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    Augusta Land Development Opportunity Title is generated by Realmo AI

    443 Civic Center Drive, Augusta, ME 04330

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    For Sale
    $750,000

    LAND - Augusta, ME

    Lot size:
    17.88 Acres
    Added:
    Mar 5, 2026
    Days on Market:
    76
    Last Refresh:
    May 20 at 10:06 pm

    Property Features for 443 Civic Center Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial
    Parking features
    Driveway
    Standard status
    Active
    Lot size
    17.88 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2590

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    James Pepin

    Listing agent James Pepin

    Listing office Sprague & Curtis Real Estate 75 Western Avenue, Augusta, ME

    Listing date Mar 5, 2026

    MLS# 1653395 Listing URL

    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.

    HighLights

    • Approved for high‑density development: Up to 400 apartment/condo units plus single‑family homes.
    • Prime location: Civic Center Drive with high visibility and over 500 feet of road frontage.
    • Excellent accessibility: Near Interstate 95, Maine General Hospital, VA Home, Marketplace Mall, and Augusta Civic Center.
    • Development‑ready: 17.88 acres, surveyed with site plans, city water and sewer at street.
    • Flexible development options: Suitable for apartments, condos, single‑family homes, or a mixed‑use development.
    • Scenic views: Offers pleasant westerly views.

    Overview

    This 17.88-acre parcel presents an excellent development opportunity, approved for up to 400 apartment units or condos, along with single-family homes. Located on Civic Center Drive in Augusta, Maine, the site features over 500 feet of road frontage and includes survey and site plans. The property is situated near Interstate 95, Maine General Hospital, the VA Home, Marketplace Mall, and the Augusta Civic Center. City water and sewer services are available at the street. The location offers scenic westerly views. This large development site is suitable for housing and other residential purposes, addressing the need for more housing in the area. Condominiums and single-family homes are also a possibility, allowing for the creation of a residential neighborhood with various housing styles. A residential subdivision with up to 55 house lots may also be feasible, subject to city approval. The property may be a good candidate for affordable housing with the Maine State Housing program. A combination of single-family homes, condominiums, and apartment buildings could create a mixed-use development. This broker-owned property represents a significant investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Auto Repair Shop Big Box & Wholesale Store Nail Salon Gym & Fitness Center Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Augusta
    County
    Kennebec
    State
    Maine
    Longitude
    -69.794612
    Latitude
    44.359921

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    FAQs

    What type of property is this?
    Residential land & home lot - 17.88 acres approved for 400 units, single-family homes.
    Where is this residential land & home lot located?
    The property is located at 443 Civic Center Drive Augusta, ME.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Approved for high‑density development: Up to 400 apartment/condo units plus single‑family homes.; Prime location: Civic Center Drive with high visibility and over 500 feet of road frontage.; Excellent accessibility: Near Interstate 95, Maine General Hospital, VA Home, Marketplace Mall, and Augusta Civic Center.
    (207) 242-3015
    We can help!
    Listing Contact
    James Pepin
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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