Renovated Office
For Sale
$249,900
158 Penobscot Avenue, Millinocket, ME 04462
Commercial Sale, Millinocket, ME
Property Size1,533 SF
Lot Size0.05 Acres
Price / SF$163.01
Days on Market163
Property Features for 158 Penobscot Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4
Parking features
Off Street, Other
Lot features
Business District, Near Shopping
Standard status
Active
Size
1,533 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1185
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1925
Number of units
1
Flooring type
Tile, Tile - Ceramic
Building materials
Masonry, Block
Roof type
Flat
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Bruce Bragdon · License #BA913570
(207) 947-3363
Added: May 8
Changed: Oct 16
Last Checked: Oct 17 at 11:06PM
MLS# 1644421
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.
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Investment Insights
Based on property information with market context.
This fully renovated office building contains 1,533 square feet arranged for professional operations. The interior includes a reception area, three private offices, a kitchen area, and six heat pumps for climate control. Masonry and block construction, tile and ceramic tile flooring, a flat roof, and electric heating with heat pump and baseboard systems complete the improvements.
The property occupies 0.05 acres at 158 Penobscot Avenue in the downtown Millinocket business district. Vehicle and pedestrian activity serve the commercial corridor, while public parking is directly adjacent and owned by the Town of Millinocket. Public water and public sewer are in place, with off-street parking also provided.
The building is currently occupied under a month-to-month triple-net lease, and the tenant intends to vacate in mid-2026. The space can therefore support either a new tenancy or an owner-occupied business, subject to applicable requirements.
The property occupies 0.05 acres at 158 Penobscot Avenue in the downtown Millinocket business district. Vehicle and pedestrian activity serve the commercial corridor, while public parking is directly adjacent and owned by the Town of Millinocket. Public water and public sewer are in place, with off-street parking also provided.
The building is currently occupied under a month-to-month triple-net lease, and the tenant intends to vacate in mid-2026. The space can therefore support either a new tenancy or an owner-occupied business, subject to applicable requirements.
Key Highlights
- 1,533‑square‑foot renovated office building
- Interior includes reception, 3 private offices, and a kitchen area
- Six heat pumps provide climate control throughout the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,671
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$433,420
$433.4K
Cap Rate 7%
$309,586
$309.6K
Cap Rate 9%
$240,789
$240.8K
Market Conditions
NOI Build-Up for 1,533 SF
Gross rent
$33.1K $21.60/SF
− Vacancy
−$4.2K −$2.75/SF
EGI
$28.9K $18.85/SF
− OpEx
−$7.2K −$4.71/SF
NOI
$21.7K $14.14/SF
Area
Penobscot County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$433,420
Cap Rate 7%
$309,586
Cap Rate 9%
$240,789
Alternative Uses
Best Use
Office B
$309.6K
$270.9K – $361.2K
NOI $21,671 @ 7.0% cap · market cap 8.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.1K
$433.2K – $577.6K
NOI $34,658 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 04462, ME
4,411
Population
3,302
Households
1.3
Avg Household Size
56
Median Age
20%
College-Educated
96%
High-School Grad
702.8 sq mi
ZIP Area
6
Density / Sq Mi
$44,167
Median Household Income
$23,295
Median Earnings
$553
Median Rent
$89,700
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Flexible professional layout with private offices, reception, kitchen space, and heat-pump climate control.
Where is this office building located?
The property is located at 158 Penobscot Avenue Millinocket, ME.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1,533‑square‑foot renovated office building; Interior includes reception, 3 private offices, and a kitchen area; Six heat pumps provide climate control throughout the building
