Waterfront Mixed-Use
For Sale
$1,195,000
192 Water Street, Hallowell, ME 04347
Renovated riverfront buildings combine commercial space, residential living quarters, storage, and additional leaseable areas.
Property Size7,380 SF
Price / SF$161.92
Days on Market229
Property Features for 192 Water Street
General Information
Standard status
Active
Size
7,380 SF
Property subtype
Multi-Family
Zoning
Comm
Additional Details
Patio
Yes
Taxes and HOA fees
Annual Taxes
$13,000
Amenities
waterfront
river views
covered deck
Heat Pump, Central Air
Hot Water, Heat Pump, Forced Air
Interior, Walk-Out Access, Full
Wood, Tile
Yes
Block, Concrete Perimeter, Brick/Mortar
1.50
2
1.10
Membrane, Shingle
Clapboard, Brick, Masonry, Wood Frame
Building Details
Year Built
1840
Buildings
2
Units
1
Tenancy
Multi
Listing Agency:
RE/MAX Riverside
(207) 751-7231
Listed By:
Robert Whisenant · License #BA904574
(207) 751-7231
Source:
Compass
Added: Jan 14
Changed: Aug 30
Last Checked: Aug 30 at 4:37PM
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 RE/MAX Riverside
Investment Insights
Based on property information with market context.
This mixed-use property at 192 Water Street includes three parcels, two interconnected buildings, and a patio parcel serving the restaurant. The improvements provide approximately 5,900 square feet of commercial space with multiple dining areas and office space, plus 1,100 square feet of lower-level storage. A 2-bedroom, 1.5-bath apartment includes a covered deck facing the Kennebec River. Additional storefront retail space and a rear office/studio unit are available for lease.
The property offers 89 feet of unobstructed river views. Electrical, plumbing, heating, and the foundation were redone during extensive renovations completed in the mid-2000s, approximately. The buildings date to 1840 and are zoned Comm.
The property offers 89 feet of unobstructed river views. Electrical, plumbing, heating, and the foundation were redone during extensive renovations completed in the mid-2000s, approximately. The buildings date to 1840 and are zoned Comm.
Key Highlights
- Three parcels with two interconnected buildings and a restaurant patio parcel
- Approximately 5,900 SF of commercial space with dining areas and office space
- Additional 1,100 SF of lower‑level storage
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
$82,693
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
6.92%
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%
$1,653,860
$1.7M
Cap Rate 7%
$1,181,329
$1.2M
Cap Rate 9%
$918,811
$918.8K
Market Conditions
NOI Build-Up for 7,380 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
$132.8K $18.00/SF
− Vacancy
−$22.6K −$3.06/SF
EGI
$110.3K $14.94/SF
− OpEx
−$27.6K −$3.74/SF
NOI
$82.7K $11.21/SF
Area
Kennebec County, ME
Vacancy
17.00%
Lease Rate
$18.00 /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%
$1,653,860
Cap Rate 7%
$1,181,329
Cap Rate 9%
$918,811
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,693 @ 7.0% cap · market cap 6.92%
Second Best
Mixed Use
$1.09M
$951.7K – $1.27M
NOI $76,134 @ 7.0% cap · market cap 6.37%
Theoretical Best
Warehouse
$11.01M
$9.63M – $12.85M
NOI $770,717 @ 7.0% cap · market cap 64.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
309
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated riverfront buildings combine commercial space, residential living quarters, storage, and additional leaseable areas.
Where is this mixed-use property located?
The property is located at 192 Water Street Hallowell, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Three parcels with two interconnected buildings and a restaurant patio parcel; Approximately 5,900 SF of commercial space with dining areas and office space; Additional 1,100 SF of lower‑level storage
