Closed

585 Congress Street, 4

Portland ME, 04101

$2,600,000


Closed

15 Baths

10,650 sqft

Multi-family

Built in 1850

Courtesy of The Boulos Company

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.

1522984

MLS ID

March 16, 2024

Updated

Map

585 Congress Street, 4
Portland ME, 04101

Interior Features

Total Stories

3


Bathrooms

15 Baths


Laundry Description

Laundry - Coin


Floor Description

Wood


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Radiator, Baseboard

Exterior/Building Features

Lot Features

Sidewalks, Historic District, Intown, Near Shopping, Near Turnpike/Interstate, Near Town, Near Public Transit


Architectual Style

Multi-Level


Roof

Membrane


Sewer

Public Sewer

Other Property Details

Taxes

$17,426


Tax Frequency

Annually


Garage

No


Parking

No Driveway, None


View

No


County

Cumberland


Water Source

None


Pool

No


Zoning

B3


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

7/11/2023

Sold

$2,600,000

Listing Contact: 207-831-5838

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. © 2024 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 2:18 AM UTC, 3/16/2024

 

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