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

  • Sale Price: $2,600,000
  • 324 Days Since Sale
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Federal 30-year interest rate: 6.79% last updated on Jun 1, 2023
* 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 04101
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  • 15Bathrooms
  • 10,650Square Feet
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

Sold by Portside Real Estate Group

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Basic Information

  • Gross Income $224,400
  • Unit Number4

Location

  • Address585 Congress Street
  • Building Number585
  • CountyCumberland
  • Latitude43.654544
  • Longitude-70.263021
  • StateME
  • StreetCongress Street
  • TownPortland
  • Transportation Public Transport Access
  • Zip04101

Property

  • Lot Size SourcePublic Records
  • Road FrontagePaved, Public
  • Water ViewYes

Utilities

  • Electric Circuit Breakers
  • Gas Natural - On Site
  • Heat SystemBaseboard, Natural Gas, Radiator
  • Heating FuelGas Natural
  • Heating YN Yes
  • Laundry Features Laundry - Coin
  • Sewer Public Sewer
  • Water HeaterGas

Photos

  • Number of Photos8

Tax Information

  • Tax Book Number 32984
  • Tax Lot2
  • Tax Map Number 37
  • Tax Year 2021
  • Taxes$17,426

Building

  • Above Grade Finished Area 10,650
  • BasementNot Applicable
  • Building ConstructionBrick, Masonry
  • Building Info Num Stories 3
  • Garage Spaces
  • Property StyleMulti-Level
  • Stories3
  • Units14
  • Units Numof 1 Bd Units 10
  • Units Numof 2 Bd Units 3
  • Units Numof 3 Bd Units 1
  • Year Built1850

Amenities

  • AmenitiesLaundry - Coin, Sprinkler
  • Mls StatusClosed
  • Other AmenitiesBasement, Fireplace, Waterfront

Water Body

  • Water Body NameCasco Bay
  • Water Body TypeBay
  • WaterfrontYes

Rooms

  • Bathroom15
  • Full Bath15

Basic Information

  • Agent ID005096,020801
  • Broker ID2665
  • Broker NameThe Boulos Company
  • List Price$2,800,000
  • LocationTypeBusiness District, Historic District, Intown, Near Shopping, Near Town, Near Turnpike/Interstate
  • MLS Number1522984
  • Modification Date07/18/2022
  • Property TypeResidential Income
  • Sale Date07/15/2022
  • Sale Price$2,600,000

Interior

  • Flooring Wood

Exterior

  • Exterior Brick
  • RoofMembrane

Property Information

  • Lot Features
    • Historic District
    • Intown
    • Near Public Transit
    • Near Shopping
    • Near Town
    • Near Turnpike/Interstate
    • Sidewalks
  • Site Sidewalks
  • Square Feet10,650

Legal

  • ZoningB3

Other

  • Date Listed03/29/2022
  • View Count44

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. ©2023 Maine Real Estate Information System, Inc. All Rights Reserved. equal opportunity housing logo   Privacy Policy

All Maine Homes participates in ©2023 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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