Waterfront Mixed-Use
For Sale
$895,000
152-154 Water Street, Hallowell, ME 04347
COMMERCIAL - Hallowell, ME
Property Size3,804 SF
Lot Size0.06 Acres
Price / SF$235.28
Days on Market47
Property Features for 152-154 Water Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Rooms
Basement
Parking features
Off Street
Basement
Full
Lot features
Downtown, Historic District
Standard status
Active
Size
3,804 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5474
Utilities
Sewer type
Public Sewer
Heating system
None (Heating)
Water source
Public
Amenities
rear decks
hardwood floors
oversized display windows
Building Details
Flooring type
Wood
Building materials
Masonry, Stone, Brick
Roof type
Shingle
Listing Agency:
McAllister Real Estate
(207) 621-2345
Listed By:
Kimberly Gleason
(207) 837-3180
Added: Jul 17
Changed: Aug 6
Last Checked: Sep 1 at 11:06PM
MLS# 1672398
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The offering includes two masonry, stone, and brick commercial buildings with a combined property size of 3,804 square feet on a 0.06-acre site. Cast-iron storefronts, oversized display windows, hardwood floors, and abundant natural light define the interiors. Commercial zoning supports the existing mixed-use configuration, while upper-floor areas and spacious rear decks add flexibility for commercial or residential occupancy.
The buildings include approximately 50 feet of owned frontage along the Kennebec River, with rear decks positioned toward the water. Recent work includes new roofs on both structures, new rear decks, and installation of many new windows. Public water and public sewer serve the property, and off-street parking is available. The property is located at 152-154 Water Street in downtown Hallowell, Maine.
The buildings include approximately 50 feet of owned frontage along the Kennebec River, with rear decks positioned toward the water. Recent work includes new roofs on both structures, new rear decks, and installation of many new windows. Public water and public sewer serve the property, and off-street parking is available. The property is located at 152-154 Water Street in downtown Hallowell, Maine.
Key Highlights
- 3,804‑square‑foot combined property size on a 0.06‑acre site
- Approximately 50 feet of owned Kennebec River frontage
- Two commercial buildings with cast‑iron storefronts and oversized display windows
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
$39,243
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
4.38%
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%
$784,860
$784.9K
Cap Rate 7%
$560,614
$560.6K
Cap Rate 9%
$436,033
$436.0K
Market Conditions
NOI Build-Up for 3,804 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
$68.5K $18.00/SF
− Vacancy
−$5.7K −$1.49/SF
EGI
$62.8K $16.51/SF
− OpEx
−$23.5K −$6.19/SF
NOI
$39.2K $10.32/SF
Area
Kennebec County, ME
Vacancy
8.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$784,860
Cap Rate 7%
$560,614
Cap Rate 9%
$436,033
Alternative Uses
Best Use
Mixed Use
$560.6K
$490.5K – $654.1K
NOI $39,243 @ 7.0% cap · market cap 4.38%
Second Best
Retail
$524.8K
$459.2K – $612.2K
NOI $36,734 @ 7.0% cap · market cap 4.10%
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial buildings combine storefronts, upper-floor space, riverfront decks, and cast-iron architectural detail.
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: 3,804‑square‑foot combined property size on a 0.06‑acre site; Approximately 50 feet of owned Kennebec River frontage; Two commercial buildings with cast‑iron storefronts and oversized display windows
