UPDATED:
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 3,800 sqft
Price per Sqft $235
MLS Listing ID 1658526
Full Baths 5
HOA Y/N No
Year Built 1920
Tax Year 2026
Lot Size 4,791 Sqft
Acres 0.11
Source Maine Listings
Land Area 3800
Property Description
Positioned on an elevated site, the property offers city skyline views and represents one of the more compelling and reasonably priced investment opportunities in Portland.
With two structures and five total units, ample off-street parking, and strong upside potential, this is an ideal candidate for a 1031 exchange or a quality long-term hold. The property generates ~ $57,000 in net operating income and offers a healthy 6.4% cap rate, delivering immediate returns while positioning investors to benefit from long-term appreciation in one of Portland's most sought-after neighborhoods.
A key differentiator: the property is NOT located within Portland's historic district, opening the door to meaningful flexibility - whether your plan is to renovate, reposition, pursue condo conversion, or demo & develop. With recent high-end condo projects nearby, the potential self evident.
The location offers an exceptional Portland lifestyle--walkable to inner Washington Avenue, the Eastern Promenade, East End Beach, and downtown, and immediately proximate to major employers, Portland's growing tech sector, the Roux Institute, and the forthcoming Portland Foreside development. From Back Cove to the working waterfront and recreational shoreline, this location captures the full breadth of Portland living.
The owner currently pays for heat, while tenants pay electricity, presenting an opportunity for further operational improvement. The building appears to have undergone a substantial renovation in the 1980s.
Rents are below market and poised for improvement, enhancing upside across multiple strategies.
Location
State ME
County Cumberland
Zoning RN4
Direction Washington Ave to Cumberland Ave (Munjoy Hill / East End - close to Inner Washington Ave)
Rooms
Basement Interior Entry, Full, Brick/Mortar
Interior
Heating Oil, Hot Water
Cooling None
Flooring Carpet, Tile, Wood, Linoleum
Fireplace No
Exterior
Parking Features Paved, 5 - 10 Spaces
Utilities Available Utilities On
Roof Type Pitched,Shingle
Porch Porch
Garage No
Building
Lot Description Near Public Transit
Story 3
Entry Level Multi-Level
Foundation Poured Concrete, Brick/Mortar
Water Public
Architectural Style New Englander, Other
Level or Stories 3
Others
Tax ID PTLD-000013-K000057-000001
Nearby School & Business