ADA-Compliant Office
For Sale
$295,000
1 Higgins Street, Augusta, ME 04330
Updated two-level workplace with separate entrances, private rooms, shared meeting areas, and a vertical wheelchair lift.
Property Size1,680 SF
Days on Market480
Property Features for 1 Higgins Street
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Commercial
Zoning
BP
Taxes and HOA fees
Annual Taxes
$2,727
Building Details
Building Size
1,680 SF
Year Built
1880
Listing Agency:
Portside Real Estate Group
(207) 660-1707
Listed By:
Holly Lawrence
(207) 660-1707
Source:
Startpoint
Added: May 9, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:07AM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This two-level office building, constructed in 1880, has been substantially updated by the current owners. The first floor was renovated to the studs and includes a reception area, conference room, private workspaces, bathroom, hardwood flooring, tile, and custom finishes. The upper level adds a full bathroom and three private rooms that can support additional office or workspace needs.
The property is ADA compliant and includes a state-licensed vertical wheelchair lift. Two separate entrances support either a single-occupant configuration or dual occupancy. Located at 1 Higgins Street in Augusta, the building is steps from the State Capitol and minutes from Augusta and neighboring Hallowell. The property is zoned BP.
The property is ADA compliant and includes a state-licensed vertical wheelchair lift. Two separate entrances support either a single-occupant configuration or dual occupancy. Located at 1 Higgins Street in Augusta, the building is steps from the State Capitol and minutes from Augusta and neighboring Hallowell. The property is zoned BP.
Key Highlights
- Two‑level office building constructed in 1880
- First floor renovated to the studs with reception, conference room, private workspaces, and bathroom
- Second level includes a full bathroom and three private rooms
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
$23,749
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
8.05%
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%
$474,980
$475.0K
Cap Rate 7%
$339,271
$339.3K
Cap Rate 9%
$263,878
$263.9K
Market Conditions
NOI Build-Up for 1,680 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
$36.3K $21.60/SF
− Vacancy
−$4.6K −$2.75/SF
EGI
$31.7K $18.85/SF
− OpEx
−$7.9K −$4.71/SF
NOI
$23.7K $14.14/SF
Area
Kennebec County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$474,980
Cap Rate 7%
$339,271
Cap Rate 9%
$263,878
Alternative Uses
Best Use
Office B
$339.3K
$296.9K – $395.8K
NOI $23,749 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.51M
$2.19M – $2.92M
NOI $175,448 @ 7.0% cap · market cap 59.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,218
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated two-level workplace with separate entrances, private rooms, shared meeting areas, and a vertical wheelchair lift.
Where is this office building located?
The property is located at 1 Higgins Street Augusta, ME.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑level office building constructed in 1880; First floor renovated to the studs with reception, conference room, private workspaces, and bathroom; Second level includes a full bathroom and three private rooms
