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290 Penney Road, 
New Gloucester, ME 04260

$499,999


Bed


3

Baths


2,752

Sq Ft


Multi-Family

Active

Maine Values Real Estate

Last updated:

September 15, 2026, 10:37 AM

MLS#

1678845

Source:

ME MREIS

About This Home

290 Penney Road

Discover this versatile and meticulously maintained property that offers a unique blend of residential and commercial potential. The property features three separate units: two spacious 2-bedroom, 1-bathroom units ideal for tenants or extended family, and a third unit permitted as a 1-chair hair salon, which the has been renting out as a comfortable studio apartment. A detached 2-car garage provides ample parking and storage, while each unit has its own separate utilities, simplifying management and billing. The property has been very well cared for and is in excellent condition, reflecting pride of ownership. Currently generating over $5,000 per month, it offers strong income potential and cash flow. Additionally, the property has been pre-inspected for general building and septic systems, ensuring peace of mind with no surprises. Whether you're an owner-occupant looking for a live-in space with rental income or an investor seeking a turnkey asset with commercial flexibility, this property presents an outstanding opportunity to own a well-priced, income-producing asset with excellent future potential.

Home Facts

Multi-Family

3 Baths

Built in 1982

Price Summary

499,999

$181 per Sq. Ft.

MLS #:

1678845

Last Updated:

September 15, 2026, 10:37 AM


Rooms & Interior

Bathrooms

Total Bathrooms:

3

Full Bathrooms:

3


Structure

Structure

Architectural Style:

Ranch

Building Area:

2,752 Sq. Ft.

Year Built:

1982


Lot

Lot Size (Sq. Ft):

47,480


Finances & Disclosures

Finances

Price:

$499,999

Price per Sq. Ft:

$181 per Sq. Ft.

MLS Logo
MREIS Multiple Listing Service™ systemListing data is derived in whole or in part from the Maine IDX & is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2026 Maine Real Estate Information System, Inc. All Rights Reserved

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.