Inspected
For Sale
$989,000
21 Milliken St, Old Orchard Beach, ME 04064
Three rental units support short-, mid-, or long-term occupancy strategies.
Property Size2,288 SF
Price / SF$432.26
Days on Market38
Property Features for 21 Milliken St
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1952
Listing Agency:
Waypoint Brokers Collective
(207) 749-4170
Listed By:
Monica Dambach
Source:
603luxury
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 25 at 3:50AM
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 Waypoint Brokers Collective
Investment Insights
Based on property information with market context.
This 2,288-square-foot triplex, built in 1952, contains three residential units that have each undergone inspection by the Town. The property supports flexible rental use, including short-term, mid-term, and long-term arrangements.
Located at 21 Milliken Street in Old Orchard Beach, the property sits about a quarter mile from the beach, pier, train station, restaurants, shops, and downtown. Palace Playland, seven miles of sandy beach, dining, entertainment, and seasonal attractions are also within walking distance, supporting access to the area’s seasonal destinations without requiring a car.
Located at 21 Milliken Street in Old Orchard Beach, the property sits about a quarter mile from the beach, pier, train station, restaurants, shops, and downtown. Palace Playland, seven miles of sandy beach, dining, entertainment, and seasonal attractions are also within walking distance, supporting access to the area’s seasonal destinations without requiring a car.
Key Highlights
- Three‑unit residential property totaling 2,288 SF
- Built in 1952
- All three units inspected by the Town
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,732
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$774,640
$774.6K
Cap Rate 7%
$553,314
$553.3K
Cap Rate 9%
$430,356
$430.4K
Market Conditions
NOI Build-Up for 2,288 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.2K $25.44/SF
− Vacancy
−$2.9K −$1.26/SF
EGI
$55.3K $24.18/SF
− OpEx
−$16.6K −$7.25/SF
NOI
$38.7K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$774,640
Cap Rate 7%
$553,314
Cap Rate 9%
$430,356
Alternative Uses
Best Use
Multifamily LT 5
$553.3K
$484.2K – $645.5K
NOI $38,732 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$505.1K
$442.0K – $589.3K
NOI $35,359 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$725.3K
$634.6K – $846.2K
NOI $50,770 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three rental units support short-, mid-, or long-term occupancy strategies.
Where is this triplex located?
The property is located at 21 Milliken St Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Three‑unit residential property totaling 2,288 SF; Built in 1952; All three units inspected by the Town
