Building Details

Year Built 1900

Buildings 1

Stories 3

Tenancy Multi

Listing Agency: LAER

Listed By: Christopher Vallee · License #DB900305 Show Phone

Source: Soldbymichaelthomas

Added: Jul 20 Changed: Oct 14 Last Checked: Oct 7 at 5:48PM

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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.

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 / Yr

$50,947

Cap Rate

7.28%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $50,947 @ 7.0% cap · market cap 7.28%

Second Best

Healthcare Medical

$696.7K

$609.6K – $812.8K (±1% cap)

NOI $48,768 @ 7.0% cap · market cap 6.97%

Theoretical Best

Warehouse

$5.38M

$4.70M – $6.27M (±1% cap)

NOI $376,377 @ 7.0% cap · market cap 53.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Jason Rich Law Consultant Hallowell Family Practice Medical Clinic Scott Schiff-Slater, M.D. Pediatrician Dr. Nathan R. ... Pediatrician Mcfarlane Todd Physician

Suggested Use

Top Pick Locksmith Bakery Pharmacy Furniture & Home Goods Garden Center Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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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 $700,000.

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