Three-Story Office Condominium
For Sale
$1,800,000
244 Kennedy Memorial Drive 1, Waterville, ME 04901
Six office units share elevator access, with two bathrooms serving each unit.
Property Size11,250 SF
Price / SF$160
Days on Market329
Property Features for 244 Kennedy Memorial Drive 1
General Information
Standard status
Active
Size
11,250 SF
Elevators
Yes
Property subtype
Office
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$12,000
Building Details
Building Size
11,250 SF
Year Built
1988
Buildings
1
Stories
3
Construction
brick siding
Listing Agency:
LAER
Listed By:
Christopher Vallee · License #DB900305
(207) 242-2041
Source:
Hoangrealty
Added: Dec 3, 2025
Changed: Oct 27
Last Checked: Oct 26 at 3:37PM
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 LAER
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Investment Insights
Based on property information with market context.
The three-level office building contains six condominium units, arranged as two units per floor. Each unit has two bathrooms, and occupants share access to an elevator. Brick siding and a large parking area are among the building’s physical features. The property was built in 1988 and is handicap accessible.
Key Highlights
- 11,250 square feet across three floors
- Six condominium office units, with two units on each floor
- Two bathrooms in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$159,031
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,180,620
$3.2M
Cap Rate 7%
$2,271,871
$2.3M
Cap Rate 9%
$1,767,011
$1.8M
Market Conditions
NOI Build-Up for 11,250 SF
Gross rent
$243.0K $21.60/SF
− Vacancy
−$31.0K −$2.75/SF
EGI
$212.0K $18.85/SF
− OpEx
−$53.0K −$4.71/SF
NOI
$159.0K $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 Rate 5%
$3,180,620
Cap Rate 7%
$2,271,871
Cap Rate 9%
$1,767,011
Alternative Uses
Best Use
Office B
$2.27M
$1.99M – $2.65M
NOI $159,031 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$16.78M
$14.69M – $19.58M
NOI $1,174,874 @ 7.0% cap · market cap 65.27%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
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Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Six office units share elevator access, with two bathrooms serving each unit.
Where is this office building located?
The property is located at 244 Kennedy Memorial Drive 1 Waterville, ME.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 11,250 square feet across three floors; Six condominium office units, with two units on each floor; Two bathrooms in each unit
