Former Assisted Living Facility with
305/313 State Street, Augusta, ME 04330
For Sale
$1,300,000
The building includes finished space, a ramped entrance, composite decks, and an on-demand generator.
Property Size12,144 SF
Price / SF$107.05
Days on Market823
Property Features for 305/313 State Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Sprinkler System
Taxes and HOA fees
Annual Taxes
Amenities
elevator
on demand generator
composite decks (ramped entrance)
pleasant back yard
Building Details
Building Size
Year Built
Stories
Listing Agency:
Century 21 Nason Realty
Listed By:
Kirstin McQuillan
(207) 873-2119
Source:
Integrityhomesrealestategroup
Added: Aug 13, 2024
Changed: Nov 11
Last Checked: Nov 13 at 6:19PM
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 Century 21 Nason Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1881, this 12,144-square-foot property previously operated as an assisted living facility with 16 bedrooms, 6-1/2 bathrooms, and multiple offices. Building features include an elevator, sprinkler system, on-demand generator, composite decks, and a ramped entrance. A backyard and parking are also part of the property.
The property is on State Street in Augusta, with access to downtown and views of the State Capitol. It is zoned 3040 Commercial.
The property is on State Street in Augusta, with access to downtown and views of the State Capitol. It is zoned 3040 Commercial.
Key Highlights
- 12,144 square feet; built in 1881
- Former assisted living facility with 16 bedrooms, 6‑1/2 bathrooms, and multiple offices
- Elevator, sprinkler system, and on‑demand generator
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,302
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,366,040
$2.4M
Cap Rate 7%
$1,690,029
$1.7M
Cap Rate 9%
$1,314,467
$1.3M
Market Conditions
NOI Build-Up for 12,144 SF
Gross rent
$218.6K $18.00/SF
− Vacancy
−$3.5K −$0.29/SF
EGI
$215.1K $17.71/SF
− OpEx
−$96.8K −$7.97/SF
NOI
$118.3K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,366,040
Cap Rate 7%
$1,690,029
Cap Rate 9%
$1,314,467
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,302 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,605 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Balanced
Demand for This Use
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
Similar Off Market Nearby
- Capitol City Manor — 313 State St, Augusta, ME 04330
Frequently Asked Questions
What type of property is this?
Assisted living facility - The building includes finished space, a ramped entrance, composite decks, and an on-demand generator.
Where is this assisted living facility located?
The property is located at 305/313 State Street Augusta, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 12,144 square feet; built in 1881; Former assisted living facility with 16 bedrooms, 6‑1/2 bathrooms, and multiple offices; Elevator, sprinkler system, and on‑demand generator
