on Market59
Property Features for 21 Milliken Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
DD-2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Off Street
Basement
Crawl Space
Lot features
Open, Level, Sidewalks, Interior Lot, Intown, Near Golf Course, Near Public Beach, Near Shopping, Near Town, Neighborhood, Near Railroad
Standard status
Active
Size
2,288 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4755
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard, Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1952
Number of units
3
Flooring type
Carpet, Laminate, Tile
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Cottage, Ranch
Listing Agency:
Waypoint Brokers Collective
(207) 804-2012
Listed By:
Monica Dambach
(207) 749-4170
Added: Jul 12
Changed: Sep 6
Last Checked: Sep 8 at 3:06PM
MLS# 1666064
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.
Built in 1952, this triplex contains 2,288 square feet on a 0.12-acre lot at 21 Milliken Street in Old Orchard Beach. The property has wood-frame construction with wood siding, cottage and ranch styling, shingle roofing, and a mix of carpet, tile, and laminate flooring. Heating is provided by oil-fired hot water and baseboard systems, with window-unit cooling. Public water and public sewer serve the property, and off-street parking is available.
The property is approximately a quarter mile from the beach, pier, train station, restaurants, shops, and downtown Old Orchard Beach. Its position just off Old Orchard Street places the triplex within walking distance of Palace Playland, the shoreline, dining, entertainment, and seasonal attractions. Zoning is DD-2.
The property is approximately a quarter mile from the beach, pier, train station, restaurants, shops, and downtown Old Orchard Beach. Its position just off Old Orchard Street places the triplex within walking distance of Palace Playland, the shoreline, dining, entertainment, and seasonal attractions. Zoning is DD-2.
Key Highlights
- Triplex with 2,288 square feet of property size
- 0.12‑acre lot at 21 Milliken Street
- Approximately a quarter mile from the beach, pier, train station, restaurants, shops, and downtown
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
$38,732
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
3.92%
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%
$774,640
$774.6K
Cap Rate 7%
$553,314
$553.3K
Cap Rate 9%
$430,356
$430.4K
Market Conditions
NOI Build-Up for 2,288 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
$58.2K $25.44/SF
− Vacancy
−$2.9K −$1.26/SF
EGI
$55.3K $24.18/SF
− OpEx
−$16.6K −$7.25/SF
NOI
$38.7K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$774,640
Cap Rate 7%
$553,314
Cap Rate 9%
$430,356
Alternative Uses
Best Use
Multifamily LT 5
$553.3K
$484.2K – $645.5K
NOI $38,732 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$505.1K
$442.0K – $589.3K
NOI $35,359 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$725.3K
$634.6K – $846.2K
NOI $50,770 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with off-street parking and public water and sewer.
Where is this triplex located?
The property is located at 21 Milliken Street Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Triplex with 2,288 square feet of property size; 0.12‑acre lot at 21 Milliken Street; Approximately a quarter mile from the beach, pier, train station, restaurants, shops, and downtown
