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    60 Mill St Corinna, ME 04928

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    For Sale
    $699,000

    21,541 SF storage and flex space in Corinna, Maine.

    Property size:
    21,541 SF

    Property Features for 60 Mill St

    General Information

    Size
    21,541 SF

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Brian Dano, Ccim
    Source: Svn

    Listing Agent: Brian Dano, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Corinna Maine Storage Solutions Investment

    Mid Maine Storage Solutions is located in Corinna, Maine. The property consists of 21,541 square feet, including 9,092 square feet of storage and 12,449 square feet of interior parking, distributed across four buildings. An additional area within a historic mill building offers flex space, interior parking, and supplemental storage. The property is located in downtown Corinna, behind Dollar General, with year-round access. It is near the Newport/Dover-Foxcroft rail line. The location is accessible to snowmobile and ATV enthusiasts. The storage units are currently operating at approximately 70% occupancy. The property has potential for future development, and the mill building allows for conversions ranging from additional storage units to workspace. Corinna is located minutes from Interstate 95 via Newport, along Maine’s Moosehead Trail (Route 7). The town is a corridor for travelers en route to recreational destinations such as Moosehead Lake and Katahdin Woods & Waters. It is a recreational hub for outdoor enthusiasts, drawing traffic from snowmobilers, ATV riders, hunters, and seasonal tourists. It is located 40 minutes from Bangor, 50 minutes from Waterville, and just over an hour from Augusta. The property is centrally located to retail shops, grocery stores and schools. There are ancillary income opportunities including a Tenant Protection Program, and expansion possibilities per town approval. The property can be remotely operated.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Penske Truck Rental Truck Rental Agency

    Suggested Use

    Restaurant Hair Salon Auto Repair Shop Food Market HVAC Service Grocery Store Storage Facility Electrical Service Convenience Store Car Rental

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Corinna
    County
    Penobscot
    State
    Maine
    Longitude
    -69.259463
    Latitude
    44.9160103

    Nearby Similar for Sale

    • New
      $399,000
      3,200 SF

      Commercial Property on High-Traffic Road

      Commercial property with service garage on high-traffic road in Corinna, Maine.
      266 Newport Rd, Corinna, ME 04928
      View Details

    FAQs

    What type of property is this?
    Self storage facility - 21,541 SF storage and flex space in Corinna, Maine.
    Where is this self storage facility located?
    The property is located at 60 Mill St Corinna, ME.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Significant upside potential: Maximize income by increasing occupancy of storage units and flex space.; - Strategic location: Downtown Corinna, Maine, near Dollar General and major transportation routes.; - Versatile mill building: Historic building with flex space, interior parking, and supplemental storage, ideal for value-add conversions.
    (603) 377-0309
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    60 Mill St Corinna, ME 04928
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    Corinna, ME 04928
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    60 Mill St Corinna, ME 04928
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    We can help!
    Listing Contact
    Brian Dano, Ccim
    Real Estate License ID: #076668
    (603) 377-0309
    Learn more
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