Downtown Retail and
312 Water Street Gardiner, ME 04345
For Sale
$275,000
Property includes one renovated retail unit and one apartment, designed for straightforward ownership.
Days on Market1087
Property Features for 312 Water Street
General Information
Standard status
Active
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
CORE
(207) 485-4473
Listed By:
Benjamin Spencer
(207) 485-4473
Source:
Startpoint
Added: Aug 8, 2023
Changed: Jul 27
Last Checked: Jul 28 at 6:08PM
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 CORE
Investment Insights
Based on property information with market context.
This recently renovated investment property combines one retail unit with one apartment. The layout supports an easy day-to-day setup with separate space types under one ownership structure.
The property is described as a downtown asset in Gardiner, ME, positioned as a manageable option for buyers looking to start or add to a portfolio.
Current income is referenced with an 8.19 cap rate, based on the information provided.
The property is described as a downtown asset in Gardiner, ME, positioned as a manageable option for buyers looking to start or add to a portfolio.
Current income is referenced with an 8.19 cap rate, based on the information provided.
Key Highlights
- Recently renovated downtown investment property with one retail unit and one apartment
- Year built: 1900
- 8.19 cap rate on current income
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.0k | $18.00 |
| − Vacancy | −$671 | −$0.29 |
| EGI | $41.3k | $17.71 |
| − OpEx | −$18.6k | −$7.97 |
| NOI | $22.7k | $9.74 |
2,331 SF · lease $18.00/SF/yr · vacancy 1.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$324.4K
$283.9K – $378.5K
NOI $22,708 @ 7.0% cap · market cap 8.26%
Second Best
Retail
$321.6K
$281.4K – $375.2K
NOI $22,510 @ 7.0% cap · market cap 8.19%
Theoretical Best
Warehouse
$3.48M
$3.04M – $4.06M
NOI $243,434 @ 7.0% cap · market cap 88.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Randolph Flower Deliviry — Water St, Randolph, ME 04346
Frequently Asked Questions
What type of property is this?
Storefront property - Property includes one renovated retail unit and one apartment, designed for straightforward ownership.
Where is this storefront property located?
The property is located at 312 Water Street Gardiner, ME.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Recently renovated downtown investment property with one retail unit and one apartment; Year built: 1900; 8.19 cap rate on current income
