585 Congress Street Unit: 4

Portland, ME, 04101

$2,600,000

$2,600,000
Sold
Sold
baths
15 Baths
carpenters-square
10,650 ft²
property_type
Multi-family
calendar
Built 1850
We are pleased to present the opportunity to acquire 585 Congress Street, Unit 4. The property is a one of four commercial condos in the building, and this condo is comprised of 14 large residential apartments. All but two units have been renovated in the last several years with new appliances, floors and finishes. 585 Congress, Unit 4, is centrally located on Portland's peninsula and abuts Congress Park. This is an excellent opportunity for an investor looking for a multi-family investment property in Southern Maine's hub city. The apartments are currently rented at below-market prices, making this an ideal opportunity for an investor who wants to purchase the property at a low price and bring rents up to fair market rent. Portland has a historically low vacancy rate, and these apartments are in high demand. Though subject to rent control, an investor could still bring these apartment rents up to fair market rent within several years and turn this intro a strong cash flowing property.
MLS® ID:
1522984
Updated:
8/13/22

Interior Features

Total Bedrooms
0
Full Bathrooms
15
Interior Features
Sprinkler, Laundry - Coin
Floor Description
Wood
Cooling
None
Heating
Radiator, Baseboard

Exterior/Building Features

Exterior Features
Brick
Architectural Style
Multi-Level
Roof
Membrane
Sewer
Public Sewer

Other Property Details

Taxes
$17426
Tax Frequency
per YEAR
Garage
No
Parking
No Parking
View
N
County
Cumberland
Water Source
None
Pool
No
Total Stories
3
Zoning
B3

Bought with , Portside Real Estate Group and Listed by , The Boulos Company

Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2022 Maine Real Estate Information System, Inc. All Rights Reserved. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Linda MacDonald shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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Data last updated 7:10 AM UTC, 8/13/22

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