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    Historic Estate on 126 Acres Title is generated by Realmo AI

    10 S Arm Road, Andover, ME 04226

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    Claim this Listing
    For Sale
    $2,150,000

    COMMERCIAL - Andover, ME

    Property size:
    9,600 SF
    Lot size:
    126.00 Acres
    Price / SF:
    $223/SF
    Added:
    Apr 18, 2026
    Days on Market:
    30
    Last Refresh:
    May 17 at 11:06 am

    Property Features for 10 S Arm Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mixed
    Rooms
    Basement
    Basement
    Full, Walk-Out Access
    Standard status
    Active
    Size
    9,600 SF
    Lot size
    126.00 Acres

    Utilities

    Sewer type
    Private Sewer
    Heating system
    Baseboard, Electric (Heating), Wood Stove, Forced Air, Oil, Wood
    Water source
    Private

    Building Details

    Flooring type
    Linoleum, Wood
    Building materials
    Wood Frame, Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Jason Clark
    Jason Clark

    Listing agent Jason Clark

    Listing office Coldwell Banker Realty 11 Main St Ste 4, Saco, ME

    Listing date Apr 18, 2026

    MLS# 1632205

    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.

    HighLights

    • Historic Gilded Age estate on 126 acres.
    • Proven income‑producing property with potential as a wedding venue, outdoor adventure base, or retreat center.
    • Main house features 16 bedrooms, 7 bathrooms, a stately dining room, and an impressive Great Hall.
    • Partially heated for three‑season occupancy of up to 32 guests; four‑season occupancy for up to 12 guests.
    • Includes an income‑producing caretaker's cottage and ample garage/workshop space.
    • Located near ski areas and the Appalachian Trail.

    Overview

    Located in the mountains of Western Maine, the Merrill House is a historic estate encompassing 126 acres. This Gilded Age property has a rich history, with contributions from architects Stanford White and Frederick Law Olmstead. The property has been home to eight generations of the same family and has served as a retreat, event space, and vacation rental. The main house features 16 bedrooms, 7 bathrooms, a dining room, and a Great Hall. The property also includes an income-producing caretaker's cottage, garage, and workshop space. The grounds consist of six acres of lawns and trails. The property is partially heated, accommodating up to 32 overnight guests for three seasons and up to 12 guests year-round, with 6 bedrooms, 2 full and 2 half baths, a study, and the Great Hall available during the winter. It has 200-amp electrical service and updated plumbing. The property is located near Bethel, Sunday River, and Black Mountain ski areas, as well as the Appalachian Trail and various recreational trails. The property is suitable for use as a wedding venue, outdoor adventure base, or retreat center.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Building Supply Auto Repair Shop Gym & Fitness Center Department Store Hotel & Motel Grocery & Convenience Store Grocery & Convenience Store Bed & Breakfast (Bike/Boat/Book/etc) Store Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Oxford
    State
    Maine
    Longitude
    -70.7278
    Latitude
    44.6039

    FAQs

    What type of property is this?
    Bed & breakfast - Gilded Age estate in Western Maine, suitable for various ventures.
    Where is this bed & breakfast located?
    The property is located at 10 S Arm Road Andover, ME.
    What is the asking price?
    The asking price for this property is $2,150,000.
    What are key features of this property?
    This property features: Historic Gilded Age estate on 126 acres.; Proven income‑producing property with potential as a wedding venue, outdoor adventure base, or retreat center.; Main house features 16 bedrooms, 7 bathrooms, a stately dining room, and an impressive Great Hall.
    (207) 608-5927
    We can help!
    Listing Contact
    Jason Clark
    Jason Clark
    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.

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