Historic Riverfront Mixed-Use
For Sale
$650,000
156 Water Street, Hallowell, ME 04347
Residential and retail components occupy a maintained historic building with decks oriented toward the Kennebec River.
Property Size4,500 SF
Days on Market1173
Property Features for 156 Water Street
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
Downtown
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,546
Amenities
decks
Masonic mural
Building Details
Building Size
4,500 SF
Year Built
1809
Buildings
1
Stories
3
Construction
granite
Tenancy
Multi
Listing Agency:
Lakehome Group Real Estate
(508) 415-3629
Listed By:
Katherine Couture
(508) 415-3629
Source:
Startpoint
Added: May 22, 2023
Changed: Aug 3
Last Checked: Aug 5 at 1:47PM
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 Lakehome Group Real Estate
Investment Insights
Based on property information with market context.
Constructed in 1809 from Hallowell granite, this historic mixed-use property combines four separate apartments with a first-floor retail space. The building has been maintained over time and includes two decks measuring 12' x 28' that overlook the Kennebec River. An attic mural associated with the Masonic tradition adds a distinctive architectural and cultural feature. The property is classified within Downtown zoning.
Located at 156 Water Street in Hallowell, the building includes five parking spaces arranged with two beneath the deck and three at the riverbank. Its documented history includes connections to L.L.Bean and The Hallowell Gazette, while the property is also recognized by the National Archives and Records Administration.
Located at 156 Water Street in Hallowell, the building includes five parking spaces arranged with two beneath the deck and three at the riverbank. Its documented history includes connections to L.L.Bean and The Hallowell Gazette, while the property is also recognized by the National Archives and Records Administration.
Key Highlights
- Four apartments plus a first‑floor retail space
- 1809 construction using Hallowell granite
- Two 12' x 28' decks overlooking the Kennebec River
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
$46,423
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
7.14%
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%
$928,460
$928.5K
Cap Rate 7%
$663,186
$663.2K
Cap Rate 9%
$515,811
$515.8K
Market Conditions
NOI Build-Up for 4,500 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
$81.0K $18.00/SF
− Vacancy
−$6.7K −$1.49/SF
EGI
$74.3K $16.51/SF
− OpEx
−$27.9K −$6.19/SF
NOI
$46.4K $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%
$928,460
Cap Rate 7%
$663,186
Cap Rate 9%
$515,811
Alternative Uses
Best Use
Mixed Use
$663.2K
$580.3K – $773.7K
NOI $46,423 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$626.2K
$548.0K – $730.6K
NOI $43,837 @ 7.0% cap · market cap 6.74%
Theoretical Best
Warehouse
$6.71M
$5.87M – $7.83M
NOI $469,949 @ 7.0% cap · market cap 72.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Residential and retail components occupy a maintained historic building with decks oriented toward the Kennebec River.
Where is this mixed-use property located?
The property is located at 156 Water Street Hallowell, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four apartments plus a first‑floor retail space; 1809 construction using Hallowell granite; Two 12' x 28' decks overlooking the Kennebec River
