11 Water StreetDamariscotta, ME 04543

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.

Property Information

Property type

Residential Income

Style

Federal

Year built

1803

Living area

2,925 Sq Ft

Lot size

0.22 acres

Zoning

C-1

Days on market

143

MLS^® Listing#

1663212

Property Features

Appliances

Tankless Water Heater

Cooling

Heat Pump

Heating

Electric · Baseboard · Heat Pump

Flooring

Carpet · Vinyl · Wood · Ceramic Tile

Basement

Interior Entry · Walk-Out Access · Finished · Full

Parking

Common · On Site

Patio

Deck · Patio

Lot features

Corner Lot · Open Lot · Rolling Slope · Near Public Transit

Construction

Vinyl Siding · Frame

Roof

Shingle

Utilities

Propane

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Annual taxes

$8,197Tax year 2025