Office Building with
For Sale
$449,000
332 Water St, Hallowell, ME 04347
Flexible office layout includes a separate-entry studio, covered porch, solar panels, and landscaped grounds near downtown Hallowell.
Property Size2,120 SF
Lot Size0.30 Acres
Price / SF$211.79
Days on Market54
Property Features for 332 Water St
General Information
Standard status
Active
Size
2,120 SF
Lot size
0.30 Acres
Additional Details
Highway Access
Yes
Amenities
covered front porch
solar panels
landscaped gardens
Building Details
Year Built
1900
Listing Agency:
Hoang Realty
Listed By:
Heidi Witham Hoa Hoang
(207) 707-2919
Source:
Aroostookrealestate
Added: Aug 23
Changed: Oct 2
Last Checked: Oct 7 at 2:33PM
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 Hoang Realty
Investment Insights
Based on property information with market context.
Built in 1900, this office property occupies approximately 0.30 acres and includes parking, multiple rooms suitable for separate offices, and a spacious studio with its own entrance. The studio features a vaulted ceiling, bamboo flooring, radiant floor heat, and broad views toward the landscaped grounds and Kennebec River. Wood floors, distinctive light fixtures, and a covered front porch add further character.
The property is near downtown Hallowell, with access to restaurants, shops, cultural attractions, the Kennebec River Rail Trail, I-95, and I-295. Seasonal Kennebec River views complement the mature landscape surrounding the building. Solar panels are installed on the property, and a producing peach tree is located in the backyard.
The property is near downtown Hallowell, with access to restaurants, shops, cultural attractions, the Kennebec River Rail Trail, I-95, and I-295. Seasonal Kennebec River views complement the mature landscape surrounding the building. Solar panels are installed on the property, and a producing peach tree is located in the backyard.
Key Highlights
- Office property built in 1900 on approximately 0.30 acres
- Spacious studio with separate entrance, vaulted ceiling, and bamboo flooring
- Radiant floor heat and solar panels
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,969
Cap Rate
6.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$599,380
$599.4K
Cap Rate 7%
$428,129
$428.1K
Cap Rate 9%
$332,989
$333.0K
Market Conditions
NOI Build-Up for 2,120 SF
Gross rent
$45.8K $21.60/SF
− Vacancy
−$5.8K −$2.75/SF
EGI
$40.0K $18.85/SF
− OpEx
−$10.0K −$4.71/SF
NOI
$30.0K $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%
$599,380
Cap Rate 7%
$428,129
Cap Rate 9%
$332,989
Alternative Uses
Best Use
Office B
$428.1K
$374.6K – $499.5K
NOI $29,969 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.16M
$2.77M – $3.69M
NOI $221,398 @ 7.0% cap · market cap 49.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
91
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout includes a separate-entry studio, covered porch, solar panels, and landscaped grounds near downtown Hallowell.
Where is this office building located?
The property is located at 332 Water St Hallowell, ME.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Office property built in 1900 on approximately 0.30 acres; Spacious studio with separate entrance, vaulted ceiling, and bamboo flooring; Radiant floor heat and solar panels
