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Colleen Lundgren, M.S.

colleen@colleenlundgren.com +1(207) 671-6026

Listed by Shelly Everett Everett Realty Group

$ 599,900

Est. payment | -/mo

8,307 SqFt

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$ 599,900

Est. payment | -/mo

Save

8,307 SqFt

Key Details

Property Type Commercial

Sub Type General Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 8,307 sqft

Price per Sqft $72

MLS Listing ID 1684520

HOA Y/N No

Year Built 1867

Tax Year 2025

Lot Size 0.260 Acres

Acres 0.26

Property Sub-Type General Commercial

Source Maine Listings

Land Area 8307

Property Description

The Longley Building at 419 Main Street in Norway, Maine represents one of the most compelling small-market redevelopment opportunities in the state. Anchored in the heart of Norway's remarkably intact National Historic District, the property combines architectural significance, modern infrastructure, and substantial on-site parking—an extremely rare combination in a walkable downtown environment. With origins dating back to 1867 and a commercial legacy spanning nearly 150 years, the Longley Building is a designated contributing structure eligible for both Federal (20%) and Maine State Historic Tax Credits (35%-45%). These credits dramatically reshape the project's economics. Based on estimated Qualified Rehabilitation Expenditures, investors can offset 55%-65% of total construction costs, creating a capital stack where equity requirements are fully covered by tax credit proceeds. Few mixed-use projects in Maine offer this level of subsidy, and even fewer are located in a downtown with Norway's architectural integrity and demand profile. The proposed redevelopment plan envisions a vibrant mixed-use asset with 12 modern residential units and a long-standing retail storefront, leveraging the property's historic character while delivering the type of efficient, well-designed housing that Maine's housing market urgently needs. Vacancy rates in the region routinely fall below 3%, and newly built units in walkable village centers command premium rents. The pro forma demonstrates strong performance even under conservative assumptions, with stabilized operations supporting a healthy Debt Service Coverage Ratio and generating durable long-term cash flow. Beyond the numbers, the Longley Building offers something increasingly rare: a chance to invest in a historic downtown that is both culturally significant and economically ascendant. Norway's Main Street is one of the most authentic village centers in western Maine, surrounded by four-season recreation, and a vibrant cultu

Location

State ME

County Oxford

Zoning Commercial

Rooms

Other Rooms Barn(s)

Basement Walk-Out Access, Finished, Full, Unfinished

Interior

Interior Features Storage

Heating Pellets, Hot Water, Zoned, Radiator

Cooling None

Flooring Wood, Hardwood

Equipment Internet Access Available

Exterior

Parking Features 11 - 20 Spaces, On Site, Gravel, On Street

Waterfront Description Lake/Fresh Water,Nearby,Public

Roof Type Metal,Other,Shingle

Building

Lot Description Business District, Historic District, Downtown, Near Shopping

Story 2

Entry Level Multi-Level

Foundation Block, Stone, Poured Concrete, Brick/Mortar

Water Public

Others

Tax ID NORY-000027-000000-000148-000092

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(207) 671-6026

colleen@colleenlundgren.com

63 Federal St, Portland, ME 04101, USA

419 Main ST Norway, ME 04268

Colleen Lundgren, M.S.

Key Details

Location

Rooms

Interior

Exterior

Building

Others

Nearby Locations

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419 Main ST