Some properties offer square footage. Others offer opportunity.

11 Water Street in downtown Damariscotta offers both — a distinctive historic building with immediate income potential, flexible future uses, and a story rooted deeply in Midcoast Maine history.

Today, the property consists of four separate rental units — three one-bedroom apartments and one studio — creating an established income-producing opportunity in one of the region’s most visible and walkable downtown locations. The property’s flexible layout could also support a variety of future uses, including mixed-use commercial space, professional offices, hospitality concepts, or continued residential rentals.

Originally built in 1805 as a schoolhouse in Sheepscot Village, the building later found new life when it was relocated to its current riverfront location in downtown Damariscotta during the 1950s. Expanded with the addition of a steeple, the property continued serving the community for decades before undergoing its next transformation.

In 2011, the property underwent a major renovation and transformation as the home of Savory Maine restaurant. Extensive improvements included updated electrical and plumbing systems, insulation, mini-split heat pumps throughout the building, a sprinkler system, and replacement of the roof, fascia, and gutters.

The renovation also created additional living space, including a bright one-bedroom apartment in the attic and a studio apartment that has proven popular as a short-term rental destination.

What makes 11 Water Street especially compelling is the balance it offers between history, functionality, and future potential. Few downtown properties can trace their roots back more than two centuries while also offering updated infrastructure, multiple income streams, and a location at the center of one of Maine’s most vibrant coastal villages.

The property benefits from a highly walkable downtown location with convenient access to shops, restaurants, the waterfront, and public parking. Its visibility and accessibility make it attractive for investors, entrepreneurs, business owners, or anyone seeking a distinctive property with character and versatility.

For more than 220 years, this remarkable building has continually evolved to serve new purposes and new generations in Midcoast Maine. Now, the next chapter is ready to be written. Could it be yours?

Contact listing agent Patti Brown of Newcastle Realty at (207) 530-2253 to learn more about this property.