Commercially Zoned Church
For Sale
$425,000
2 Howard St, Augusta, ME 04330
A maintained church building with commercial zoning and views toward the Kennebec River.
Property Size2,988 SF
Lot Size1.00 Acre
Price / SF$142.24
Days on Market48
Property Features for 2 Howard St
General Information
Standard status
Active
Size
2,988 SF
Lot size
1.00 Acre
Additional Details
Highway Access
Yes
Building Details
Year Built
1913
Buildings
1
Abandoned
No
Listing Agency:
Keller Williams Realty
(207) 479-8888
Listed By:
John Lawrence · License #3311692
Source:
603luxury
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 28 at 12:44PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,988-square-foot church property occupies 1 acre and has a building dating to 1913. The structure is currently used for religious purposes and is described as well maintained. Commercial zoning supports consideration of office, residential, or mixed-use configurations, including combinations of those uses.
The property overlooks the Kennebec River, Old Fort Western, City Hall, and downtown Augusta. Access to I-95, the Capitol Complex, and U.M.A. places the site within reach of major civic and educational destinations. Its setting also connects with the broader amenities of Augusta while retaining a distinct river-facing position.
The property overlooks the Kennebec River, Old Fort Western, City Hall, and downtown Augusta. Access to I-95, the Capitol Complex, and U.M.A. places the site within reach of major civic and educational destinations. Its setting also connects with the broader amenities of Augusta while retaining a distinct river-facing position.
Key Highlights
- 1‑acre property overlooking the Kennebec River
- 2,988‑square‑foot building constructed in 1913
- Currently used as a church
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
$30,825
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
7.25%
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%
$616,500
$616.5K
Cap Rate 7%
$440,357
$440.4K
Cap Rate 9%
$342,500
$342.5K
Market Conditions
NOI Build-Up for 2,988 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
$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 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%
$616,500
Cap Rate 7%
$440,357
Cap Rate 9%
$342,500
Alternative Uses
Best Use
Office B
$603.4K
$528.0K – $704.0K
NOI $42,239 @ 7.0% cap · market cap 9.94%
Second Best
Mixed Use
$440.4K
$385.3K – $513.8K
NOI $30,825 @ 7.0% cap · market cap 7.25%
Theoretical Best
Warehouse
$4.46M
$3.90M – $5.20M
NOI $312,046 @ 7.0% cap · market cap 73.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office 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?
Church & religious facility - A maintained church building with commercial zoning and views toward the Kennebec River.
Where is this church & religious facility located?
The property is located at 2 Howard St 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 property overlooking the Kennebec River; 2,988‑square‑foot building constructed in 1913; Currently used as a church
