Historic Mixed-Use
For Sale
$895,000
152-154 Water Street, Hallowell, ME 04347
Two downtown buildings combine commercial storefronts, upper-level space, river-facing decks, and owned Kennebec River frontage.
Property Size3,804 SF
Price / SF$235.28
Days on Market98
Property Features for 152-154 Water Street
General Information
Standard status
Active
Size
3,804 SF
Property subtype
Commercial
Amenities
rear decks
water views
hardwood floors
Building Details
Buildings
2
Construction
cast-iron
Listed By:
Kim Gleason
(207) 837-3180
Source:
Mcallisterrealestate
Added: Jul 10
Changed: Oct 11
Last Checked: Oct 15 at 12:06AM
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 Kim Gleason
Investment Insights
Based on property information with market context.
This offering includes two historic buildings at 152-154 Water Street with commercial storefronts and upper floors that can support retail, restaurant, office, gallery, professional, residential, or additional commercial uses. The properties feature cast-iron storefronts, oversized display windows, hardwood floors, and substantial natural light. Large rear decks face the Kennebec River and connect the buildings to approximately 50 feet of owned river frontage.
Recent work includes new roofs on both buildings, new rear decks, and installation of many new windows. The combination of commercial space, upper-level areas, waterfront access, and central downtown placement creates a flexible mixed-use configuration. The property is zoned Commercial and is located in Hallowell, Maine.
Recent work includes new roofs on both buildings, new rear decks, and installation of many new windows. The combination of commercial space, upper-level areas, waterfront access, and central downtown placement creates a flexible mixed-use configuration. The property is zoned Commercial and is located in Hallowell, Maine.
Key Highlights
- Two historic downtown buildings offered together at 152‑154 Water Street
- Approximately 50 feet of owned Kennebec River frontage
- Large rear decks overlooking the Kennebec River
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,774
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,075,480
$1.1M
Cap Rate 7%
$768,200
$768.2K
Cap Rate 9%
$597,489
$597.5K
Market Conditions
NOI Build-Up for 3,804 SF
Gross rent
$82.2K $21.60/SF
− Vacancy
−$10.5K −$2.75/SF
EGI
$71.7K $18.85/SF
− OpEx
−$17.9K −$4.71/SF
NOI
$53.8K $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 Rate 5%
$1,075,480
Cap Rate 7%
$768,200
Cap Rate 9%
$597,489
Alternative Uses
Best Use
Office B
$768.2K
$672.2K – $896.2K
NOI $53,774 @ 7.0% cap · market cap 6.01%
Second Best
Mixed Use
$560.6K
$490.5K – $654.1K
NOI $39,243 @ 7.0% cap · market cap 4.38%
Theoretical Best
Warehouse
$5.68M
$4.97M – $6.62M
NOI $397,264 @ 7.0% cap · market cap 44.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two downtown buildings combine commercial storefronts, upper-level space, river-facing decks, and owned Kennebec River frontage.
Where is this mixed-use property located?
The property is located at 152-154 Water Street Hallowell, ME.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two historic downtown buildings offered together at 152‑154 Water Street; Approximately 50 feet of owned Kennebec River frontage; Large rear decks overlooking the Kennebec River
