211 Water Street: Downtown Augusta historic building opportunity

Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30541123
Property Subtypes: Office Building, General
Building Size (RSF): 10,000 SF
Gross Building Area: 18,952 SF
Gross Land Area: 0.18 Acres
Sale Price: $800,000
Unit Price: $80 PSF
Ceiling: 12 ft.
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: 211 Water St
Class of Space: Class B
Usable Size (USF): 7,000 SF
Sale Terms: Cash to Seller
Last Updated: 9/22/2020

Overview / Comments

211 Water Street is an historic gem in downtown Augusta. 1st floor (7,000+/- sf) currently occupied by a credit tenant and was renovated to a traditional office in 2018. Floors 2 & 3 (6,000 +/- sf total) are unfinished with plenty of redevelopment potential. Large wrap-around deck off the back of the first floor, with the best view in Augusta overlooking the Kennebec River. Heating system updated to natural gas. Additional storage space in two basements. 211 Water Street is located within an Opportunity Zone. 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 potentially interested parties to make an offer.

Current Tenants

Tenant Business Name SGC Engineering
Industry Type Professional/Scientific/Technical Services
Is Renting? Yes
Annual Revenue $46,232 (Annual)
Suite Number 1
SF of Space Occupied 7,113 SF
Current Rent $7 PSF (Annual)
Escalations $8 psf - 05/2020 $9 psf - 05/2021 $9.5 psf - 05/2022
Options 5 year option beginning May 1, 2023 5 year option beginning May 2, 2028

Additional Details

Nearest MSA: Augusta-Waterville
County: Kennebec
Taxing Authority: City of Augusta
Tax ID/APN: 00034 00031 00000
Zoning: KBD1
Property Located Between: Downtown Augusta community garden/City Parking lot and State Lunch Restaurant
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 right in about .4 miles.
Airports: Portland International Jetport, KWVL - Waterville Robert LaFleur Airport
Site Description: property type: Office Retail Parking: Found in City of Augusta lots and on-street parking nearby 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: 3
Year Built: 1898
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: On street
Parking Type: Other
Parking Description: Parking: Found in City of Augusta lots and on-street parking nearby
Heat Type: Natural Gas
Air Conditioning: Other
Interior Description: First floor renovated in 2018 an office use (engineering). Floors 2 & 3 have been vacant for >10 years.
Zoning Description: KBD1 zoning allows for a variety of uses.
Lot Frontage: 50
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Stairs to upper floors may be in an easement provided by party wall neighbor.
Land Ownership: Owned

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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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