585 Congress Street, Unit 4Portland, ME 04101MLS Number 1522984

  • Price: $2,800,000
  • Est. Mortgage of $/month
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Federal 30-year interest rate: 5.1% last updated on May 26, 2022
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
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585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101585 Congress Street Portland ME 04101
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  • 15Bathrooms
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.
Listed by The Boulos Company

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Office: (207) 623-2100
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Location Information

  • Building Number585
  • StreetCongress Street

Building

  • Bathroom15
  • Square Feet10,650
  • BasementNone
  • 2 Bedroom Units3
  • 3 Bedroom Units1
  • 1 Bedroom Units10
  • Stories3
  • Units14
  • Building ConstructionMasonry
  • RoofMembrane

Exterior

  • ExteriorBrick

Amenities

  • AmenitiesLaundry - Coin, Sprinkler
  • Other AmenitiesWater View

Legal

  • RestrictionsNo Restrictions
  • Full Tax Amount$17,426
  • ZoningB3
  • Zoning OverlayNo

Basic Information

  • Unit Number4

Location

  • StateME
  • Location
    • Business District
    • Historic District
    • Intown
    • Near Shopping
    • Near Town
    • Near Turnpike/Interstate
  • Zip04101
  • Address585 Congress Street
  • CountyCumberland
  • DrivewayNo Driveway
  • Map37
  • Road Frontage DescriptionPaved, Public
  • SiteSidewalks
  • TownPortland
  • TransportationPublic Transport Access

Utilities

  • WaterNone
  • Heating FuelGas Natural
  • Heat SystemBaseboard, Radiator
  • CoolingNone
  • ElectricCircuit Breakers
  • GasNatural - On Site
  • Waste Water DisposalPublic Sewer

Rooms

  • Full Bath15

Basic Information

  • StyleMulti-Level
  • SeasonalNo
  • MLS Number1522984
  • Agent ID005096
  • Broker NameThe Boulos Company
  • Broker ID2665
  • List Price$2,800,000
  • MLS StatusPending
  • Property SubTypeMulti Family

Property

  • Leased LandNo
  • Sq Ft SourcePublic Records
  • Vehicle StorageNo Vehicle Storage
  • Water ViewYes

Water Body

  • Water Body NameCasco Bay
  • Water Body TypeBay
  • Water FrontageNo

Photos

  • Number of Photos8

Other

  • Last Img Trans Date03/29/2022
  • Modification Date04/11/2022
  • Lot2
  • Parking SpacesNo Parking
  • Year Built1850
  • View Count22

Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, non commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. ©2022 Maine Real Estate Information System, Inc. All Rights Reserved. equal opportunity housing logo   Privacy Policy

All Maine Homes participates in ©2022 Maine Listings Internet Data Exchange program, allowing us to display other Maine IDX Participants' listings. This website does not display complete listings. Certain listings of other real estate brokerage firms have been excluded. Mortgage figures are estimates. Check with your bank or proposed mortgage company for actual interest rates. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

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