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 |
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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