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

    244 Kennedy Memorial Drive unit 1 Waterville, ME 04901

    View on Map
    For Sale
    $2,300,000

    COMMERCIAL - Waterville, ME

    Type:Office
    Property size:
    13,000 SF
    Lot size:
    0.01 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    52
    Last Refresh:
    Apr 2 at 3:06 am

    Property Features for 244 Kennedy Memorial Drive unit 1

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    CB
    Rooms
    Basement
    Basement
    Partial, Full, Unfinished
    Standard status
    Active
    Size
    13,000 SF
    Lot size
    0.01 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    12000

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1988
    Number of units
    6
    Flooring type
    Laminate, Vinyl, Tile, Carpet
    Building materials
    Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Christopher Vallee

    Listing agent Christopher Vallee

    Listing office LAER 103 Water Street STE 202, Hallowell, ME

    Listing date Feb 9, 2026

    MLS# 1628946

    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

    Well-Maintained Office Building For Sale

    This extremely well-maintained office building is located on Kennedy Memorial Drive. The visible building features 3 floors of office condominiums. Each floor has 2 condominium units with 2 bathrooms per unit. The building is handicap accessible with a common elevator, brick siding, and a large parking lot. The building has a CB zoning. The property is ideal for owner occupancy or as a landlord investment. The building is available for sale or lease, and the seller will consider owner financing for a qualified buyer. The property size is 13000 square feet and the lot size is 0.01 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Heart First Cardiology Medical Clinic Northern Light Cardiovascular ... Medical Clinic Heart First Diagnostics Medical Clinic Dr. Syed I. ... Physician Ardelle Hollrock Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterville
    County
    Kennebec
    State
    Maine
    Longitude
    -69.6634466
    Latitude
    44.5427114

    Nearby Similar for Sale

    • $359,900
      2,908 SF

      Versatile Waterville Commercial Opportunity

      1.92-acre commercial property with office suites and outdoor canopy.
      120 Drummond Avenue, Waterville, ME 04901
      View Details
    • $375,000
      1,812 SF

      Waterville Commercial Property For Sale

      Prime commercial property with road access and ample parking.
      100 Kennedy Memorial Drive, Waterville, ME 04901
      View Details
    • $499,000
      10,287 SF

      Waterville Office Building For Sale

      Over 10,000 SF office building in Waterville, Maine.
      44-46 Elm Street, Waterville, ME 04901
      View Details
    • $242,900
      6,211 SF

      Multi-Tenant Office Building For Sale

      Fully occupied office building near downtown Waterville with ample parking.
      2 Park Street, Waterville, ME 04901
      View Details
    • $495,000
      4,564 SF

      Waterville Mixed-Use Investment Opportunity

      Income-producing property near downtown Waterville with residential and commercial potential.
      36 Silver Street, Waterville, ME 04901
      View Details
    • $495,000
      4,564 SF

      Victorian Mixed-Use Investment Opportunity

      Income-producing property with residential, office, or mixed-use potential in Waterville.
      36 Silver Street, Waterville, ME 04901
      View Details
    • $380,000
      2,796 SF

      Updated Multi-Family Investment Opportunity

      Charming, updated 2-unit multi-family near Waterville's amenities.
      83 Pleasant Street, Waterville, ME 04901
      View Details
    • $275,000
      3,566 SF

      Waterville Mixed-Use Building For Sale

      Three-unit building with commercial space in established Waterville neighborhood.
      40 Ticonic Street, Waterville, ME 04901
      View Details
    • $399,900
      4,664 SF

      Versatile Property with Income Potential

      High-visibility property suitable for professional or medical uses with rental income.
      166 Silver Street, Waterville, ME 04901
      View Details
    • $275,000
      3,566 SF

      Waterville Mixed-Use Building For Sale

      Three-unit building in established neighborhood, potential for various commercial uses.
      40 Ticonic Street, Waterville, ME 04901
      View Details
    • $299,000

      Main Street Mixed-Use Investment

      Versatile commercial/residential property in downtown Waterville with income potential.
      225 Main Street, Waterville, ME 04901
      View Details
    • $225,000
      1,899 SF

      Waterville Four-Unit Apartment Building

      Four 1-bedroom units in a convenient Waterville location.
      25 Summer Street, Waterville, ME 04901
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story office building on Kennedy Memorial Drive in Waterville, Maine.
    Where is this office building located?
    The property is located at 244 Kennedy Memorial Drive unit 1 Waterville, ME.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: Desirable location on Kennedy Memorial Drive with high visibility.; Handicap accessible with a common elevator.; Well‑maintained brick building suitable for owner‑occupancy or leasing.
    (207) 242-2041
    We can help!
    Listing Contact
    Christopher Vallee
    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!