Multi-Tenant Office
For Sale
$740,000
9 Union St, Hallowell, ME 04347
Three-story professional property with medical and office tenants, accessible entry, and paved on-site parking.
Property Size3,604 SF
Price / SF$205.33
Days on Market40
Property Features for 9 Union St
General Information
Standard status
Active
Size
3,604 SF
Additional Details
Cap Rate
7%
Amenities
wheelchair accessible ramp
Building Details
Year Built
1900
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
LAER
(207) 242-2041
Listed By:
Christopher Vallee
Source:
Soldbymichaelthomas
Added: Jul 20
Changed: Aug 27
Last Checked: Aug 28 at 12:50PM
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 LAER
Investment Insights
Based on property information with market context.
Built in 1900, this 3,604-square-foot office building offers three floors of professional space. The first floor is occupied by a family practice, while five additional tenants lease space across the second and third floors. The property includes a wheelchair-accessible ramp, paved parking, and exterior improvements including cedar siding on two sides. A roof replacement is scheduled for April 2026.
Located at 9 Union St in Hallowell, Maine, the property has a visible street presence and accommodates multiple office users within a single building. Six or more parking spaces are available on site. The property is offered with a reported 7% cap rate.
Located at 9 Union St in Hallowell, Maine, the property has a visible street presence and accommodates multiple office users within a single building. Six or more parking spaces are available on site. The property is offered with a reported 7% cap rate.
Key Highlights
- 3,604‑square‑foot office building constructed in 1900
- Three floors with a family practice on the first floor and five additional tenants above
- Paved parking lot with 6+ spaces
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
$50,947
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
6.88%
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%
$1,018,940
$1.0M
Cap Rate 7%
$727,814
$727.8K
Cap Rate 9%
$566,078
$566.1K
Market Conditions
NOI Build-Up for 3,604 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
$77.8K $21.60/SF
− Vacancy
−$9.9K −$2.75/SF
EGI
$67.9K $18.85/SF
− OpEx
−$17.0K −$4.71/SF
NOI
$50.9K $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%
$1,018,940
Cap Rate 7%
$727,814
Cap Rate 9%
$566,078
Alternative Uses
Best Use
Office B
$727.8K
$636.8K – $849.1K
NOI $50,947 @ 7.0% cap · market cap 6.88%
Second Best
Healthcare Medical
$696.7K
$609.6K – $812.8K
NOI $48,768 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$5.38M
$4.70M – $6.27M
NOI $376,377 @ 7.0% cap · market cap 50.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story professional property with medical and office tenants, accessible entry, and paved on-site parking.
Where is this office building located?
The property is located at 9 Union St Hallowell, ME.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: 3,604‑square‑foot office building constructed in 1900; Three floors with a family practice on the first floor and five additional tenants above; Paved parking lot with 6+ spaces
