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    Property profile & analytics

    241 Water St Hallowell, ME 04347

    • Commercial real estate
    • 1,130 SF
    • 0.43 lot acres
    For Sale
    View listing
    $275,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0102280
    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.

    Current Use by Public Records

    • Positive High Dispensary / Cannabis Store
    • Masciadri Accounting & Income / Tax Preparation Service

    Property Details for 241 Water St

    Year built
    1865
    Lot size
    0.43 lot acres
    Property size
    1,130 SF
    Property type
    Commercial real estate

    Description

    This exceptional commercial property at 241 Water Street in Hallowell, Maine, offers unparalleled visibility with 180 feet of prime road frontage. The two-story, 1,130 square foot building boasts a desirable downtown location on a 0.43-acre lot. The interior comprises two rooms on each floor, complemented by a convenient half-bath located upstairs. Additional features include a practical mudroom, a spacious walk-in closet, and efficient hot water baseboard heating. The property is beautifully landscaped and includes a pre-installed storm basin, simplifying potential future development. Comprehensive elevation designs and a full survey are already completed, streamlining the process for prospective buyers. This property presents a unique opportunity: continue operating an existing business in this established location or leverage the existing structure and completed site work to develop new units. The strategic location and existing infrastructure make this a truly remarkable investment opportunity in the heart of Hallowell.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Hallowell
    County
    Kennebec
    State
    Maine
    Longitude
    -69.79256
    Latitude
    44.28128

    Comparable in this City

    • $350,000
      4,087 SF

      Historic Hallowell Church - Prime Location

      Iconic Church, 4,087 sq ft, $350,000
      133 Second St, Hallowell, ME 04347
      View Details
    • $1,500,000
      5,413 SF

      Hallowell Waterfront Commercial Gem

      Prime Hallowell location, stunning river views.
      232 Water St, Hallowell, ME 04347
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    • $199,500

      Hallowell Land Parcel For Sale

      Undeveloped land with utilities and access to I-95.
      22 Carriage Ln, Hallowell, ME 04347
      View Details
    • $475,000
      3,687 SF

      Hallowell Multifamily Property with Office Space

      Office and apartment building in Hallowell, Maine with business opportunity.
      6 Stoddard Ln, Hallowell, ME 04347
      View Details
    • $1,650,000

      Hallowell Office Building For Sale

      10,754± SF office building in Hallowell, Maine.
      47 Water St, Hallowell, ME 04347
      View Details
    • $65,000
      1.94 Acres

      Residential Lot in Hallowell Overlook

      1.94 acre wooded lot in a residential neighborhood.
      Overlook Dr Lot, Hallowell, ME 04347
      View Details

    Similar Nearby for Sale

    • $350,000
      4,087 SF

      Historic Hallowell Church - Prime Location

      Iconic Church, 4,087 sq ft, $350,000
      133 Second St, Hallowell, ME 04347
      View Details
    • $1,500,000
      5,413 SF

      Hallowell Waterfront Commercial Gem

      Prime Hallowell location, stunning river views.
      232 Water St, Hallowell, ME 04347
      View Details
    • $199,500

      Hallowell Land Parcel For Sale

      Undeveloped land with utilities and access to I-95.
      22 Carriage Ln, Hallowell, ME 04347
      View Details
    • $475,000
      3,687 SF

      Hallowell Multifamily Property with Office Space

      Office and apartment building in Hallowell, Maine with business opportunity.
      6 Stoddard Ln, Hallowell, ME 04347
      View Details
    • $1,650,000

      Hallowell Office Building For Sale

      10,754± SF office building in Hallowell, Maine.
      47 Water St, Hallowell, ME 04347
      View Details
    • $65,000
      1.94 Acres

      Residential Lot in Hallowell Overlook

      1.94 acre wooded lot in a residential neighborhood.
      Overlook Dr Lot, Hallowell, ME 04347
      View Details

    Similar Nearby for Lease

    • $1,700 /Mo
      2,337 SF

      Hallowell Office Space for Lease

      Spacious office space in downtown Hallowell available for lease.
      115 Water St, Hallowell, ME 04347
      View Details
    • $33 SF/Yr
      725 SF

      Hallowell Retail Space - 725 SF

      Prime Hallowell retail building, 20+ parking spaces.
      2 Water St, Hallowell, ME 04347
      View Details
    • $14 SF/Yr
      28,700 SF

      Prime Hallowell Office Space

      Class A Office Suites, 3,232-8,612 SF Available
      101 Second St, Hallowell, ME 04347
      View Details
    • $6 SF/Yr
      900 SF

      Downtown Hallowell Commercial Space

      900 SF commercial space in downtown Hallowell.
      210 Water St, Hallowell, ME 04347
      View Details
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    241 Water St
    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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