244 Water Street: Downtown Augusta investment opportunity

Office for Sale
Catylist Listing ID: 30541143
Property Subtypes: Office Building, Other, General
Building Size (RSF): 10,260 SF
Gross Building Area: See Agent
Gross Land Area: 0.12 Acres
Sale Price: $1,000,000
Unit Price: $97.47 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: 244 Water St
Class of Space: Class B
Sale Terms: Cash to Seller
Last Updated: 11/23/2020

Overview / Comments

244 Water Street is a two-story turnkey office building, formerly home to Maine Department of Health and Human Services and various Maine banking institutions. The first floor has a registration area, two conference/meeting rooms, large windows and high ceilings, and is complete with an ornate vault room (with additional vaults and lock-boxes, including payment dropbox in the basement). First floor also includes storage area, server/telecoms room and meeting space. Operational passenger elevator serves floors 1 & 2. Second floor includes large kitchen/lounge area, large open office area, second open office area, three individual offices and 2 storage rooms. Optional inclusion of cubicles (not shown in photos). Basement is dry, perfect for additional storage space. Building is sprinkled, 1 hour fire ratings in the enclosed egress leading from the stairwells and elevator shaft. Can be sold by itself, or contact broker for more information on the Augusta Opportunity Zone portfolio, including 187, 189, 211, and 244 Water Street. Owner encourages interested parties to make an offer.

Additional Details

Nearest MSA: Augusta-Waterville
County: Kennebec
Taxing Authority: City of Augusta
Tax ID/APN: 00034 00057 00000
Zoning: KBD1
Property Located Between: Corner of Oak and Water Street
Property Visibility: Excellent
Highway Access: From I-95: Take Exit 109/U.S. 202 E toward Augusta. Continue on US-202 E/Western Ave for about 1.5 miles miles. At the traffic circle, take the 3rd exit onto Water St (right lane). Destination will be on the left at the corner of Oak Street and Water St.
Airports: Portland International Jetport, KWVL - Waterville Robert LaFleur Airport
Site Description: Site is bound by Water Street, Oak Street and Commercial Street, with frontage on all three sides. Possible historic tax credit project. In an Opportunity Zone.
Area Description: Get in on the ground floor of downtown Augusta’s revitalization! Maine’s Capital City has recently reverted Water St back to a two-way road, increasing business and retail activity. Downtown investments include new housing units and restaurants such as Cushnoc Brewing, The Oak Table & Bar and soon to be State Lunch. Water St is also home to the University of Maine at Augusta Architecture and Art Programs, the offices of Women, Work, and Community, and an art gallery.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 5,130 SF
Year Built: 1960
Year Renovated: 2004
Roof Type: Flat
Construction/Siding: Brick, Concrete, Granite
Parking Description: On street parking
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas, Hot Water
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: KBD1 allows a variety of commercial and some industrial uses. Hotel/Motel | Yes Grocery | Yes Governmental|Yes Retail | Yes Restaurant | Yes Executive Suites | Yes Convenience Store | Yes Commercial | Yes Office Building | Yes Bed and Breakfast | Yes Bar/Tavern/Lounge | Yes
Lot Frontage: 95
Lot Depth: 54
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,976 17,075 27,681
Median Age: 38.92 43.99 44.02
Households: 3,379 8,101 12,449

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