Turnkey Mixed-Use Investment
For Sale
Contact for pricing
Pending
59 Main St, Waterville, ME 04901
Renovated mixed-use property with retail and short-term rental income.
Property Size3,396 SF
Days on Market141
Property Features for 59 Main St
General Information
Standard status
Pending
Size
3,396 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
CA
Building Details
Year Built
1900
Year Renovated
2020
Stories
13
Units
3
Tenancy
Multi
Listing Agency:
New England Realty Group LLC
(207) 289-2336
Listed By:
Matthew Boulerice · License #DB922634
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 24 at 6:33PM
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 New England Realty Group LLC
Investment Insights
Based on property information with market context.
This mixed-use property, featuring retail and multifamily spaces, underwent major renovations in 2020, presenting a turnkey investment opportunity with no significant deferred maintenance expected for years. The property offers a retail space on Main Street with excellent visibility. The fully furnished second and third-floor apartments have been successfully operated as short-term rentals, demonstrating strong demand, a proven track record, and future bookings extending into 2027. The apartments are considered a guest favorite on Airbnb, with seventeen 5-star reviews. The property is ideally situated across from the Opera House and minutes from Colby College and Thomas College, appealing to visitors, college parents, and downtown guests. Located in the heart of Waterville's expanding downtown, this property represents a strong mixed-use investment opportunity with multiple income streams. The property size is 3396 square feet.
Key Highlights
- Turnkey investment property with major renovations completed in 2020.
- Retail space on Main Street with excellent visibility.
- Fully furnished apartments on the second and third floors.
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
$35,034
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
6.26%
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%
$700,680
$700.7K
Cap Rate 7%
$500,486
$500.5K
Cap Rate 9%
$389,267
$389.3K
Market Conditions
NOI Build-Up for 3,396 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
$61.1K $18.00/SF
− Vacancy
−$5.1K −$1.49/SF
EGI
$56.1K $16.51/SF
− OpEx
−$21.0K −$6.19/SF
NOI
$35.0K $10.32/SF
Area
Kennebec County, ME
Vacancy
8.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$700,680
Cap Rate 7%
$500,486
Cap Rate 9%
$389,267
Alternative Uses
Best Use
Mixed Use
$500.5K
$437.9K – $583.9K
NOI $35,034 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$472.6K
$413.5K – $551.4K
NOI $33,082 @ 7.0% cap · market cap 5.91%
Theoretical Best
Warehouse
$5.07M
$4.43M – $5.91M
NOI $354,655 @ 7.0% cap · market cap 63.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with retail and short-term rental income.
Where is this mixed-use property located?
The property is located at 59 Main St Waterville, ME.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: Turnkey investment property with major renovations completed in 2020.; Retail space on Main Street with excellent visibility.; Fully furnished apartments on the second and third floors.
