About Augusta
Maine’s Capital Advantage
Augusta’s rental market is defined not by breakneck growth but by
resilient, government-driven demand. As Maine’s state capital, the city’s economy is anchored by
thousands of public-sector jobs, the
Maine General Health network, and the
University of Maine at Augusta. This foundation generates steady income streams for residents and helps insulate the market from sharp downturns.
The city’s housing stock skews older—nearly a third of units pre-date 1940—creating both challenges and opportunities. Investors who bring dated properties up to modern standards find consistent tenant demand, with the added tailwind of reliable Section 8 payment standards and state policy incentives like
ADU legalization and
small-lot upzoning.
Augusta sits at the crossroads of I-95 and Routes 202/3, drawing commuters from Hallowell, Gardiner, and Manchester. As the region’s administrative and healthcare hub, the city attracts workers, students, and visitors who spend their days in Augusta even if they live elsewhere.
For real estate, this translates into:
- Stable absorption: Units, especially renovated 2–20 unit properties, lease up quickly at attainable price points.
- Policy-driven upside: A federal Opportunity Zone, municipal TIF tools, and statewide density reforms make infill and redevelopment projects financially viable.
- Steady rent growth: Asking rents hover around $1,500–$1,700/month, with Section 8 standards providing a reliable rent floor for value-add strategies.
- Balanced risk: Property taxes (mill rate $24.40) are a material line item; underwriting must stress-test revaluations post-renovation.
Investor Takeaway: Augusta won’t deliver breakout appreciation, but it consistently pays investors who execute tight rehabs, code-compliant upgrades, and policy-savvy redevelopment. Think “steady cashflow with upside from incentives,” not speculative growth.
Rental Demand By the Numbers
We are proud to say that we are nearly full for the winter with an occupancy of 97.96%. Augusta represents an interesting market dynamic and is hyper regionalized. Water street can fetch a premium price, while less desirable areas can see rents drop substantially.
97.96%
SMC Managed Occupancy
73(warm)
Rental Demand Index (0-100)
$1,600
Average Rent
49
Days On Market
Market Overview
Waterville is adding new housing units and tends to be viewed as investor friendly. Value is still created by purchasing underperforming assets, renovating them and bringing them to market.
8.85%
Average Cap Rate
200
New Units to be constructed in the next two years
↑ 3.2%
Two Year Population growth (2022-2024)
$68,813
Median Household income
Rent Potential By Bedroom Count
Rent assumes units are pristine and updated, this is the market potential for an apartment in Waterville rented in mid spring to early summer (*Rents very by condition of unit and this is in no form a guarantee of rent*)
$1,250
1 Bedroom Apartment
$1,500
2 Bedroom Apartment
$1,800
3 Bedroom Apartment
$2,500
3/1 Single family home
| Address (linked) | Units | Sale Price | Price/Unit | Revenue | Expenses | NOI | Cap Rate |
|---|---|---|---|---|---|---|---|
| 53 Gage St, Augusta, ME | 2 | $240,000 | $120,000 | $30,000 | $13,500 | $16,500 | 6.88% |
| 8 Howe St, Augusta, ME | 2 | $280,000 | $140,000 | $30,000 | $13,500 | $16,500 | 5.89% |
| 34 Gage St, Augusta, ME | 4 | $335,000 | $83,750 | $60,000 | $27,000 | $33,000 | 9.85% |
| 37 Bog Rd, Augusta, ME | 2 | $504,000 | $252,000 | $30,000 | $13,500 | $16,500 | 3.27% |
| 27 Cumberland St, Augusta, ME | 2 | $305,000 | $152,500 | $30,000 | $13,500 | $16,500 | 5.41% |
| 78 Old Winthrop Rd, Augusta, ME | 2 | $295,000 | $147,500 | $30,000 | $13,500 | $16,500 | 5.59% |
| 10 Abenaki Rd, Augusta, ME | 2 | $408,000 | $204,000 | $30,000 | $13,500 | $16,500 | 4.04% |
| 4 Spruce St, Augusta, ME | 2 | $350,000 | $175,000 | $30,000 | $13,500 | $16,500 | 4.71% |
| 86 Court St, Augusta, ME | 2 | $289,000 | $144,500 | $30,000 | $13,500 | $16,500 | 5.71% |
