Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Elbow Lake Road Millinocket, ME 04462

    View on Map
    Claim this Listing
    New
    For Sale
    $525,000

    LAND - T3 Indian Purchase Twp, ME

    Lot size:
    3.98 Acres
    Added:
    Apr 30, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 30 at 1:06 pm

    Property Features for Elbow Lake Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Shoreland
    Standard status
    Active
    Lot size
    3.98 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3382

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Debra Santos-Chapman

    Listing agent Debra Santos-Chapman

    Listing office EXP Realty 41 Hutchins Drive Building 3, Rangeley, ME

    Listing date Apr 30, 2026

    MLS# 1655258 Listing URL

    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.

    Overview

    Waterfront Land with Mountain Views

    This 3.98-acre waterfront property is located in T3 Indian Purchase Township, ME. The land offers access to a boat launch as well as ATV and snowmobile trails. The property features views of Mount Katahdin. Situated on both sides of Elbow Lake Road, the property is marked with pins and a sign.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Millinocket
    County
    Penobscot
    State
    Maine
    Longitude
    -68.8753
    Latitude
    45.8439

    Nearby Similar for Sale

    • $199,000
      1,610 SF

      Downtown Millinocket Commercial Opportunity

      Renovated commercial space in a high-visibility downtown location.
      216 Penobscot Avenue, Millinocket, ME 04462
      View Details
    • $259,000
      6,400 SF

      6,400 SF Commercial Building Shell

      Highly visible 6,400 SF commercial building shell for sale.
      953 Central Street, Millinocket, ME 04462
      View Details
    • $249,900
      1,533 SF

      Renovated Office Building, Millinocket

      Fully renovated office building in downtown Millinocket business district.
      158 Penobscot Avenue, Millinocket, ME 04462
      View Details
    • $625,000
      8,322 SF

      Millinocket Commercial Property For Sale

      Commercial property in Millinocket, Maine, featuring 8,322 square feet of space.
      899 Central Street, Millinocket, ME 04462
      View Details
    • $179,900

      Vacant Lot on Main Street

      Vacant 0.31-acre lot with utilities in downtown Millinocket, Maine.
      75 Penobscot Avenue, Millinocket, ME 04462
      View Details
    • $179,900

      Vacant Lot on Main Street

      Vacant 0.31-acre lot with cement pad in Millinocket, ME.
      75 Penobscot Avenue, Millinocket, ME 04462
      View Details
    • $129,900

      Millinocket Land with Development Potential

      2.26-acre residential land in Millinocket, Maine, with utilities access.
      6 & 6A Forest Avenue, Millinocket, ME 04462
      View Details
    • $229,000

      Waterfront Land Near Baxter Park

      Waterfront lot with 216 feet of frontage near Baxter Park.
      T1R8 WELS Millinocket Lake, Millinocket, ME 04462
      View Details
    • $895,000
      90,000 SF

      Retail Redevelopment Opportunity

      90,000 SF retail space on 7.26 acres.
      800 Central St, Millinocket, ME 04462
      View Details
    • $179,900

      Vacant Lot on Main Street

      13,500 sq ft vacant lot in Millinocket, Maine.
      75 Penobscot Avenue, Millinocket, ME 04462
      View Details
    • $325,000
      5,650 SF

      Retail/Office Building For Sale

      Free-span steel building suitable for retail or office use.
      21 Sycamore St, Millinocket, ME
      View Details
    • $135,200

      Mixed-Use Building in Katahdin Region

      Three-story mixed-use building with showroom and apartment/office potential.
      96 Penobscot Avenue, Millinocket, ME 04462
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Private waterfront land with recreational access and mountain views.
    Where is this waterfront land located?
    The property is located at Elbow Lake Road Millinocket, ME.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: Private waterfront property on Elbow Lake.; Access to a boat launch.; Access to ATV and snowmobile trails.
    (207) 717-4950
    We can help!
    Listing Contact
    Debra Santos-Chapman
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!