Downtown Commercial
For Sale
$850,000
191-193 Water Street, Hallowell, ME 04347
Paved commercial land with dedicated parking and established nearby businesses.
Property Size6,800 SF
Days on Market881
Property Features for 191-193 Water Street
General Information
Standard status
Active
Size
6,800 SF
Property subtype
Commercial
Building Details
Building Size
6,800 SF
Year Built
1938
Listing Agency:
The Boulos Company
(207) 772-1333
Listed By:
Christopher Pathwick-Paszyc
(207) 772-1333
Source:
Startpoint
Added: Mar 8, 2024
Changed: Jul 31
Last Checked: Aug 5 at 12:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Boulos Company
Investment Insights
Based on property information with market context.
Downtown commercial land at 191-193 Water Street in Historic Hallowell, with a large paved lot and dedicated parking. The property offers views of the Kennebec River and is positioned among established area businesses, including Hallowell Seafood & Produce, Lucky Garden, Cafe De Bangkok, Burano's, and Slates.
Key Highlights
- Large paved lot with dedicated parking
- Views of the Kennebec River
- Located in downtown Historic Hallowell
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.4k | $18.00 |
| − Vacancy | −$20.8k | −$3.06 |
| EGI | $101.6k | $14.94 |
| − OpEx | −$25.4k | −$3.74 |
| NOI | $76.2k | $11.21 |
6,800 SF · lease $18.00/SF/yr · vacancy 17.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.09M
$952.4K – $1.27M
NOI $76,194 @ 7.0% cap · market cap 8.96%
Second Best
Retail
$938.1K
$820.8K – $1.09M
NOI $65,665 @ 7.0% cap · market cap 7.73%
Theoretical Best
Warehouse
$10.14M
$8.88M – $11.84M
NOI $710,146 @ 7.0% cap · market cap 83.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
211
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Carquest Auto Parts # 14632
Shops & Services
211 visits/mo
0.5 miles
Demographics for 04347, ME
2,570
Population
1,436
Households
1.8
Avg Household Size
51
Median Age
46%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
436
Density / Sq Mi
$58,811
Median Household Income
$37,027
Median Earnings
$830
Median Rent
$266,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Paved commercial land with dedicated parking and established nearby businesses.
Where is this commercial land located?
The property is located at 191-193 Water Street Hallowell, ME.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Large paved lot with dedicated parking; Views of the Kennebec River; Located in downtown Historic Hallowell
