Mixed-Use Building with Residential
For Sale
$1,300,000
145147 145-147 Main St, Waterville, ME 04901
The property combines two commercial tenants with four residential apartments.
Property Size9,854 SF
Price / SF$131.93
Days on Market26
Property Features for 145147 145-147 Main St
General Information
Standard status
Active
Size
9,854 SF
Units
Unit Mix
2 x 1BR, 1 x 3BR, 1 x 2BR
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Year Built
1870
Buildings
1
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Northeast Real Estate
(207) 314-2574
Listed By:
Elisha Hardy · License #BR915418
Source:
603luxury
Added: Aug 5
Changed: Aug 30
Last Checked: Aug 30 at 12:00AM
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 Berkshire Hathaway HomeServices Northeast Real Estate
Investment Insights
Based on property information with market context.
This 9,854-square-foot mixed-use building combines commercial and residential occupancy in a historic structure built in 1870. The commercial level includes Waterville House of Pizza and Soul Revival, while the upper level contains four residential units: two one-bedroom apartments, one three-bedroom apartment, and a two-bedroom owner’s unit overlooking Main Street.
Located at 145-147 Main St in Waterville, the property sits along a busy commercial corridor with exposure to Main Street traffic. Colby College, downtown Waterville, shopping, healthcare, and major travel routes are all described as being nearby. The combination of named commercial tenants and varied residential layouts creates multiple occupancy components within one building, with the owner’s unit providing an additional residential configuration.
Located at 145-147 Main St in Waterville, the property sits along a busy commercial corridor with exposure to Main Street traffic. Colby College, downtown Waterville, shopping, healthcare, and major travel routes are all described as being nearby. The combination of named commercial tenants and varied residential layouts creates multiple occupancy components within one building, with the owner’s unit providing an additional residential configuration.
Key Highlights
- 9,854‑square‑foot mixed‑use building constructed in 1870
- Commercial level occupied by Waterville House of Pizza and Soul Revival
- Four residential units: two 1‑bedroom, one 3‑bedroom, and one 2‑bedroom unit
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
$110,414
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
8.49%
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%
$2,208,280
$2.2M
Cap Rate 7%
$1,577,343
$1.6M
Cap Rate 9%
$1,226,822
$1.2M
Market Conditions
NOI Build-Up for 9,854 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
$177.4K $18.00/SF
− Vacancy
−$30.2K −$3.06/SF
EGI
$147.2K $14.94/SF
− OpEx
−$36.8K −$3.74/SF
NOI
$110.4K $11.21/SF
Area
Kennebec County, ME
Vacancy
17.00%
Lease Rate
$18.00 /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%
$2,208,280
Cap Rate 7%
$1,577,343
Cap Rate 9%
$1,226,822
Alternative Uses
Best Use
Specialty Retail
$1.58M
$1.38M – $1.84M
NOI $110,414 @ 7.0% cap · market cap 8.49%
Second Best
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,656 @ 7.0% cap · market cap 7.82%
Theoretical Best
Warehouse
$14.70M
$12.86M – $17.15M
NOI $1,029,085 @ 7.0% cap · market cap 79.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines two commercial tenants with four residential apartments.
Where is this mixed-use property located?
The property is located at 145147 145-147 Main St Waterville, 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: 9,854‑square‑foot mixed‑use building constructed in 1870; Commercial level occupied by Waterville House of Pizza and Soul Revival; Four residential units: two 1‑bedroom, one 3‑bedroom, and one 2‑bedroom unit
