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