Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    75 Penobscot Ave Millinocket, ME 04462

    Sponsored
    For Sale
    $179,900

    COMMERCIAL - Millinocket, ME

    Lot size:
    0.31 Acres
    Days on Market:
    37
    Last Refresh:
    Jan 20 at 12:06 pm

    Property Features for 75 Penobscot Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Downtown
    Parking features
    Offsite
    Lot size
    0.31 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Adrian Nadeau

    ERA Dawson Bradford Co., Realtors (207) 947-6788 [email protected]

    Listing agent Adrian Nadeau (207) 947-6788

    Listing date Dec 15, 2025

    Copyright © 2025 Maine Real Estate Information System, Inc. 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

    Vacant Lot on Main Street

    This is a 0.31-acre vacant lot featuring a cement pad. The property is located directly on Main Street in Millinocket and is connected to public water and sewer services. The site, formerly a bowling alley, has been cleared and is ready for construction. It is situated in the heart of the Katahdin region. The property is zoned downtown.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Millinocket
    County
    Penobscot
    State
    Maine
    Longitude
    -68.708918
    Latitude
    45.6545684

    Nearby Similar for Sale

    • New
      $245,000
      4,079 SF

      Versatile Commercial Property in Millinocket

      4,000+ sq ft property suitable for various business ventures.
      11 Tamarack St, Millinocket, ME 04462
      View Details
    • $92,000
      1,078 SF

      Millinocket Duplex with Garage

      Duplex with garage and rental opportunities in Millinocket, Maine.
      236 Katahdin Avenue Ext, Millinocket, ME 04462
      View Details
    • New
      $149,900
      1,625 SF

      Millinocket Colonial Multifamily Property

      Multifamily colonial property in Millinocket, Maine.
      72 East Ter, Millinocket, ME 04462
      View Details
    • $1,499,999
      23,815 SF

      32-Unit Multifamily Investment Opportunity

      32 units in five buildings, Millinocket, Maine. Expansion potential.
      97 Penobscot Ave, Millinocket, ME 04462
      View Details
    • $249,900
      1,533 SF

      Renovated Office Building in Millinocket

      Fully renovated office building in downtown Millinocket business district.
      158 Penobscot Ave, Millinocket, ME 04462
      View Details
    • $625,000
      8,322 SF

      Millinocket Commercial Property For Sale

      Commercial property in Millinocket, Maine, featuring 8,322 square feet of space.
      899 Central St, Millinocket, ME 04462
      View Details
    • $259,000
      6,400 SF

      6,400 SF Commercial Building Shell

      Highly visible commercial building shell with high traffic.
      953 Central St, Millinocket, ME 04462
      View Details
    • $325,000
      5,650 SF

      Retail/Office Building For Sale

      Free-span steel building suitable for retail or office use.
      21 Sycamore St, Millinocket, ME 04462
      View Details
    • $179,900
      0.31 Acres

      Millinocket Commercial Lot - Prime Location

      Build-Ready Lot, Main Street, Owner Financing Possible
      75 Penobscot Ave, Millinocket, ME 04462
      View Details
    • $342,000
      4,079 SF

      Millinocket Office Building - Prime Location

      Versatile Office Space, Ample Parking, Event Room
      11 Tamarack St, Millinocket, ME 04462
      View Details

    FAQs

    What type of property is this?
    Commercial land - Vacant 0.31-acre lot with cement pad in Millinocket, ME.
    Where is this commercial land located?
    The property is located at 75 Penobscot Ave Millinocket, ME.
    What is the asking price?
    The asking price for this property is $179,900.
    What are key features of this property?
    This property features: - Vacant 13,500 sq. ft. lot ready to build.; - **Prime Main St. location** in Millinocket, in the heart of the Katahdin region.; - Public water and sewer connections available.
    (207) 947-3363
    Request Owner's contact information
    75 Penobscot Ave Millinocket, ME 04462
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    75 Penobscot Ave
    Millinocket, ME 04462
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    75 Penobscot Ave Millinocket, ME 04462
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Adrian Nadeau
    (207) 947-3363
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.