Building Details

Building Size 2,988 SF

Year Built 1913

Stories 1

Listing Agency: Keller Williams Realty k***@kw.com Show Phone

Listed By: John Lawrence · License #3311692 Show Phone

Source: Amerorealty

Added: Aug 17, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:35PM

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Investment Insights

Based on property information with market context.

At 2 Howard Street in Augusta, this church property includes a 2,988-square-foot building constructed in 1913 on a 1-acre parcel. The structure is described as well maintained, and the site carries Commercial zoning. Views extend toward the Kennebec River, Old Fort Western, City Hall, and downtown Augusta.

The property is convenient to I-95, the Capitol Complex, and the University of Maine at Augusta. Its current use is religious, within a commercial-zoned setting.

Key Highlights

• 1‑acre parcel with a 2,988‑square‑foot building
• Built in 1913; currently used as a church
• Commercial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,825

Cap Rate

7.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$616,500 $616.5K

Cap Rate 7%

$440,357 $440.4K

Cap Rate 9%

$342,500 $342.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,988 SF

Gross rent

$53.8K $18.00/SF

− Vacancy

−$4.5K −$1.49/SF

EGI

$49.3K $16.51/SF

− OpEx

−$18.5K −$6.19/SF

NOI

$30.8K $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%

$616,500

Cap Rate 7%

$440,357

Cap Rate 9%

$342,500

Alternative Uses

Best Use

Mixed Use

$440.4K

$385.3K – $513.8K (±1% cap)

NOI $30,825 @ 7.0% cap · market cap 7.25%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$4.46M

$3.90M – $5.20M (±1% cap)

NOI $312,046 @ 7.0% cap · market cap 73.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Churches & religious facilities

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Electrical Service Real Estate Agency Storage Facility Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,396

Businesses Nearby

Explore this area Business Placement

Demographics for 04330, ME

26,322

Population

13,017

Households

2

Avg Household Size

44

Median Age

28%

College-Educated

95%

High-School Grad

116.9 sq mi

ZIP Area

225

Density / Sq Mi

$55,158

Median Household Income

$43,177

Median Earnings

$912

Median Rent

$197,600

Median Home Value

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Frequently Asked Questions

What type of property is this?

Church & religious facility - The existing church building occupies a commercially zoned parcel with views toward the Kennebec River and downtown Augusta.

Where is this church & religious facility located?

The property is located at 2 Howard Street Augusta, ME.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: 1‑acre parcel with a 2,988‑square‑foot building; Built in 1913; currently used as a church; Commercial zoning