Investment Opportunity
Retail-Commercial
for Sale
| Catylist Listing ID: |
30869562 |
| Property Subtypes: |
Mixed Use
|
| Building Size (RSF): |
7,392 SF
|
| Gross Land Area: |
0.40 Acres
|
| Sale Price: |
$525,000 |
| Unit Price: |
$71.02 PSF |
| Ceiling: |
9 ft. |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
4/22/2024 |
Overview / Comments
Nestled in the heart of Gardiner, Maine, 177 Water Street is a historic three story building constructed in 1880 that houses two floors of Reny's (Department Store) and one recently renovated stylish apartment on the third floor with charming views.
This property is being marketed at a 6.1% Cap rate and offers a unique opportunity to own a quintessential investment property in the heart of a downtown experiencing a rebirth.
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Additional Details
| Nearest MSA: |
Augusta-Waterville |
| County: |
Kennebec |
| Tax ID/APN: |
11100_037163 |
| Zoning: |
TD - "TRADITIONAL DOWNTOWN" |
| Retail Clientele: |
General, Family, Traveler, Tourist |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
Main Ave |
| Highway Access: |
I-95 |
| Airports: |
Portland International Jetport, Augusta Municipal Airport |
| Site Description: |
The building is bounded on either side by similar buildings and the three are connected on the first and second floors allowing for the retail operation. The frontage is directly on Water St with a separate entrance to the third floor apartment. |
| Area Description: |
Traditional downtown area with coffee shops, library, bank, art studio, etc |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
1 |
| Number of Stories: |
3 |
| Typical SF / Floor: |
2,464 SF |
| Property Condition: |
Good |
| Year Built: |
1880 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Exterior Description: |
Classic retail storefront on first floor with brick exterior above. |
| Total Parking Spaces: |
2 |
| Parking Description: |
On Street Parking |
| Sprinklers: |
Wet |
| Heat Type: |
Electricity |
| Heat Source: |
Baseboard |
| Air Conditioning: |
Window Unit |
| Internet Access: |
Cable |
| Zoning Description: |
Traditional Downtown (TD) The Traditional Downtown District encompasses the more densely developed areas of the city including the Water Street, Mechanic Street, and Maine Avenue area south of the Cobbossee. A wide variety of commercial, industrial, residential, governmental and institutional uses exist here, offering convenient access to many kinds of activities and benefiting from the provision of community services and utilities. This district boasts a unique historical and architectural character as well as a vital mix of land uses and services. The zoning regulations seek to protect the existing character of the downtown and ensure that future development is compatible with the existing pattern of development. |
| Lot Frontage: |
26 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
3,517 |
11,546 |
23,070 |
| Median Age: |
42.01 |
42.51 |
43.9 |
| Households: |
1,559 |
4,923 |
9,721 |
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© Copyright 2024 Moody's. All Rights Reserved.
The information presented herein is provided as is, without warranty of any kind.
Neither New England Commercial Property Exchange nor
Moody's assume any liability for errors or omissions.
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