Renovated Office
158 Penobscot Avenue, Millinocket, ME 04462
For Sale
$249,900
Commercial Sale, Millinocket, ME
Property Size1,533 SF
Lot Size0.05 Acres
Price / SF$163.01
Days on Market125
Property Features for 158 Penobscot Avenue
General Information
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Zoning
Parking features
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Size
Lot size
Additional Details
Tenant in Place
Property Use
Condition
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Bruce Bragdon · License ME BA913570
(207) 947-3363
Added: Jul 9
Changed: Oct 28
Last Checked: Nov 10 at 9:06AM
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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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
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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
$89,700
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Penobscot County, ME
Properties on Market for Office buildings in Penobscot County
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
