Masonry Office
For Sale
$650,000
594 Stillwater Avenue, Old Town, ME 04468
COMMERCIAL - Old Town, ME
Property Size2,500 SF
Lot Size0.63 Acres
Price / SF$260
Days on Market81
Property Features for 594 Stillwater Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3 Highway Commer
Lot features
Near Shopping
Standard status
Active
Size
2,500 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6243
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Oil
Water source
Public
Building Details
Year built
1978
Flooring type
Carpet, Tile
Building materials
Masonry, Brick
Roof type
Shingle
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Jamie Brennan
(515) 577-0509
Added: Jun 3
Changed: Aug 4
Last Checked: Aug 22 at 11:06AM
MLS# 1656507
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.
Investment Insights
Based on property information with market context.
594 Stillwater Avenue in Old Town, Maine offers a masonry office building set on a 0.63-acre lot. The building is described as a 50x50 office structure and was built in 1978. Interior finishes include tile and carpet flooring.
The property is heated with oil-fired, hot water heating via baseboard. Water service is public, and sewer is public sewer. The roof is shingle, and exterior construction is masonry with brick.
Zoned C-3 Highway Commercial, the site is positioned for highway visibility and accessibility with on-site parking. The location is described as just minutes from the University of Maine and downtown Old Town, with a short drive to Bangor.
The property is heated with oil-fired, hot water heating via baseboard. Water service is public, and sewer is public sewer. The roof is shingle, and exterior construction is masonry with brick.
Zoned C-3 Highway Commercial, the site is positioned for highway visibility and accessibility with on-site parking. The location is described as just minutes from the University of Maine and downtown Old Town, with a short drive to Bangor.
Key Highlights
- 50x50 office building
- 0.63‑acre lot
- Zoned C‑3 Highway Commercial
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
$35,340
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
5.44%
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%
$706,800
$706.8K
Cap Rate 7%
$504,857
$504.9K
Cap Rate 9%
$392,667
$392.7K
Market Conditions
NOI Build-Up for 2,500 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
$54.0K $21.60/SF
− Vacancy
−$6.9K −$2.75/SF
EGI
$47.1K $18.85/SF
− OpEx
−$11.8K −$4.71/SF
NOI
$35.3K $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 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%
$706,800
Cap Rate 7%
$504,857
Cap Rate 9%
$392,667
Alternative Uses
Best Use
Office B
$504.9K
$441.8K – $589.0K
NOI $35,340 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$807.4K
$706.5K – $942.0K
NOI $56,520 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 04468, ME
8,801
Population
4,664
Households
1.9
Avg Household Size
38
Median Age
33%
College-Educated
96%
High-School Grad
122.8 sq mi
ZIP Area
72
Density / Sq Mi
$51,063
Median Household Income
$36,005
Median Earnings
$980
Median Rent
$182,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Masonry office building in C-3 Highway Commercial zoning with public utilities and on-site parking in Old Town.
Where is this office building located?
The property is located at 594 Stillwater Avenue Old Town, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 50x50 office building; 0.63‑acre lot; Zoned C‑3 Highway Commercial
