311 Main Street

Historic Hannaway Building : Well-Maintained Mixed-Use Investment Opportunity in the Heart of Downtown Biddeford

Historic Hannaway Building: Well-Maintained Mixed-Use Investment Opportunity in the Heart of Downtown Biddeford with Potential for Owner to Occupy the First Floor Commercial Unit. Ideally suited for both investors seeking stable cash flow and owner-occupants looking to establish a presence in one of Southern Maine’s fastest-growing downtown markets, the historic Hannaway Building features a street level commercial space with exceptional visibility and three market-rate residential apartments above. The first floor offers highly visible retail, office, or service space fronting Main Street and is located within the MSRD1 (Main Street Revitalization District 1) zoning district, which permits a wide variety of commercial, retail, restaurant, office, medical office, personal service, and other downtown-oriented uses. The opportunity exists for an owner-user to occupy the first floor, making this an attractive option for businesses seeking to own rather than lease their location. The second floor consists of three, two-bedroom, one-bath apartments, each featuring in-unit laundry and benefiting from continued strength in Biddeford’s rental market, providing additional upside through future rent growth. Recent capital improvements include a newer EPDM rubber roof, heat pumps, updated flooring, renovations to the commercial space, and improvements throughout the residential units. Offered at a 7% stabilized capitalization rate, 311 Main Street combines in-place income with long-term appreciation potential in one of Maine’s most dynamic downtowns.