Vacant Three-Story Mixed-Use
For Sale
$599,900
117 Mill Street, Orono, ME 04473
Vacant three-story building on Mill Street with updated heating, reinforced foundation, and in-unit washer/dryer connections.
Property Size4,560 SF
Days on Market57
Property Features for 117 Mill Street
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Commercial
Zoning
HDR
Taxes and HOA fees
Annual Taxes
$8,565
Building Details
Building Size
4,560 SF
Year Built
1910
Stories
3
Listing Agency:
ERA Dawson-Bradford Co.
(207) 947-3363
Listed By:
Adrian Nadeau
(207) 947-3363
Source:
Startpoint
Added: Jun 30
Changed: Aug 23
Last Checked: Aug 24 at 2:30PM
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.
This vacant three-story mixed-use building at 117 Mill Street in Orono offers flexibility for an owner-investor or operator to establish lease structures and tenant mix based on current market conditions and permitted uses (subject to local approvals). The property supports configuration options for residential, office, and commercial applications, with the advantage of no existing tenancy constraints. Recent improvements include updated heating systems and a reinforced foundation. Residential units are equipped with in-unit washer and dryer connections, and one unit is offered furnished.
The building is positioned on Mill Street with strong visibility, and it includes a garage on site along with ample on-site parking for tenants and customers. Public transportation access further enhances convenience and connectivity. The location is close to downtown Orono amenities, and the nearby University of Maine may support steady demand for both residential and commercial space.
Schedule a private showing to review the building’s current condition and explore practical options for updates, leasing, or occupancy.
The building is positioned on Mill Street with strong visibility, and it includes a garage on site along with ample on-site parking for tenants and customers. Public transportation access further enhances convenience and connectivity. The location is close to downtown Orono amenities, and the nearby University of Maine may support steady demand for both residential and commercial space.
Schedule a private showing to review the building’s current condition and explore practical options for updates, leasing, or occupancy.
Key Highlights
- Vacant three‑story multi‑use building on Mill Street in Orono, MA, built in 1910
- Recent improvements include updated heating systems and a reinforced foundation
- Residential units feature in‑unit washer and dryer connections
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,436
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$768,720
Cap Rate 7%
$549,086
Cap Rate 9%
$427,067
Alternative Uses
Best Use
Office B
$920.9K
$805.8K – $1.07M
NOI $64,461 @ 7.0% cap · market cap 10.75%
Second Best
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,092 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant three-story building on Mill Street with updated heating, reinforced foundation, and in-unit washer/dryer connections.
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 $599,900.
What are key features of this property?
This property features: Vacant three‑story multi‑use building on Mill Street in Orono, MA, built in 1910; Recent improvements include updated heating systems and a reinforced foundation; Residential units feature in‑unit washer and dryer connections
