12-Unit Package with 16-Car Parking Lot

Multi-Family for Sale
Catylist Listing ID: 30817920
Property Subtypes: Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 7,720 SF
Gross Building Area: See Agent
Sale Price: $2,100,000
Unit Price: $175,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/21/2022

Overview / Comments

Excellent Condition 2-Building apartment complex with ample parking on the edge of Portland's West End. 531 Cumberland is a 5-unit building comprised of a large first-floor 3 bedroom unit and four 1-bedroom units on the upper levels. 535 Cumberland is a 7-unit building with seven 1-bedroom units., storage lockers and laundry room. Large parking lot with 16 spaces. Rarely does a property come on the market this well maintained. Current owner has replaced roofs, boilers and windows, as well as remodeled most apartments and hallways. Units are full of historic charm including original wood floors and moldings, stairwells, etc. Excellent peninsula location within walking distance to the Congress Street corridor, Maine Med, Deering Oaks Park and even the Old Port. Group Showings set up for Monday September 19th at 4:00Pm and Wednesday September 21st at 12:00 Noon. Please notify listing broker in advance if you plan on attending.

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Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $24,142 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_048 E023
Zoning: R6
Percent Occupied: 100%
Number of Stories: 3
Year Built: 1910
Construction/Siding: Vinyl Siding
Total Parking Spaces: 16
Laundry: Shared
Heat Type: Natural Gas, Steam
Fuel: Gas
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,791 80,612 118,577
Median Age: 34.38 37.6 39.09
Households: 13,248 37,257 53,244

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