Commercially Zoned
For Sale
$425,000
2 Howard Street, Augusta, ME 04330
Commercial Sale, Augusta, ME
Property Size2,988 SF
Lot Size1.00 Acre
Price / SF$142.24
Days on Market133
Property Features for 2 Howard Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Rooms
Basement
Parking features
On Street
Basement
Unfinished, Full
Accessibility
Accessible Approach with Ramp
Lot features
Waterfront, Water View, Near Turnpike/ Interstate, Downtown, Business District
Standard status
Active
Size
2,988 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating), Oil, Forced Air
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1913
Flooring type
Carpet, Vinyl
Building materials
Wood Frame, Stucco
Roof type
Shingle
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
John Lawrence · License #3311692
(207) 479-8888
Added: May 17
Changed: Sep 12
Last Checked: Sep 26 at 4:06PM
MLS# 1600764
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 2,988-square-foot church facility occupies a 1-acre parcel and dates to 1913. The building uses wood-frame and stucco construction, with carpet and vinyl flooring, a shingle roof, and basement space. Heating includes forced air, heat pump, electric, and oil systems, while cooling is provided by a heat pump. An accessible approach with ramp serves the property.
The site is commercially zoned and currently functions as a church. Public water and public sewer serve the property. Its setting includes views toward the Kennebec River, Old Fort Western, City Hall, and downtown Augusta, with access to I-95, the Capitol Complex, and U.M.A. On-street parking is available.
The site is commercially zoned and currently functions as a church. Public water and public sewer serve the property. Its setting includes views toward the Kennebec River, Old Fort Western, City Hall, and downtown Augusta, with access to I-95, the Capitol Complex, and U.M.A. On-street parking is available.
Key Highlights
- 1‑acre commercially zoned parcel with a 2,988‑square‑foot building
- Church facility constructed in 1913 with wood‑frame and stucco construction
- Views toward the Kennebec River, Old Fort Western, City Hall, and downtown Augusta
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
$30,825
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
7.25%
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%
$616,500
$616.5K
Cap Rate 7%
$440,357
$440.4K
Cap Rate 9%
$342,500
$342.5K
Market Conditions
NOI Build-Up for 2,988 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
$53.8K $18.00/SF
− Vacancy
−$4.5K −$1.49/SF
EGI
$49.3K $16.51/SF
− OpEx
−$18.5K −$6.19/SF
NOI
$30.8K $10.32/SF
Area
Kennebec County, ME
Vacancy
8.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$616,500
Cap Rate 7%
$440,357
Cap Rate 9%
$342,500
Alternative Uses
Best Use
Mixed Use
$440.4K
$385.3K – $513.8K
NOI $30,825 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.46M
$3.90M – $5.20M
NOI $312,046 @ 7.0% cap · market cap 73.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,396
Businesses Nearby
Explore this area
Business Placement
Demographics for 04330, ME
26,322
Population
13,017
Households
2
Avg Household Size
44
Median Age
28%
College-Educated
95%
High-School Grad
116.9 sq mi
ZIP Area
225
Density / Sq Mi
$55,158
Median Household Income
$43,177
Median Earnings
$912
Median Rent
$197,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Church & religious facility - A 1913 wood-frame and stucco facility with public utilities, basement space, and an accessible ramp approach.
Where is this church & religious facility located?
The property is located at 2 Howard Street Augusta, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1‑acre commercially zoned parcel with a 2,988‑square‑foot building; Church facility constructed in 1913 with wood‑frame and stucco construction; Views toward the Kennebec River, Old Fort Western, City Hall, and downtown Augusta
