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    97 Penobscot Ave Millinocket, ME 04462

    For Sale
    $1,499,999

    MULTI_FAMILY - Millinocket, ME

    Property size:
    23,815 SF
    Lot size:
    2.35 Acres
    Days on Market:
    61
    Last Refresh:
    Dec 5 at 8:06 am

    Property Features for 97 Penobscot Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R14*
    Rooms
    Basement
    Basement
    Full, Unfinished, Partial
    Size
    23,815 SF
    Lot size
    2.35 Acres

    Utilities

    Sewer type
    Septic Tank, Public Sewer, Private Sewer
    Heating system
    Baseboard, Zoned, Hot Water(Heating)
    Water source
    Private, Public
    Water front
    1

    Building Details

    Flooring type
    Vinyl, Laminate, Carpet
    Building materials
    Wood Siding, Vinyl Siding, Concrete, Masonry, Wood Frame
    Roof type
    Metal, Shingle

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

    Listing agent Adrian Nadeau (207) 947-6788

    Listing date Oct 6, 2025

    MLS# 1620291 Listing URL

    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.

    Overview

    32-Unit Multifamily Investment Opportunity

    This offering features 32 units distributed across five separate buildings, situated within a two-mile radius in Millinocket, Maine. The properties also include a spare lot that can be used for additional parking. This presents an opportunity to expand real estate holdings in an area known for its recreational activities. The zoning is R14*. The total property size is 23,815 square feet and the lot size is 2.35 acres. There are vacant apartments available. Rental amounts for each building with spreadsheet are included in the attachments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Millinocket Floral Shop Florist

    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
    -68.708917
    Latitude
    45.65456

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    FAQs

    What type of property is this?
    Apartment building - 32 units in five buildings, Millinocket, Maine. Expansion potential.
    Where is this apartment building located?
    The property is located at 97 Penobscot Ave Millinocket, ME.
    What is the asking price?
    The asking price for this property is $1,499,999.
    What are key features of this property?
    This property features: - 32 Units in 5 Buildings: A substantial real estate portfolio acquisition.; - Expansion Potential: Spare lot allows for additional parking or development.; - Income Generation: Vacant apartments offer immediate opportunity to increase cash flow.
    (207) 947-6788
    Request Owner's contact information
    97 Penobscot Ave Millinocket, ME 04462
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    Realmo Value Estimation

    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.

    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.

    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
    97 Penobscot Ave Millinocket, ME 04462
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