Three-Story Mixed-Use
For Sale
$539,900
117 Mill Street, Orono, ME 04473
Vacant property with updated heating, reinforced foundation, garage, parking, and flexible residential, office, or commercial configurations subject to approvals.
Property Size4,560 SF
Price / SF$118.40
Days on Market114
Property Features for 117 Mill Street
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1910
Listing Agency:
ERA Dawson-Bradford Co.
Listed By:
Adrian Nadeau
(207) 947-3363
Source:
Portsiderealestategroup
Added: Jun 24
Changed: Oct 11
Last Checked: Oct 14 at 11:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ERA Dawson-Bradford Co.
Investment Insights
Based on property information with market context.
Built in 1910, this vacant 9,120-square-foot, three-story mixed-use building offers a flexible base for repositioning. Recent work includes updated heating systems and a reinforced foundation. Residential areas include washer and dryer connections, and one unit is furnished. The property can support residential, office, and commercial configurations subject to local approvals.
The site includes an on-site garage and ample parking, with public transportation access serving the property. Its Mill Street setting is near downtown Orono’s dining, retail, services, and recreation, while the University of Maine is nearby. The building’s vacant status allows future ownership to establish its own leasing approach and tenant mix.
The site includes an on-site garage and ample parking, with public transportation access serving the property. Its Mill Street setting is near downtown Orono’s dining, retail, services, and recreation, while the University of Maine is nearby. The building’s vacant status allows future ownership to establish its own leasing approach and tenant mix.
Key Highlights
- 9,120‑square‑foot vacant, three‑story mixed‑use building
- Built in 1910 with updated heating systems
- Reinforced foundation supports the building’s improvements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,436
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,720
$768.7K
Cap Rate 7%
$549,086
$549.1K
Cap Rate 9%
$427,067
$427.1K
Market Conditions
NOI Build-Up for 4,560 SF
Gross rent
$73.9K $16.20/SF
− Vacancy
−$4.0K −$0.87/SF
EGI
$69.9K $15.33/SF
− OpEx
−$31.4K −$6.90/SF
NOI
$38.4K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,720
Cap Rate 7%
$549,086
Cap Rate 9%
$427,067
Alternative Uses
Best Use
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 7.12%
Second Best
Mixed Use
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,092 @ 7.0% cap · market cap 19.09%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 04473, ME
8,070
Population
3,759
Households
2.1
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
17.3 sq mi
ZIP Area
466
Density / Sq Mi
$58,893
Median Household Income
$27,016
Median Earnings
$1,146
Median Rent
$217,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant property with updated heating, reinforced foundation, garage, parking, and flexible residential, office, or commercial configurations subject to approvals.
Where is this mixed-use property located?
The property is located at 117 Mill Street Orono, ME.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: 9,120‑square‑foot vacant, three‑story mixed‑use building; Built in 1910 with updated heating systems; Reinforced foundation supports the building’s improvements
