Church Property With Detached
For Sale
$850,000
17 Union St, Hallowell, ME 04347
Three detached buildings combine worship, residential, and flexible live-work uses on one in-town parcel.
Property Size5,000 SF
Price / SF$170
Days on Market39
Property Features for 17 Union St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Buildings
3
Listing Agency:
CORE
(207) 744-3084
Listed By:
Charles Hippler IV · License #SA927061
Source:
Aroostookrealestate
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 12:20PM
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 CORE
Investment Insights
Based on property information with market context.
This church property comprises three fully detached buildings on a single lot at 17 Union Street, with the Parsonage at 4 Franklin Street included in the sale. The main church offers an approximately 60-by-40-foot open interior with tall ceilings, original stained and rippled glass, and a layout suited to religious services, events, gallery use, or studio activities. Off-street parking is provided.
The Chapel is a single-level, one-bedroom residence that can serve as a rental, guest house, or short-term rental. The four-bedroom Parsonage includes 1.5 baths, a modern kitchen with concrete counters, wide pine flooring, and traditional trim. Improvements include new roofs, foundation and framing repairs, electrical updates, added insulation, and a dry basement. The property is minutes from Water Street in Hallowell, Maine.
The Chapel is a single-level, one-bedroom residence that can serve as a rental, guest house, or short-term rental. The four-bedroom Parsonage includes 1.5 baths, a modern kitchen with concrete counters, wide pine flooring, and traditional trim. Improvements include new roofs, foundation and framing repairs, electrical updates, added insulation, and a dry basement. The property is minutes from Water Street in Hallowell, Maine.
Key Highlights
- Three fully detached buildings included on one lot
- Main church measures approximately 60x40 feet with an open floor plan
- Original stained and rippled glass, high ceilings, and a dry basement
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
$70,681
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
8.32%
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%
$1,413,620
$1.4M
Cap Rate 7%
$1,009,729
$1.0M
Cap Rate 9%
$785,344
$785.3K
Market Conditions
NOI Build-Up for 5,000 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
$108.0K $21.60/SF
− Vacancy
−$13.8K −$2.75/SF
EGI
$94.2K $18.85/SF
− OpEx
−$23.6K −$4.71/SF
NOI
$70.7K $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 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%
$1,413,620
Cap Rate 7%
$1,009,729
Cap Rate 9%
$785,344
Alternative Uses
Best Use
Office B
$1.01M
$883.5K – $1.18M
NOI $70,681 @ 7.0% cap · market cap 8.32%
Second Best
Mixed Use
$736.9K
$644.8K – $859.7K
NOI $51,581 @ 7.0% cap · market cap 6.07%
Theoretical Best
Warehouse
$7.46M
$6.53M – $8.70M
NOI $522,166 @ 7.0% cap · market cap 61.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
321
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Three detached buildings combine worship, residential, and flexible live-work uses on one in-town parcel.
Where is this church & religious facility located?
The property is located at 17 Union St Hallowell, ME.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three fully detached buildings included on one lot; Main church measures approximately 60x40 feet with an open floor plan; Original stained and rippled glass, high ceilings, and a dry basement
