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    8 20 24 & 46 Martins Lane Glenburn, ME 04401

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    Claim this Listing
    For Sale
    $1,250,000

    MULTI_FAMILY - Colonial, Contemporary - Glenburn, ME

    Property size:
    7,002 SF
    Lot size:
    245.00 Acres
    Added:
    Apr 4, 2026
    Days on Market:
    15
    Last Refresh:
    Apr 18 at 9:06 am

    Property Features for 8 20 24 & 46 Martins Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RD
    Bathrooms
    9
    Rooms
    Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 9, Bathroom 5, Bathroom 7, Bathroom 4, Basement, Bathroom 8, Bathroom 6
    Parking features
    Carport, Underground/Basement
    Patio and Porch features
    Deck, Porch
    Interior features
    In-Law Apartment, Attic, Bathtub, Storage
    Basement
    Finished, Walk-Out Access, Full, Unfinished
    Standard status
    Active
    Size
    7,002 SF
    Lot size
    245.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    13911

    Utilities

    Sewer type
    Private Sewer, Septic Tank
    Heating system
    Zoned, Hot Water(Heating), Other (Heating), Heat Pump (Heating), Baseboard
    Cooling system
    Heat Pump
    Water source
    Private, Well
    Water front
    1

    Building Details

    Year built
    1996
    Number of units
    4
    Flooring type
    Vinyl, Laminate, Carpet
    Building materials
    Vinyl Siding, Wood Frame
    Roof type
    Shingle, Metal
    Architectural style
    Colonial, Contemporary
    Additional Structures
    Outbuilding, Storage

    We can help!

    Listing Contact
    Sara Harvey

    Listing agent Sara Harvey

    Listing office Realty of Maine 458 Main Street, Bangor, ME

    Listing date Apr 4, 2026

    MLS# 1652581 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.

    Overview

    Glenburn Multifamily Investment Opportunity

    Located in Glenburn, Maine, this property features four residential homes situated on approximately 245 private acres. The site offers versatile opportunities for investment, multi-family living, or development. Recreational potential is provided by a private pond, deeded access to Pushaw Lake, and expansive forest and open land, suitable for boating, fishing, hiking, or outdoor hospitality ventures. The existing homes offer established rental income and can be expanded or used for guest accommodations or other business purposes. Outbuildings, substantial garage space, and over 20 parking spaces support a variety of uses. The property is conveniently located just minutes from Bangor, Orono, Brewer, and I-95, combining privacy, scale, and long-term value with both natural and functional assets. The total property size is 7002 square feet. The zoning is RD. The property is located in Penobscot County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Glenburn
    County
    Penobscot
    State
    Maine
    Longitude
    -68.8311
    Latitude
    44.8521

    Nearby Similar for Sale

    • $1,250,000
      7,002 SF

      Glenburn Multifamily Investment Opportunity

      Four homes on 245 acres near Bangor, Maine.
      8, 20, 24, & 46 Martins Lane, Glenburn, ME 04401
      View Details
    • $41,600

      Glenburn Land with Well

      2.2 acre lot with well and septic system.
      42 Clewley Road, Glenburn, ME 04401
      View Details
    • $1,500,000

      Glenburn Multifamily Investment Opportunity

      Six buildings on 30 acres, ideal for rental income.
      2881, 2893 Ohio Street, Glenburn, ME 04401
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    • $49,000

      Glenburn, ME Land Opportunity

      8.14 acre lot suitable for building or future development.
      Lot 7-46-9 Clewley Road, Glenburn, ME 04401
      View Details

    FAQs

    What type of property is this?
    Land - Four homes on 245 acres near Bangor, Maine.
    Where is this land located?
    The property is located at 8 20 24 & 46 Martins Lane Glenburn, ME.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: 245 private acres with four residential homes, a versatile opportunity.; Established rental income from multiple homes, with expansion potential.; Private pond and deeded access to Pushaw Lake for recreation.
    (207) 653-2043
    We can help!
    Listing Contact
    Sara Harvey
    Learn More
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    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
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