Office Building with
332 Water Street, Hallowell, ME 04347
For Sale
$439,000
Commercial Sale, Hallowell, ME
Property Size2,120 SF
Lot Size0.30 Acres
Price / SF$207.08
Days on Market89
Property Features for 332 Water Street
General Information
Property type
Property subtype
Zoning
Rooms
Basement
Accessibility
Lot features
Standard status
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Flooring type
Building materials
Roof type
Listing Agency:
Hoang Realty
(207) 623-0623
Listed By:
Heidi Witham Hoa Hoang
(207) 707-2919
Added: Aug 14
Changed: Nov 3
Last Checked: Nov 10 at 6:06AM
MLS# 1676345
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,120-square-foot office building occupies approximately 0.30 acres in Hallowell. The wood-frame structure, built in 1900, includes multiple rooms suitable for offices along with a distinct studio featuring its own entrance, vaulted ceiling, bamboo flooring, radiant floor heat, and views across the landscaped grounds. Wood floors, a covered front porch, shingle and wood siding, and a shingle roof add to the building’s character. Solar panels serve the property, which also has public water and public sewer.
The property is located at 332 Water Street near downtown Hallowell, with access to local restaurants, shops, cultural attractions, the Kennebec River Rail Trail, I-95, and I-295. An accessible approach with ramp supports entry, while a basement provides additional space. The parcel includes established landscaping and a mature peach tree.
The property is located at 332 Water Street near downtown Hallowell, with access to local restaurants, shops, cultural attractions, the Kennebec River Rail Trail, I-95, and I-295. An accessible approach with ramp supports entry, while a basement provides additional space. The parcel includes established landscaping and a mature peach tree.
Key Highlights
- 2,120‑square‑foot office building on approximately 0.30 acres
- Separate studio with private entrance, vaulted ceiling, bamboo flooring, and radiant floor heat
- Built in 1900 with wood‑frame construction, wood floors, and shingle roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,969
Cap Rate
6.83%
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 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$602.5K
$527.2K – $703.0K
NOI $42,177 @ 7.0% cap · market cap 9.61%
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
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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
$266,700
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Kennebec County, ME
Properties on Market for Office buildings in Kennebec County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Wood-frame office property with a separate studio, covered porch, solar panels, and landscaped grounds.
Where is this office building located?
The property is located at 332 Water Street Hallowell, ME.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 2,120‑square‑foot office building on approximately 0.30 acres; Separate studio with private entrance, vaulted ceiling, bamboo flooring, and radiant floor heat; Built in 1900 with wood‑frame construction, wood floors, and shingle roof
