Renovated Five-Unit Apartment
New
For Sale
$1,350,000
7 Mill Street, Sanford, ME 04083
Multi-Family, Sanford, ME
Property Size7,057 SF
Lot Size0.66 Acres
Price / SF$191.30
Days on Market6
Property Features for 7 Mill Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Urban
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 1, Bathroom 4, Basement, Bathroom 9, Bathroom 7, Bathroom 2, Bathroom 10, Bathroom 6, Bathroom 5, Bathroom 3, Bathroom 8
Parking features
Assigned, Off Street
Security features
Security System
Patio and Porch features
Porch, Deck
Interior features
Walk-in Closets, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Bathtub, Shower, Storage, Primary Bedroom w/Bath
Basement
Full, Walk-Out Access
Lot features
Level, Intown, Near Shopping
Standard status
Active
Size
7,057 SF
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5119
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Baseboard
Water source
Public
Water front
1
Amenities
security system
Building Details
Year built
1864
Floors in Building
3
Number of units
5
Flooring type
Carpet, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Keller Williams Coastal and Lakes & Mountains Realty · Keller Williams Realty
(207) 475-0999
Listed By:
Troy Williams · License #066558
(207) 351-8188
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 22 at 4:06PM
MLS# 1681112
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.
This five-unit apartment property contains 7,057 square feet within a 0.66-acre parcel. The building dates to 1864 and has undergone renovation, with wood-frame construction, vinyl siding, shingle roofing, and public water and sewer service. Apartment layouts include a single-level residence with a private deck, a ground-floor unit with two office rooms, a riverfront suite, an upper-level residence with vaulted ceilings, and a two-story waterfront loft.
The property includes off-street and assigned parking, decks and porches, walk-in closets, storage, and first-floor bedrooms. Mechanical systems include propane heating with baseboard distribution. Electric service and propane heat are separately metered by unit, while a hardwired security system and cameras are installed. Urban zoning applies to the property.
The property includes off-street and assigned parking, decks and porches, walk-in closets, storage, and first-floor bedrooms. Mechanical systems include propane heating with baseboard distribution. Electric service and propane heat are separately metered by unit, while a hardwired security system and cameras are installed. Urban zoning applies to the property.
Key Highlights
- Five‑unit apartment property with 7,057 square feet on 0.66 acres
- Renovated building originally constructed in 1864
- Five distinct apartment layouts, including a two‑story waterfront loft
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
$109,061
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
8.08%
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%
$2,181,220
$2.2M
Cap Rate 7%
$1,558,014
$1.6M
Cap Rate 9%
$1,211,789
$1.2M
Market Conditions
NOI Build-Up for 7,057 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
$209.2K $29.64/SF
− Vacancy
−$10.9K −$1.54/SF
EGI
$198.3K $28.10/SF
− OpEx
−$89.2K −$12.64/SF
NOI
$109.1K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$2,181,220
Cap Rate 7%
$1,558,014
Cap Rate 9%
$1,211,789
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,061 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,592 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 04083, ME
4,699
Population
2,202
Households
2.1
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
470
Density / Sq Mi
$81,299
Median Household Income
$52,832
Median Earnings
$1,210
Median Rent
$249,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five distinct layouts include decks, office rooms, and a two-story waterfront loft.
Where is this apartment building located?
The property is located at 7 Mill Street Sanford, ME.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Five‑unit apartment property with 7,057 square feet on 0.66 acres; Renovated building originally constructed in 1864; Five distinct apartment layouts, including a two‑story waterfront loft
