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    232 Water St Hallowell, ME 04347
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    232 Water St Hallowell, ME 04347

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    • Commercial land
    • 5,413 SF
    For Sale
    $1,350,000
    View Listing →
    Hallowell Waterfront Property with Development Potential For Sale
    $1,350,000
    5,413 SF

    Hallowell Waterfront Property with Development Potential

    Rare waterfront property in downtown Hallowell with development opportunities.

    232 Water Street, Hallowell, ME 4347
    View Listing
    Property ID
    US42-0458533
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Café De Bangkok / Restaurant

    Property Details for 232 Water St

    Year built
    1965
    Property size
    5,413 SF
    Property type
    Commercial land
    Property subtype
    Waterfront Land

    Description

    What a spot!!! Sweeping views and potential galore comes with this fantastic and rare piece of property in desirable downtown Hallowell. The updated structure has over 5400 s.f. of space between two existing tenants. The paved parking lot has parking for over 80 vehicles. There are 2 dock entra ... nces. The opportunities are endless. Ideal for development or a marina with an enormous amount of water frontage with sweeping views up and down the river and tremendous visibility from the road.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hallowell
    County
    Kennebec
    State
    Maine
    Longitude
    -69.7918917
    Latitude
    44.2817829

    Comparable in this City

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      Hallowell Commercial Property with Riverfront

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      232 Water St, Hallowell, ME 04347
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      Waterfront Commercial Property on Kennebec River

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      Historic Church with Bulfinch Spire

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      Hallowell Duplex with River Views

      Renovated duplex with river frontage near historic Hallowell.
      228 Water St, Hallowell, ME 04347
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    • $395,000
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      Hallowell Waterfront Commercial Opportunity

      Prime commercial property with river frontage in downtown Hallowell.
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    • $740,000
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      Hallowell Commercial Building For Sale

      Well-maintained commercial building with solid tenants and growth potential.
      9 Union St, Hallowell, ME 04347
      View Details

    Similar Nearby for Sale

    • $1,350,000
      0.91 Acres

      Hallowell Commercial Property with Riverfront

      Rare downtown Hallowell property with river views and development potential.
      232 Water St, Hallowell, ME 04347
      View Details
    • $1,175,000
      0.26 Acres

      Waterfront Commercial Property on Kennebec River

      Commercial waterfront property with residential apartment and retail space.
      192 Water St, Hallowell, ME 04347
      View Details
    • $350,000
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      Historic Church with Bulfinch Spire

      Historic 1885 granite church with stunning spire and stained-glass windows.
      133 Second St, Hallowell, ME 04347
      View Details
    • $399,000
      1,260 SF

      Hallowell Duplex with River Views

      Renovated duplex with river frontage near historic Hallowell.
      228 Water St, Hallowell, ME 04347
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    • $395,000
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      Hallowell Waterfront Commercial Opportunity

      Prime commercial property with river frontage in downtown Hallowell.
      176 Water St, Hallowell, ME 04347
      View Details
    • $740,000
      3,604 SF

      Hallowell Commercial Building For Sale

      Well-maintained commercial building with solid tenants and growth potential.
      9 Union St, Hallowell, ME 04347
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Hallowell Land Parcel For Sale

      Undeveloped land with utilities and access to I-95.
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      Downtown Hallowell Commercial Space

      900 SF commercial space in downtown Hallowell.
      210 Water St, Hallowell, ME 04347
      View Details
    • Contact for pricing

      Hallowell Office Space for Lease

      Spacious office space in downtown Hallowell available for lease.
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      Premier Office Space in Hallowell

      Class A office space near Maine State House.
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      Downtown Hallowell Commercial Space

      900 SF commercial space in downtown Hallowell.
      210 Water St, Hallowell, ME 04347
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    • $14 SF/Yr
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      Hallowell House Professional Office Space

      Premier Class A office space near Maine State House.
      101 Second St, Hallowell, ME 04347
      View Details
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    Hallowell, ME 04347
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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