Multifamily Property with Guest
For Sale
$1,200,000
21 Mill Road, Falmouth, ME 04105
The residential layout combines a two-bedroom primary unit with an accessory dwelling unit and separate guest accommodations.
Property Size2,400 SF
Price / SF$500
Days on Market355
Property Features for 21 Mill Road
General Information
Standard status
Active
Size
2,400 SF
Property subtype
MULTI_FAMILY
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,641
Building Details
Building Size
2,400 SF
Year Built
1890
Listing Agency:
www.HomeZu.com
Listed By:
Jason Saphire · License #0818954
(877) 249-5478
Source:
Oceanviewproperties
Added: Nov 7, 2025
Changed: Oct 26
Last Checked: Oct 26 at 3:16PM
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 www.HomeZu.com
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This restored mill property contains 2,400 square feet and dates to 1890. Its residential configuration includes a two-bedroom main dwelling, an accessory dwelling unit, and separate guest quarters.
The property sits along the Piscataqua River in Falmouth, Maine, with I-95, schools, and golf courses nearby.
The property sits along the Piscataqua River in Falmouth, Maine, with I-95, schools, and golf courses nearby.
Key Highlights
- Restored mill building with 2,400 square feet
- Two‑bedroom main dwelling unit
- Includes an accessory dwelling unit and separate guest quarters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,457
Cap Rate
3.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$789,140
$789.1K
Cap Rate 7%
$563,671
$563.7K
Cap Rate 9%
$438,411
$438.4K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$76.3K $31.80/SF
− Vacancy
−$4.6K −$1.91/SF
EGI
$71.7K $29.89/SF
− OpEx
−$32.3K −$13.45/SF
NOI
$39.5K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$789,140
Cap Rate 7%
$563,671
Cap Rate 9%
$438,411
Alternative Uses
Best Use
Apartment 5plus
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$659.6K
$577.2K – $769.6K
NOI $46,175 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Explore this area
Business Placement
Demographics for 04105, ME
12,406
Population
5,332
Households
2.3
Avg Household Size
48
Median Age
70%
College-Educated
98%
High-School Grad
29.3 sq mi
ZIP Area
423
Density / Sq Mi
$131,833
Median Household Income
$69,303
Median Earnings
$2,070
Median Rent
$669,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - The residential layout combines a two-bedroom primary unit with an accessory dwelling unit and separate guest accommodations.
Where is this multifamily property located?
The property is located at 21 Mill Road Falmouth, ME.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Restored mill building with 2,400 square feet; Two‑bedroom main dwelling unit; Includes an accessory dwelling unit and separate guest quarters
