Commercial Storefront with Flexible
For Sale
Contact for pricing
Pending
216 Penobscot Ave, Millinocket, ME 04462
Highly visible storefront on Penobscot Avenue, suited for retail, office, or service businesses.
Property Size1,610 SF
Days on Market157
Property Features for 216 Penobscot Ave
General Information
Standard status
Pending
Size
1,610 SF
Property subtype
Office, Retail
Zoning
14 downtown commercial dev
Building Details
Year Built
1921
Year Renovated
2025
Buildings
1
Stories
1
Units
2
Listing Agency:
Realty of Maine Bangor
Listed By:
Sandi Van Syckle · License #017456
(207) 356-9909
Source:
Crexi
Added: Apr 2
Changed: Aug 23
Last Checked: Aug 14 at 7:40AM
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 Realty of Maine Bangor
Investment Insights
Based on property information with market context.
This commercial storefront offers a flexible layout for retail, office, or service-based use. The property is positioned along Penobscot Avenue in Millinocket, Maine.
The listing describes strong visibility on a main corridor and proximity to Baxter State Park and Katahdin tourism traffic. The property is offered for sale at 216 Penobscot Ave, Millinocket, Maine.
The listing describes strong visibility on a main corridor and proximity to Baxter State Park and Katahdin tourism traffic. The property is offered for sale at 216 Penobscot Ave, Millinocket, Maine.
Key Highlights
- Highly visible commercial storefront at 216 Penobscot Ave in Millinocket, Maine
- Year built: 1921
- Suitable for retail, office, or service‑based businesses
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
$13,470
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
7.70%
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%
$269,400
$269.4K
Cap Rate 7%
$192,429
$192.4K
Cap Rate 9%
$149,667
$149.7K
Market Conditions
NOI Build-Up for 1,610 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
$23.2K $14.40/SF
− Vacancy
−$3.9K −$2.45/SF
EGI
$19.2K $11.95/SF
− OpEx
−$5.8K −$3.59/SF
NOI
$13.5K $8.37/SF
Area
Penobscot County, ME
Vacancy
17.00%
Lease Rate
$14.40 /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%
$269,400
Cap Rate 7%
$192,429
Cap Rate 9%
$149,667
Alternative Uses
Best Use
Office B
$325.1K
$284.5K – $379.3K
NOI $22,759 @ 7.0% cap · market cap 13.01%
Second Best
Retail
$192.4K
$168.4K – $224.5K
NOI $13,470 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$520.0K
$455.0K – $606.7K
NOI $36,399 @ 7.0% cap · market cap 20.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Millinocket Floral Shop — 97 Penobscot Ave, Millinocket, ME 04462
Frequently Asked Questions
What type of property is this?
Storefront property - Highly visible storefront on Penobscot Avenue, suited for retail, office, or service businesses.
Where is this storefront property located?
The property is located at 216 Penobscot Ave Millinocket, ME.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Highly visible commercial storefront at 216 Penobscot Ave in Millinocket, Maine; Year built: 1921; Suitable for retail, office, or service‑based businesses
