Historic Redevelopment Opportunity

Olde Federal Building
295 Water Street, Augusta, ME

List Price: $2,650,000

Offering Highlights

  • Iconic and historic, the Olde Federal Building presents a rare residential, hospitality/boutique hotel, and or mixed-use redevelopment opportunity in Augusta’s growing downtown
     

  • 41,212± SF magnificent four-story granite-faced property with slate and copper adorned roof is one of only a few buildings in the US with this degree of architecture and presence
     

  • Located on Water Street along the Kennebec River and within walking distance to restaurants/bars, shopping, and outdoor recreation
     

  • Building is listed on the National Register of Historic Places and is within Augusta’s historic district which makes it eligible for State and Federal Historic Tax Credits (HTC)
     

  • Currently fit-up as a multitenanted office building with tenants including the United States Postal Service, State government entities local businesses, and nationally affiliated companies

Olde Federal Building signage
 
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Property Description

Property Address


 

Owner
 

Gross Rental Income (2021)
 

Operating Expenses (2021)
 

Occupancy
 

Price Per Square Foot
 

List Price

295 Water Street
Augusta, ME 04330

 

Vickery Downing Associates. Inc.
 

$300,000±
 

$200,000±
 

49%±
 

$64.30
 

$2,650,000

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Gross Building Area:

54,500± SF

 

Living Area:

41,212± SF

Acreage:

0.49±

Building Type:

Office/mixed-use

 

No. of Floors:

Four

 

Year Built:

1889

 

Expansions:

1897 & 1920

 

Year Renovated:

2000s & ongoing

Road Frontage:

200'± on Water Street &
140'± on Front Street

 

Zoning:

KBD 1

Parking:

14± on-site spaces

Tenancy:

Multiple

2021 Taxes:

$27,289

 

Building Construction:

Granite/masonry

 

Roof:

Original slate & copper

 

Elevator:

One four-stop elevator

Tenant Information:

Occupied by over 25 mixed-use tenants with full gross leases, including the United States Postal Service, state government entities, local businesses, and nationally affiliated companies - all with varying space layouts.

 

A majority of tenants either have short-term leases of one year or are a tenant at will.

 

USPS recently renewed its lease for an additional five-year term.

Utilities:

  • Public water & sewer

  • Natural gas (2015 conversion) FHW heat pump system

  • 29 heat pumps or console units

  • AC throughout

  • Programmable thermostatic controls with make-up air for ventilation

  • Cooling tower replacement (July/ August 2022)

 

Lighting:

High-efficiency parabolic fluorescent fixtures in office areas; high-efficiency LED light fixtures installed in common areas in 2015

 

Accessibility:

2 ADA entries with ramps, wheelchair-accessible automatic entry, & handicapped-accessible bathrooms

 

Life Safety:

  • Fire pull stations

  • Emergency lighting & signage

  • Updated smoke alarms & strobes throughout with a central panel

 

Security:

Secure card access system

History

Augusta Old Federal Building HTC Report HHC 6.15.jpg

Postcard view showing the Old Federal Building in Augusta, Maine after the first addition (left of central tower), c. 1910. S.T. Hanson Collection.

The Olde Federal Building has served as a local landmark since its construction in the late 1800s. The building, which is a classic example of American architectural style Richardsonian Romanesque, was initially described by the Portland Transcript as “one of the most picturesque public buildings that the government has bestowed upon any city in the Union.” The iconic property was constructed using local granite from Hallowell and is highlighted by its striking central tower, Roman arches, and a stunning open marble staircase connecting three of its four floors.

 

295 Water Street was designed by Mifflin E. Bell, the supervising architect of the US Treasury Department, as a courthouse and post office. Bell,  whose term ended in 1887, was known for other properties of similar quality. The project was completed by his successor, William Alfred Freret, and the doors officially opened in January 1890.

The building was later expanded by treasury architect James Knox Taylor between 1897 and 1912. Since its original purpose, this unique property has had many uses over the years including a bank, restaurant, office, and more.

 

In 1920, a flat-roofed addition was constructed at the south end of the building. The hipped roof and towers have slate tiles and copper fascia. Composed of rock faced granite with finished details, the building has a first floor colonnade with six arches supported by columns. Now enclosed, this colonnade was historically an open arcade.

In the late 1990s, the building’s interior, major systems, and common areas were renovated and upgraded, providing downtown Augusta with a first-class multitenant office building.

Augusta Old Federal Building HTC Report HHC.jpg
 
 

Gallery

Area Information

Augusta, Maine’s capital, is the center of employment and economic activity for the central part of the state.
 

The city is ideally positioned between Maine’s two largest cities, Portland (an hour to the south) and Bangor (an hour to the north), and located just three and a half hours north of Boston. Most major state roads and highways converge in Augusta, with direct access to the Maine Turnpike and I-95.

 

Being centrally located, Augusta is best positioned for residents and tourists for easy day trips to the ocean, mountains, and over 30 neighboring lakes.

Education

Augusta’s public schools offer a traditional curriculum based in language arts, mathematics, science, social studies, and fine arts. Other quality academic programs include foreign language (6-12th grades), technology, health, and physical education. These academic areas of study are enhanced by a myriad of student support programs to address the needs of various students. The Augusta region also boasts diversified post-secondary educational opportunities, including prestigious universities, innovative technical schools, and business colleges, namely the University of Maine (Augusta), Purdue University Global (Augusta), Kennebec Valley Community College (Fairfield), Colby College (Waterville), and Thomas College (Waterville).

Quality of Life

The city has a strong and progressive mayor/council/manager municipal government. A full slate of city and community services, from planning, codes, and public works, to health and welfare, parks and recreation, and a dedicated public safety team. Augusta has several excellent hospitals. MaineGeneral Health is the parent corporation of a network of acute care hospitals, physician practices, rehabilitation centers, long-term nursing care, and assisted living and retirement communities. The Augusta campus, which includes the MaineGeneral Medical Center regional hospital, provides emergency care, medical/surgical care, maternal and child health, and inpatient and outpatient diagnostic services. The Togus Veteran’s Administration Medical Center is one of the oldest veterans’ facilities in the country, having opened in the fall of 1866. Located approximately four miles east of Augusta, Togus VAMC offers a 67-operating bed facility with general medical, surgical, intermediate, and mental health beds, as well as a 100-bed nursing home.

Housing Profile

Full housing profile

Housing in Augusta is comprised of six distinct residential areas that encompass a number of categories, traditional in-town neighborhoods, modern housing developments, rural living, lakeside homes, and first-class retirement opportunities.

2022 Demographics
Source: Esri

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18,994
Total Population
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45.1
Median Age
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8,981
Total Households
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$71,657
Avg Household Income
 

Historic Redevelopment Opportunity

Olde Federal Building

The sale of the Olde Federal Building presents an opportunity for a buyer to redevelop a landmark property while being a part of downtown Augusta’s revitalization. 

Financials, Historic Tax Credit report, and additional information are available upon request.

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Contact us

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Thanks for submitting!

Robert Tragemann

Main: +1 207 560 8000 x154 

robert.tragemann@colliers.com