Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    228 Water Street Hallowell, ME 4347

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $425,000

    Two-unit property with renovated first floor and river views.

    Type:Multi-Family
    Property size:
    1,260 SF
    Added:
    May 1, 2025
    Days on Market:
    351
    Last Refresh:
    Mar 13 at 1:33 pm

    Property Features for 228 Water Street

    General Information

    Standard status
    Active
    Size
    1,260 SF
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    Kimberly Gleason

    Listing agent Kimberly Gleason

    Listing office McAllister Real Estate

    Listing date May 1, 2025

    Source Compass

    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 McAllister Real Estate

    Overview

    Renovated Duplex with River Frontage

    This property features a two-bedroom duplex with Kennebec River frontage and views. The first floor has been completely renovated with a new kitchen featuring quartz countertops and appliances, including a washer and dryer. New floors have been installed throughout the first floor. A new natural gas furnace and vinyl siding have been added. The second-floor unit has a private entrance, two bedrooms, and a full bath. The basement has a poured concrete floor and is spray foamed for energy efficiency. The property offers parking for both units. It is located within walking distance of Historic Hallowell, galleries, shops, and restaurants. The property size is 1260 square feet. The first floor could potentially be used for business purposes, with the second floor available for rental income.
    Location Intelligence

    Current Use by Public Records

    inform2016 Insurance Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hallowell
    County
    Kennebec
    State
    Maine
    Longitude
    -69.7915368
    Latitude
    44.2824201

    Nearby Similar for Sale

    • $750,000
      3,604 SF

      Hallowell Commercial Building For Sale

      Well-maintained commercial building in Hallowell with strong tenant base.
      9 Union Street, Hallowell, ME 04347
      View Details
    • $795,000
      3,600 SF

      Victorian Two-Family Home

      Charming Victorian home with income potential in desirable location.
      9-11 Summer Street, Hallowell, ME 04347
      View Details
    • $395,000
      196 SF

      Hallowell Waterfront Commercial Opportunity

      Prime commercial property with Kennebec River frontage in downtown Hallowell.
      176 Water Street, Hallowell, ME 04347
      View Details
    • $399,000
      1,260 SF

      Renovated Duplex with River Views

      Two-bedroom duplex with river frontage in historic Hallowell.
      228 Water Street, Hallowell, ME 04347
      View Details
    • $1,350,000
      5,413 SF

      Hallowell Waterfront Property with Marina Potential

      Rare downtown Hallowell property with sweeping views and marina potential.
      232 Water Street, Hallowell, ME 04347
      View Details
    • $1,195,000
      7,380 SF

      Waterfront Commercial Property on Kennebec

      Commercial waterfront property with residential and retail opportunities.
      192 Water Street, Hallowell, ME 04347
      View Details
    • $350,000

      Historic Church with Bulfinch Spire

      Historic 1885 granite church with stunning spire and stained-glass windows.
      133 Second Street, Hallowell, ME 04347
      View Details
    • $1,650,000

      Hallowell Office Building For Sale

      10,754± SF office building in Hallowell, Maine.
      47 Water St, Hallowell, ME
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-unit property with renovated first floor and river views.
    Where is this duplex located?
    The property is located at 228 Water Street Hallowell, 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: Kennebec River frontage with tremendous views.; **Completely renovated first‑floor unit** with new kitchen (quartz countertops, appliances, washer/dryer), and new floors.; Opportunity to have a business on the first floor and rent the second‑floor unit.
    (207) 837-3180
    We can help!
    Listing Contact
    Kimberly Gleason
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!