Multi-Tenant Office
9 Union Street, Hallowell, ME 04347
For Sale
$700,000
Commercial Sale, Hallowell, ME
Property Size3,604 SF
Lot Size0.13 Acres
Price / SF$194.23
Days on Market123
Property Features for 9 Union Street
General Information
Property type
Property subtype
Zoning
Rooms
Basement
Accessibility
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Property Use
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
wheelchair accessible ramp
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
LAER
(207) 622-2220
Listed By:
Christopher Vallee · License ME DB900305
(207) 242-2041
Added: Jul 11
Changed: Oct 30
Last Checked: Nov 10 at 6:06AM
MLS# 1640742
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.
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Investment Insights
Based on property information with market context.
This 3,604-square-foot office building was constructed in 1900 and contains three occupied floors above a basement. A family practice occupies the first floor, while five tenants are located on the second and third floors. The property has RB2 zoning, central air conditioning, a wheelchair-accessible ramp, and a paved parking area with six or more spaces. The roof was replaced in April 2026, and cedar siding has been added to two sides of the building.
Vinyl, carpet, and hardwood flooring are present. The property is served by public water and public sewer, with a 0.13-acre lot and an 8.5% cap rate.
Vinyl, carpet, and hardwood flooring are present. The property is served by public water and public sewer, with a 0.13-acre lot and an 8.5% cap rate.
Key Highlights
- 3,604 square feet across three occupied floors, plus a basement
- First‑floor family practice tenant and five tenants on the second and third floors
- 8.5% cap rate
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
NOI $50,947 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$896.3K – $1.20M
NOI $71,702 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
$266,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Kennebec County, ME
Properties on Market for Office buildings in Kennebec County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - A first-floor family practice and five upper-level tenants create an established office occupancy profile.
Where is this office building located?
The property is located at 9 Union Street 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 feet across three occupied floors, plus a basement; First‑floor family practice tenant and five tenants on the second and third floors; 8.5% cap rate
