Multi-Tenant Office
For Sale
$700,000
9 Union Street, Hallowell, ME 04347
Commercial Sale, Hallowell, ME
Property Size3,604 SF
Lot Size0.13 Acres
Price / SF$194.23
Days on Market90
Property Features for 9 Union Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
RB2
Rooms
Basement
Basement
Unfinished, Sump Pump, Full
Accessibility
Accessible Approach with Ramp
Lot features
Downtown, Historic District, Near Shopping
Standard status
Active
Size
3,604 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
13082
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Electric (Heating), Oil, Forced Air, Baseboard
Cooling system
Central Air
Water source
Public
Amenities
wheelchair accessible ramp
Building Details
Year built
1900
Number of units
6
Flooring type
Vinyl, Carpet, Hardwood
Building materials
Wood Frame, Clapboard
Roof type
Shingle
Listing Agency:
LAER
(207) 622-2220
Listed By:
Christopher Vallee · License #DB900305
(207) 242-2041
Added: Jul 11
Changed: Oct 7
Last Checked: Oct 8 at 2:06AM
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.
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
Warehouse
$5.38M
$4.70M – $6.27M
NOI $376,377 @ 7.0% cap · market cap 53.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
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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 - 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
