Three-Story Mixed-Use
For Sale
$599,900
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$131.56
Days on Market81
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) 680-3667
Source:
Portsiderealestategroup
Added: Jun 12
Changed: Aug 30
Last Checked: Aug 26 at 1:07PM
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 = 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
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.41%
Second Best
Mixed Use
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 5.45%
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 Multifamily in Northeast region
Questions? Ask Rey
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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 $599,900.
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
