6 Main PlWaterville, ME 04901

Property Details for 6 Main Pl

Year built

1928

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.20 AC

Property size (Sq ft)

24,331 SF

Property type

Showrooms

APN

WAVL M:052 B:393

APU

WAVLM052B393

Description

This exceptional 37,118 square foot retail property located at 6 Main Place in Waterville, Maine, presents a prime redevelopment opportunity. Built in 1928, the building sits on a 1.17-acre lot and is zoned Commercial A (CA). Currently configured as retail space, a preliminary architectural survey suggests the feasibility of converting the property into approximately 40 residential units. This conversion would be ideally suited for projects seeking Low Income Housing Tax Credits. Furthermore, the property is eligible for historic tax credits, with an eligibility letter available upon request. The property's central location offers convenient access to numerous downtown amenities and is approximately one mile from Interstate 95, Exit 130, ensuring excellent visibility and accessibility. The asking price for this unique investment opportunity is $800,000. This presents a rare chance to acquire a substantial property in a desirable location with significant potential for substantial returns. The property's historic character combined with its prime location and redevelopment potential makes it an attractive proposition for investors seeking a high-impact project.

• CAP approach

  CAP return

  Valuation

  6%

  $5,913,282

  6.5%

  $5,458,414

  7%

  $5,068,528

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,011,303

  Geo Method

  $8,011,303

• Alternative Use

  Use

  Valuation

  Residential

  $4,604,377

  Hospitality

  $4,217,584

  Educational

  $3,508,981

  Medical

  $3,629,660

  Retail

  $5,458,414

Location Insight

City

Waterville

County

Kennebec

State

Maine

Latitude

44.5561

Longitude

-69.6309

CBSA code

12300

CBSA name

AUGUSTA-WATERVILLE, ME MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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