11 Water St, Damariscotta, ME 04543

Property Description

A rare opportunity to own a waterfront income-producing property in the heart of downtown Damariscotta. 11 Water Street combines four residential rental units, established income, significant recent improvements, on-site parking, and approximately 70 feet of frontage on the Damariscotta River. Situated directly in downtown Damariscotta, it is within easy walking distance of restaurants, shops, and galleries, offering an option that is exceptionally difficult to find. The building's layout and commercial zoning offer flexibility for an owner who may ultimately envision a different mix of residential, commercial, or mixed-use occupancy, creating the opportunity to acquire an established income-producing property today while retaining options for tomorrow. The significant work required to maintain and modernize an older property has already been completed, including updated electrical and plumbing systems, insulation, heat pumps, roofing and gutters, and a sprinkler system. The building has been thoughtfully renovated--including the addition of two large waterfront decks providing views of the harbor and wonderful sunsets--while retaining the character and architectural details that make it distinctive. Originally constructed in 1803, the building has served a variety of purposes over its long history and retains the character and presence of a historic downtown property. Today's buyer has the advantage of acquiring that character together with an established income-producing property and valuable waterfront location. For an investor looking for a property that combines current income, a premier downtown location, river frontage, multiple rental units, substantial improvements, and future flexibility, 11 Water Street presents an uncommon opportunity. It is a property with a story--but more importantly, it is a property with income, real estate fundamentals, and options for the future.