Bought with Keller Williams Realty
$1,970,000
$1,932,500
1.9%For more information regarding the value of a property, please contact us for a free consultation.
12 Baths
11,896 SqFt
SOLD DATE : 08/15/2023
Key Details
Sold Price $1,970,000
Property Type Multi-Family
Listing Status Sold
Square Footage 11,896 sqft
MLS Listing ID 1561715
Sold Date 08/15/23
Style Multi-Level
Full Baths 12
HOA Y/N No
Abv Grd Liv Area 11,896
Originating Board Maine Listings
Year Built 1905
Annual Tax Amount $26,662
Tax Year 2023
Lot Size 0.570 Acres
Acres 0.57
Property Description
12-units on a huge lot close to Portland's downtown, Back Cove, and the future Roux Institute campus. These side-by-side 6-unit buildings enjoy a large yard and parking lot for 16 +/- cars. Even with increased borrowing rates, the existing cash flow from this income property is excellent. Plus, there will be future opportunities to increase rents on turnovers as several of the current tenants are subsidized (no base rents). Both buildings are in remarkably good shape, one having had a fire some years ago was essentially rebuilt from the studs with a sprinkler system. Tenants love the sunny 2 & 3 bedroom layouts, decks, green space, ample parking, proximity to Payson Park and easy access to 295.
Location
State ME
County Cumberland
Zoning R5
Rooms
Basement Full, Interior Entry, Unfinished
Interior
Heating Steam
Cooling None
Flooring Wood, Vinyl, Tile, Laminate, Carpet
Laundry Washer Hookup
Exterior
Garage 11 - 20 Spaces, Paved, On Site
Waterfront No
View Y/N No
Roof Type Membrane
Street Surface Paved
Porch Deck, Porch
Parking Type 11 - 20 Spaces, Paved, On Site
Garage No
Building
Lot Description Open Lot, Sidewalks, Intown, Near Turnpike/Interstate, Near Public Transit
Sewer Public Sewer
Water Public
Architectural Style Multi-Level
Structure Type Vinyl Siding,Wood Frame
Others
Restrictions Unknown
Security Features Sprinkler
Energy Description Gas Natural
Financing Conventional
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