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
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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 $138,795 and a CAP rate of 5% the property functions well for the portfolio minded investor but there is also a condo conversion play. While several units are ideal for the owner occupant one can also see the logic in eliminating units to bring the property back to a 1-2-3 family. The carriage house, much as it appeared over 150 years ago, offers a blank canvas. Almost too good for vehicles, let your mind wonder and imagine the residence this could become. Note - the property is likely eligible for historic tax credits to help with reimagination and rehabilitation. With an address and location that are second to none and walkability to the Western Prom, Waynflete (one of the most prestigious private K-12 schools anywhere) and much, much more this is an opportunity not to be missed.
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Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$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 |
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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The information presented herein is provided as is, without warranty of any kind.
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