Iconic Investment Opportunity

Multi-Family for Sale
Catylist Listing ID: 30851073
Number of Units: 8 Units
Building Size (RSF): 10,769 SF
Gross Building Area: See Agent
Sale Price: $2,750,000
Unit Price: $343,750 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 8/31/2023

Overview / Comments

OPEN HOUSE / SHOWINGS July 31st from 12pm-1pm (open to buyers and agents with no appointment needed). Steeped in history and architectural splendor, the John Marshall Brown Residence, circa ~1867 is currently home to 8 wonderful residences and a truly magnificent carriage house. Located in the very heart of Portland's historic West End and set on an idyllic half acre, with gracious lawns, flowering trees and a sweeping drive you are transported to a time of grandeur. The preserved period details are nothing short of historic artifacts and a wonder to behold. While precious and preserved, the property has had significant updates with each unit offering light, bright and updated living. Units range from 1-2 bedrooms and rents are below market with room for improvement. With an NOI of $138,795 and a CAP rate of 5% the property functions well for the portfolio minded investor but there is also a condo conversion play. While several units are ideal for the owner occupant one can also see the logic in eliminating units to bring the property back to a 1-2-3 family. The carriage house, much as it appeared over 150 years ago, offers a blank canvas. Almost too good for vehicles, let your mind wonder and imagine the residence this could become. Note - the property is likely eligible for historic tax credits to help with reimagination and rehabilitation. With an address and location that are second to none and walkability to the Western Prom, Waynflete (one of the most prestigious private K-12 schools anywhere) and much, much more this is an opportunity not to be missed.


Finance Data Year 2023
Real Estate Taxes - Annual($) $18,530 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_062 D001
Zoning: R4
Property Located Between: Vaughan and Carroll
Property Condition: Excellent
Number of Stories: 3
Year Built: 1867
Roof Type: Hip
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: 12+ spaces onsite
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Other
Fuel: Gas
Air Conditioning: Other
Internet Access: Other
Interior Description: Historic. Updated
Zoning Description: R4
Water Service: Municipal
Sewer Type: Municipal
Easements: Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,006 74,624 120,009
Median Age: 34.91 37.38 39.35
Households: 11,137 34,694 53,897


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