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    Historic Grist Mill with Water Rights Title is generated by Realmo AI

    168 Payson Road, Union, ME 04862

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    Claim this Listing
    For Sale
    $340,000

    COMMERCIAL - Union, ME

    Property size:
    3,285 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $103/SF
    Added:
    Sep 25, 2025
    Days on Market:
    233
    Last Refresh:
    May 15 at 8:06 pm

    Property Features for 168 Payson Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Rural
    Parking features
    Off Street
    Standard status
    Active
    Size
    3,285 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1533

    Utilities

    Sewer type
    Private Sewer, Septic Needed
    Heating system
    None (Heating)
    Water source
    Private, Well

    Building Details

    Year built
    1850
    Flooring type
    Wood
    Building materials
    Shingle Siding, Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Rachael Umstead

    Listing agent Rachael Umstead

    Listing office Lone Pine Real Estate Company 19 Elm Street, Union, ME

    Listing date Sep 25, 2025

    MLS# 1628850

    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.

    HighLights

    • Historic Grist Mill (circa 1850) with significant local historical value
    • Includes valuable historic water rights between Alford Lake and Lermond Pond
    • Large 3,200+ sq ft building with potential for various uses
    • Situated on approximately 2 acres on tranquil Mill Pond
    • Includes the mill building, surrounding lot, and dams at both Mill Pond and Lermond Pond
    • Unique opportunity for restoration with commercial and environmental significance

    Overview

    This historic grist mill, situated on approximately 0.36 acres in East Union Village, offers over 3,200 square feet of space. The building, in need of major renovation, presents potential for continued production, retail use, studio space, or storage. Operating as a grist mill since the early 1800s, it has been grinding flour for the past 40 years. The property includes the mill building, the surrounding lot, and the dam at the mill, as well as additional land between Lermond Pond and Mill Pond, including the dam at that location. The property conveys with historic water rights between Alford Lake and Lermond Pond, giving the owner a role in maintaining the water levels across this watershed area. This property offers commercial potential and environmental significance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Building Supply Bakery Arcade & Gaming Center Carpet & Flooring Store (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Union
    County
    Knox
    State
    Maine
    Longitude
    -69.224491
    Latitude
    44.214146

    FAQs

    What type of property is this?
    Specialty property - Historic grist mill with water rights in East Union Village.
    Where is this specialty property located?
    The property is located at 168 Payson Road Union, ME.
    What is the asking price?
    The asking price for this property is $340,000.
    What are key features of this property?
    This property features: Historic Grist Mill (circa 1850) with significant local historical value; Includes valuable historic water rights between Alford Lake and Lermond Pond; Large 3,200+ sq ft building with potential for various uses
    (207) 790-3960
    We can help!
    Listing Contact
    Rachael Umstead
    Learn More
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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
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