Two-Building Office Investment
323-331 State St, Augusta, ME
Call to check price and availability
Two-building office investment with strong tenants and upside potential.
Type:OFFICE
Property size:
22,286 SFLot size:
0.90 Acres- Added:
- Nov 24, 2025
- Days on Market:
- 175
- Last Refresh:
- Apr 5 at 8:23 pm
Property Features for 323-331 State St
General Information
- Standard status
- Active
- Size
- 22,286 SF
- Lot size
- 0.90 Acres
- Property subtype
- OFFICE
Spaces For Lease
at 323-331 State St Contact us
Listing agent Timothy J. Millett, CCIM License #DB919578 (207) 713-6995
Listing office Porta & Company (207) 713-6995
Listing date Nov 24, 2025
Source Moodyscre
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 Porta & Company
HighLights
- Strong, long‑term tenancy with Maine Community College System (MCCS) through 6/30/30 with CPI‑U annual increases.
- Significant value‑add potential through rent adjustments, lease‑up of ±1,000 SF vacancy, and potential stabilization above $2M.
- Attractive 8.35% cap rate on current income.
- Current NOI of $146K with a projected NOI of $182K.
- Below market price per square foot at ~$115 compared to recent sales at $128/SF.
- Two‑building office investment totaling ±15,224 SF with elevator access and ample paved parking.
Overview
The property at 323 & 331 State Street in Augusta, Maine, presents a two-building office investment opportunity. The combined area of the buildings is approximately 15,224 square feet, featuring elevator access and ample paved parking. The property is well-leased with strong tenants and offers upside potential through rent adjustments and lease-up of a small vacancy. Maine Community College System occupies space under a 10-year lease through June 30, 2030, with a monthly rent of $13,150 and annual CPI-U increases. Constellation Health Services has a 5-year lease through December 31, 2027, with a monthly rent of $2,942 and annual increases to $3,091 by 2027. Maine Child Welfare Ombudsman, Lawson Property Management, and Maine Children’s Alliance (331 State) are tenants at will, paying monthly rents of $1,400, $1,000, and $1,600 respectively, which are below market rates. There is a vacancy of approximately 1,000 square feet, consisting of two offices, a conference room, and a reception area. The current net operating income (NOI) is $146,000, with a projected NOI of $182,000. The capitalization rate is 8.35% on current income. The price per square foot is approximately $115, below recent sales at $128 per square foot. This property offers an attractive combination of secure long-term tenancy and value-add upside through rent resets, vacancy lease-up, and potential stabilization above $2 million.
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Augusta
- County
- Kennebec
- State
- Maine
- Longitude
- -69.7829
- Latitude
- 44.2982
Nearby Similar for Lease
FAQs
What type of property is this?
Office building - Two-building office investment with strong tenants and upside potential.
Where is this office building located?
The property is located at 323-331 State St Augusta, ME.
What is the lease rate?
The lease rate is $1,200 /Mo.
What are key features of this property?
This property features: Strong, long‑term tenancy with Maine Community College System (MCCS) through 6/30/30 with CPI‑U annual increases.; Significant value‑add potential through rent adjustments, lease‑up of ±1,000 SF vacancy, and potential stabilization above $2M.; Attractive 8.35% cap rate on current income.
