Building Details

Year built 1910

Flooring type Vinyl, Carpet

Building materials Masonry, Stucco, Vinyl Siding

Roof type Membrane

Listing Agency: ERA Dawson-Bradford Co. · ERA Real Estate p***@eradawson.com Show Phone

Listed By: Adrian Nadeau Show Phone

Added: Jul 16 Changed: Oct 5 Last Checked: Oct 6 at 2:06PM

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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.

Investment Insights

Based on property information with market context.

This vacant three-story mixed-use property contains 4,560 square feet on a 0.25-acre parcel. The 1910 building has masonry, stucco, and vinyl siding construction, with carpet and vinyl flooring throughout. Recent work includes updated heating systems and a reinforced foundation. Residential units include washer and dryer connections, and one unit is furnished. A garage and on-site parking support residential, office, or commercial configurations, subject to local approvals.

The property is located at 117 Mill Street in Orono, with public transportation access and proximity to downtown restaurants, shops, services, and recreation. The University of Maine is nearby. Public water and public sewer serve the property, while heating includes zoned hot-water baseboard systems fueled by natural gas. The building also includes a basement and a membrane roof.

Key Highlights

• 4,560‑square‑foot vacant mixed‑use building on 0.25 acres
• Three‑story property originally built in 1910
• Updated heating systems and reinforced foundation

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 (±1% cap)

NOI $38,436 @ 7.0% cap · market cap 7.12%

Second Best

Mixed Use

$466.8K

$408.5K – $544.6K (±1% cap)

NOI $32,678 @ 7.0% cap · market cap 6.05%

Theoretical Best

Office A

$1.47M

$1.29M – $1.72M (±1% cap)

NOI $103,092 @ 7.0% cap · market cap 19.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Seacoast Property Solutions Property Investment Company

Suggested Use

Top Pick Building Supply HVAC Service Nail Salon Bakery Big Box & Wholesale Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

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

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Vacant building with updated heating, reinforced foundation, garage, and on-site parking near downtown Orono.

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: 4,560‑square‑foot vacant mixed‑use building on 0.25 acres; Three‑story property originally built in 1910; Updated heating systems and reinforced foundation