Vacant Three-Story Multifamily
117 Mill Street, Orono, ME 04473
New
- Added:
- Jun 30, 2026
- Days on Market:
- 2
- Last Refresh:
- Jul 1 at 12:06 pm
Property Features for 117 Mill Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- HDR
- Rooms
- Basement
- Basement
- Full, Unfinished
- Standard status
- Active
- Size
- 4,560 SF
- Lot size
- 0.25 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8565
Utilities
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating), Baseboard, Natural Gas, Zoned
- Water source
- Public
Building Details
- Year built
- 1910
- Flooring type
- Carpet, Vinyl
- Building materials
- Masonry, Stucco, Vinyl Siding
- Roof type
- Membrane
Listing agent Adrian Nadeau (207) 947-3363
Listing office ERA Dawson-Bradford Co. 417 Main Street, Bangor, ME (207) 947-6788
Listing date Jun 30, 2026
MLS# 1669656
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
- Vacant three‑story multi‑use building in Orono with flexible leasing/occupancy options for permitted residential, office, or commercial uses (subject to local approvals)
- Recent improvements include updated heating systems and a reinforced foundation for long‑term stability
- Heating system: natural gas hot water with zoned baseboard heating
- In‑unit washer/dryer connections in residential units; one unit offered furnished for short- or long‑term rental strategies
- Public utilities: public water and public sewer
- Construction materials include masonry, stucco, and vinyl siding; roof is membrane
Overview
This vacant three-story multifamily income building offers a flexible layout for an owner-investor or operator looking to establish lease terms and tenant mix. The property includes residential units with in-unit washer and dryer connections, and one unit is offered furnished. Recent improvements include updated heating systems and a reinforced foundation, supporting continued building reliability. A garage on site and ample on-site parking are included to support residential use and potential mixed-use configurations.
Located at 117 Mill Street in Orono, Maine, the building is positioned for convenient day-to-day access, with public transportation access noted in the listing remarks. The property’s setting provides proximity to downtown Orono amenities, including dining, retail, services, and recreation. Zoning is listed as HDR, which may support multiple types of use depending on local approvals.
With no existing tenancy constraints, the property is well-suited for a repositioning plan that starts with updates and then moves into leasing or occupancy. The combination of existing residential infrastructure (including washer/dryer connections), an on-site garage, and parking can support a straightforward residential strategy, while the building’s multi-use flexibility may also appeal to operators or developers evaluating alternative configurations subject to required approvals.
Located at 117 Mill Street in Orono, Maine, the building is positioned for convenient day-to-day access, with public transportation access noted in the listing remarks. The property’s setting provides proximity to downtown Orono amenities, including dining, retail, services, and recreation. Zoning is listed as HDR, which may support multiple types of use depending on local approvals.
With no existing tenancy constraints, the property is well-suited for a repositioning plan that starts with updates and then moves into leasing or occupancy. The combination of existing residential infrastructure (including washer/dryer connections), an on-site garage, and parking can support a straightforward residential strategy, while the building’s multi-use flexibility may also appeal to operators or developers evaluating alternative configurations subject to required approvals.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.9k | $16.20 |
| − Vacancy | −$4.0k | −$0.87 |
| EGI | $69.9k | $15.33 |
| − OpEx | −$31.4k | −$6.90 |
| NOI | $38.4k | $8.43 |
4,560 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,092 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Seacoast Property Solutions
Property Investment Company
Location Insight
- Map
- Local Demand
- City
- Orono
- County
- Penobscot
- State
- Maine
- Longitude
- -68.6675195
- Latitude
- 44.8826214
FAQs
What type of property is this?
Residential income property - Vacant three-story building with updated heating, reinforced foundation, in-unit washer/dryer hookups, and on-site parking.
Where is this residential income property located?
The property is located at 117 Mill Street Orono, ME.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Vacant three‑story multi‑use building in Orono with flexible leasing/occupancy options for permitted residential, office, or commercial uses (subject to local approvals); Recent improvements include updated heating systems and a reinforced foundation for long‑term stability; Heating system: natural gas hot water with zoned baseboard heating
