Vacant Three-Story Mixed-Use
117 Mill Street Orono, ME 04473
117 Mill Street, Orono, ME, 04473
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For Sale
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Vacant three-story building on Mill Street with updated heating, reinforced foundation, and in-unit washer/dryer connections.
Property Size4,560 SF
Price / SF$135.94
Days on Market19
Property Features for 117 Mill Street
General Information
- Standard status
- Active
- Size
- 4,560 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1910
Listing agency
Dawson Commercial Brokers
Listed by
Tayler Magliozzi · License #ME
Source
Crexi
Added: Jul 4 Updated: Jul 21 at 7:55AM Checked: Jul 21 at 7:55AM
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 Dawson Commercial Brokers
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
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
Office B
$920.9K
$805.8K – $1.07M
NOI $64,461 @ 7.0% cap · market cap 10.40%
Second Best
Apartment 5plus
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.20%
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 Analytics
Location Intelligence
Current Use by Public Records
Seacoast Property Solutions
Property Investment Company
Similar For Sale Nearby
FAQs
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 $619,900.
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
