Mixed-Use Property with Expansion
For Sale
$349,000
347 Civic Center Dr, Augusta, ME 04330
Two-bedroom, one-bath improvements support residential, office, or trades-oriented business use.
Property Size1,490 SF
Price / SF$234.23
Days on Market24
Property Features for 347 Civic Center Dr
General Information
Standard status
Active
Size
1,490 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1957
Listing Agency:
Keller Williams Realty
(207) 242-5588
Listed By:
Dennis Wheelock · License #BR921652
Source:
Aroostookrealestate
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 30 at 10:53PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This mixed-use property contains 1,490 SF of improvements built in 1957, configured with two bedrooms and one bathroom. The existing layout can accommodate residential occupancy, professional office use, or a trades-based business. A separate site pad remains from a former garage, providing an existing area for future construction or site reconfiguration.
Located at 347 Civic Center Dr in Augusta, the property fronts Civic Center Drive and sits along the Route 27 commercial corridor. Maine Turnpike Exit 112 is less than one mile away. Nearby destinations include The Marketplace at Augusta, Augusta Civic Center, the University of Maine at Augusta, Walmart, Comfort Inn, Augusta Business Park, and MaineGeneral Medical Center.
The site also offers room for additional parking or other layout improvements, subject to applicable approvals. Its combination of an existing building, former garage pad, and access to established commercial destinations supports several potential property uses.
Located at 347 Civic Center Dr in Augusta, the property fronts Civic Center Drive and sits along the Route 27 commercial corridor. Maine Turnpike Exit 112 is less than one mile away. Nearby destinations include The Marketplace at Augusta, Augusta Civic Center, the University of Maine at Augusta, Walmart, Comfort Inn, Augusta Business Park, and MaineGeneral Medical Center.
The site also offers room for additional parking or other layout improvements, subject to applicable approvals. Its combination of an existing building, former garage pad, and access to established commercial destinations supports several potential property uses.
Key Highlights
- 1,490 SF mixed‑use property built in 1957
- Two‑bedroom, one‑bath layout
- Existing pad where a garage was previously located
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,063
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$421,260
$421.3K
Cap Rate 7%
$300,900
$300.9K
Cap Rate 9%
$234,033
$234.0K
Market Conditions
NOI Build-Up for 1,490 SF
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.
Gross rent
$32.2K $21.60/SF
− Vacancy
−$4.1K −$2.75/SF
EGI
$28.1K $18.85/SF
− OpEx
−$7.0K −$4.71/SF
NOI
$21.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$421,260
Cap Rate 7%
$300,900
Cap Rate 9%
$234,033
Alternative Uses
Best Use
Office B
$300.9K
$263.3K – $351.1K
NOI $21,063 @ 7.0% cap · market cap 6.04%
Second Best
Mixed Use
$219.6K
$192.1K – $256.2K
NOI $15,371 @ 7.0% cap · market cap 4.40%
Theoretical Best
Warehouse
$2.22M
$1.95M – $2.59M
NOI $155,605 @ 7.0% cap · market cap 44.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-bedroom, one-bath improvements support residential, office, or trades-oriented business use.
Where is this mixed-use property located?
The property is located at 347 Civic Center Dr Augusta, ME.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,490 SF mixed‑use property built in 1957; Two‑bedroom, one‑bath layout; Existing pad where a garage was previously located
