Waterfront Mixed-Use
For Sale
$895,000
152-154 Water Street, Hallowell, ME 04347
Commercial Sale, Hallowell, ME
Property Size3,804 SF
Lot Size0.06 Acres
Price / SF$235.28
Days on Market95
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
historic cast-iron storefronts
large rear decks
beautiful 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: Oct 8
Last Checked: Oct 19 at 6:06AM
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.
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Investment Insights
Based on property information with market context.
This offering includes two masonry, stone, and brick buildings at 152-154 Water Street with a combined 3,804 square feet on a 0.06-acre parcel. The properties feature cast-iron storefronts, oversized display windows, wood flooring, abundant natural light, and off-street parking. New roofs and rear decks have been added, and many windows have been replaced.
The buildings hold approximately 50 feet of owned frontage along the Kennebec River. Rear decks face the water, while the street-level areas are configured for retail, restaurant, office, gallery, or professional uses. Upper-floor space can accommodate apartments, short-term rentals, offices, or additional commercial space. Public water and public sewer serve the property, which is zoned Commercial.
The buildings hold approximately 50 feet of owned frontage along the Kennebec River. Rear decks face the water, while the street-level areas are configured for retail, restaurant, office, gallery, or professional uses. Upper-floor space can accommodate apartments, short-term rentals, offices, or additional commercial space. Public water and public sewer serve the property, which is zoned Commercial.
Key Highlights
- Two‑building offering at 152‑154 Water Street in downtown Hallowell
- 3,804 square feet on a 0.06‑acre parcel
- Approximately 50 feet of owned Kennebec River frontage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,243
Cap Rate
4.38%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two downtown buildings combine commercial storefronts, upper-floor space, and owned 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‑building offering at 152‑154 Water Street in downtown Hallowell; 3,804 square feet on a 0.06‑acre parcel; Approximately 50 feet of owned Kennebec River frontage
