Assisted Living Facility With
For Sale
$1,300,000
305/313 State Street, Augusta, ME 04330
The 1881 building includes an elevator, sprinkler system, generator, offices, and ramped deck access.
Property Size12,144 SF
Days on Market734
Property Features for 305/313 State Street
General Information
Standard status
Active
Size
12,144 SF
Property subtype
Commercial
Zoning
3040 Commercial
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$19,936
Amenities
elevator
on demand generator
composite decks
pleasant back yard
Building Details
Building Size
12,144 SF
Year Built
1881
Stories
2
Listing Agency:
Century 21 Nason Realty
(207) 873-2119
Listed By:
Kirstin McQuillan
(207) 873-2119
Source:
Startpoint
Added: Aug 13, 2024
Changed: Aug 13
Last Checked: Aug 15 at 1:53PM
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 Century 21 Nason Realty
Investment Insights
Based on property information with market context.
Built in 1881, this former assisted living facility offers substantial finished interior space configured with 16 bedrooms, 6-1/2 bathrooms, and multiple offices. An elevator, sprinkler system, and on-demand generator are already in place, while composite decks and a ramped entrance support access throughout the property.
The site includes a pleasant backyard and extensive parking. The property is identified as 3040 Commercial zoning and offers views toward the state capital, with access to downtown from its State Street location in Augusta. The sale includes the adjoining 305 State St. property as described in the listing information.
The site includes a pleasant backyard and extensive parking. The property is identified as 3040 Commercial zoning and offers views toward the state capital, with access to downtown from its State Street location in Augusta. The sale includes the adjoining 305 State St. property as described in the listing information.
Key Highlights
- Former assisted living facility with 16 bedrooms and 6‑1/2 bathrooms
- Elevator, sprinkler system, and on‑demand generator included
- Composite decks with ramped entrance
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
$118,302
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
9.10%
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%
$2,366,040
$2.4M
Cap Rate 7%
$1,690,029
$1.7M
Cap Rate 9%
$1,314,467
$1.3M
Market Conditions
NOI Build-Up for 12,144 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
$218.6K $18.00/SF
− Vacancy
−$3.5K −$0.29/SF
EGI
$215.1K $17.71/SF
− OpEx
−$96.8K −$7.97/SF
NOI
$118.3K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,366,040
Cap Rate 7%
$1,690,029
Cap Rate 9%
$1,314,467
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,302 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$18.12M
$15.85M – $21.14M
NOI $1,268,237 @ 7.0% cap · market cap 97.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Balanced
Demand for This Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- Capitol City Manor — 313 State St, Augusta, ME 04330
Frequently Asked Questions
What type of property is this?
Assisted living facility - The 1881 building includes an elevator, sprinkler system, generator, offices, and ramped deck access.
Where is this assisted living facility located?
The property is located at 305/313 State Street Augusta, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Former assisted living facility with 16 bedrooms and 6‑1/2 bathrooms; Elevator, sprinkler system, and on‑demand generator included; Composite decks with ramped entrance
