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323 State St 15,224 SF 100% Leased Office Building Augusta, ME 04330 $1,750,000 ($114.95/SF) 8.36% Cap Rate
INVESTMENT HIGHLIGHTS
- Combination of secure long-term tenancy
EXECUTIVE SUMMARY
323 & 331 State Street | Augusta, Maine
Offered at $1,750,000
±15,224 SF two-building office investment with elevator access and ample paved parking. Property is well-leased with strong tenants and upside from rent adjustments and one small vacancy.
Tenant Overview:
Maine Community College System: 10-yr lease thru 6/30/30 | $13,150/mo | CPI-U annual increases
Constellation Health Services: 5-yr lease thru 12/31/27 | $2,942/mo | annual increases (to $3,091 by 2027)
Maine Child Welfare Ombudsman: Tenant at Will | $1,400/mo | below market
Lawson Property Management: Tenant at Will | $1,000/mo | below market
Maine Children’s Alliance (331 State): Tenant at Will | $1,600/mo | below market
Vacancy: ±1,000 SF suite (2 offices, conference room + reception)
Financials
Current NOI: $146K | Projected NOI: $182K
Cap Rate: 8.35% on current income
Price/SF: ~$115 (below recent $128/SF sales)
Attractive combination of secure long-term tenancy (MCCS) and value-add upside through rent resets, vacancy lease-up, and potential stabilization above $2M.
Offered at $1,750,000
±15,224 SF two-building office investment with elevator access and ample paved parking. Property is well-leased with strong tenants and upside from rent adjustments and one small vacancy.
Tenant Overview:
Maine Community College System: 10-yr lease thru 6/30/30 | $13,150/mo | CPI-U annual increases
Constellation Health Services: 5-yr lease thru 12/31/27 | $2,942/mo | annual increases (to $3,091 by 2027)
Maine Child Welfare Ombudsman: Tenant at Will | $1,400/mo | below market
Lawson Property Management: Tenant at Will | $1,000/mo | below market
Maine Children’s Alliance (331 State): Tenant at Will | $1,600/mo | below market
Vacancy: ±1,000 SF suite (2 offices, conference room + reception)
Financials
Current NOI: $146K | Projected NOI: $182K
Cap Rate: 8.35% on current income
Price/SF: ~$115 (below recent $128/SF sales)
Attractive combination of secure long-term tenancy (MCCS) and value-add upside through rent resets, vacancy lease-up, and potential stabilization above $2M.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Office/Residential
Building Size
15,224 SF
Building Class
B
Year Built
1893
Price
$1,750,000
Price Per SF
$114.95
Cap Rate
8.36%
NOI
$146,291
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
3,806 SF
Building FAR
0.39
Lot Size
0.90 AC
Zoning
CC
PROPERTY TAXES
| Parcel Number | AUGU-000031-000042 | Improvements Assessment | $821,000 |
| Land Assessment | $147,600 | Total Assessment | $968,600 |
PROPERTY TAXES
Parcel Number
AUGU-000031-000042
Land Assessment
$147,600
Improvements Assessment
$821,000
Total Assessment
$968,600
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323 State St
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