Building Details

Year Built 1900

Year Renovated 2024

Tenancy Multi

Listed By: Doug Schauf Show Phone

Source: Makemaineyourhome

Added: Oct 16 Last Checked: Oct 16 at 7:58AM

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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 Doug Schauf

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Investment Insights

Based on property information with market context.

This 2,240-square-foot duplex, built in 1900, contains two residences. The first-floor one-bedroom unit has hardwood floors and a private deck overlooking the Kennebec River; it may also be offered furnished. The second unit spans two stories and includes four bedrooms, two bathrooms, hardwood flooring on the first floor, and a washer and dryer. Both units have new appliances, flooring, kitchen cabinets, and electrical work. The first floor was extensively redone in 2024, and the exterior has been painted.

The property is in downtown Hallowell, with shops and restaurants within walking distance. A nearby boat launch provides access to the river. The Downtown district allows business use; buyers should confirm specific uses with the CEO.

Key Highlights

• Two‑unit duplex with 2,240 square feet of living area
• One‑bedroom first‑floor unit with a private deck overlooking the Kennebec River
• Two‑story second unit has four bedrooms and two bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,015

Cap Rate

6.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$500,300 $500.3K

Cap Rate 7%

$357,357 $357.4K

Cap Rate 9%

$277,944 $277.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,240 SF

Gross rent

$36.3K $16.20/SF

− Vacancy

−$552 −$0.25/SF

EGI

$35.7K $15.95/SF

− OpEx

−$10.7K −$4.79/SF

NOI

$25.0K $11.17/SF

Area

Kennebec County, ME

Vacancy

1.52%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$500,300

Cap Rate 7%

$357,357

Cap Rate 9%

$277,944

Alternative Uses

Best Use

Multifamily LT 5

$357.4K

$312.7K – $416.9K (±1% cap)

NOI $25,015 @ 7.0% cap · market cap 6.25%

Second Best

Apartment 5plus

$311.7K

$272.8K – $363.7K (±1% cap)

NOI $21,821 @ 7.0% cap · market cap 5.46%

Theoretical Best

Warehouse

$3.34M

$2.92M – $3.90M (±1% cap)

NOI $233,930 @ 7.0% cap · market cap 58.48%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Pharmacy Garden Center Bakery Nail Salon

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

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

259

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 Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two remodeled residences offer river views, a private deck, and a downtown setting near shops and restaurants.

Where is this duplex located?

The property is located at 230 Water St Hallowell, ME.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Two‑unit duplex with 2,240 square feet of living area; One‑bedroom first‑floor unit with a private deck overlooking the Kennebec River; Two‑story second unit has four bedrooms and two bathrooms