49 Water St Wiscasset, ME 04578

Property Details for 49 Water St

Year built

1787

Lot size

0.06 lot acres

Property size

6,248 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional mixed-use property in Wiscasset, Maine, presents a unique investment opportunity. Located at 49 Water Street, this three-story, 6,248 square foot building boasts a rich history, having served as a hardware store for over 70 years. Currently configured with four units, including three commercial spaces and one residential unit, it offers significant income potential. The commercial spaces, ideal for retail or office use, generate substantial rental income; two units are currently leased, with strong interest in the vacant ground floor space. The one-bedroom residential unit provides additional income potential, and could be easily converted into a two-bedroom unit or even two separate units. The property sits on a 0.06-acre lot and benefits from a prime location near Wiscasset's Main Street, ensuring high visibility and foot traffic. Financial records indicate a 2022 net operating income (NOI) of $30,797 and a 2023 NOI of $23,694, with the decrease attributed to a vacant ground floor space. The building, constructed in 1787 and renovated in 1990, is zoned Village I. This property offers a blend of historical charm, strong rental income, and significant upside potential for a savvy investor. The asking price is $1,300,000, representing a price per square foot of $208.07. This is a rare chance to own a piece of Wiscasset's vibrant coastal community.