Versatile 2-Bedroom Office
For Sale
$349,000
347 Civic Center Drive, Augusta, ME 04330
Commercial Sale, Augusta, ME
Property Size1,490 SF
Lot Size1.50 Acres
Price / SF$234.23
Days on Market45
Property Features for 347 Civic Center Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PD
Rooms
Basement
Basement
Full
Lot features
Near Turnpike/ Interstate, Business District, Near Shopping, Retail Strip
Standard status
Active
Size
1,490 SF
Lot size
1.50 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3179
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Hot Water(Heating), Baseboard, Oil
Water source
Private, Well
Building Details
Year built
1957
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Dennis Wheelock · License #BR921652
(207) 242-5588
Added: Jul 13
Changed: Aug 26
Last Checked: Aug 26 at 10:06PM
MLS# 1647398
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.
Investment Insights
Based on property information with market context.
This versatile 2-bedroom, 1-bath property is well suited for a range of uses, including residential investment, professional office, or trades-based business. The property includes an existing pad where a garage was previously located, providing a head start for future development and flexibility to improve the layout.
The site is located at 347 Civic Center Drive in Augusta and benefits from strong visibility along Civic Center Drive in a central Maine retail and commercial corridor. It is also positioned along Augusta’s Route 27 development corridor and is less than one mile from Exit 112 of the Maine Turnpike, with convenient access for clients, employees, and tenants. The area is near several major anchors including The Marketplace at Augusta, the Augusta Civic Center, the University of Maine at Augusta, Walmart, Comfort Inn, Augusta Business Park, and MaineGeneral Medical Center.
The property is listed under PD zoning and sits on approximately 1.5 acres, with an existing structure size of about 1,490 square feet.
The site is located at 347 Civic Center Drive in Augusta and benefits from strong visibility along Civic Center Drive in a central Maine retail and commercial corridor. It is also positioned along Augusta’s Route 27 development corridor and is less than one mile from Exit 112 of the Maine Turnpike, with convenient access for clients, employees, and tenants. The area is near several major anchors including The Marketplace at Augusta, the Augusta Civic Center, the University of Maine at Augusta, Walmart, Comfort Inn, Augusta Business Park, and MaineGeneral Medical Center.
The property is listed under PD zoning and sits on approximately 1.5 acres, with an existing structure size of about 1,490 square feet.
Key Highlights
- 2‑bedroom, 1‑bath property with basement
- Built in 1957
- Construction materials: wood frame with vinyl siding
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
Apartment 5plus
$207.4K
$181.4K – $241.9K
NOI $14,515 @ 7.0% cap · market cap 4.16%
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
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?
Single family property - 2-bedroom, 1-bath building with an additional pad site previously used for a garage.
Where is this single family property located?
The property is located at 347 Civic Center Drive 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: 2‑bedroom, 1‑bath property with basement; Built in 1957; Construction materials: wood frame with vinyl siding
