Munjoy Hill Development Opportunity - 33-37 Montreal Street, Portland

Vacant Land for Sale
Catylist Listing ID: 30872907
Property Subtypes: Multi-Family, Residential (Single Family)
Gross Land Area: 0.25 Acres
Sale Price: $2,490,000
Unit Price: $9,960,000 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/17/2024

Overview / Comments

This project pencils. This approved 12 unit condominium project is one of the most lucrative opportunities in Maine. This parcel is the last lot available of this size in the most desired neighborhood in Maine, Portland’s Munjoy Hill. Looking out over the Atlantic Ocean, with a 120 acre F.L. Olmstead designed park, ocean side trails, tennis and pickle ball courts within a 3-5 minute walking distance and 2 marinas, a sailing school and public access for your sea kayak or
paddle board within 10 minutes walking distance this location is rare and one of the best on the East Coast. Couple the location with Portland’s rankings as a top 10 city for quality of living, dining and retiring and you can understand why this opportunity is so compelling. Condos have uninterrupted ocean views from 2d,3d and 4th floors and offer 13 underground parking spaces. This elevated (120’ ASL) and gently sloping site offers expansive Casco Bay views on one of
the East End's quietest yet most convenient streets. This part of Munjoy Hill is open, airy, inviting and equi-distant from Eastern Promenade recreation and inner Washington Ave breweries, boutiques, James Beard Award winning restaurants, bakeries and more. If you prefer to design and build your own project the site is located in Portland's most generous residential zone (R6), allowing 45' in height (from this height you have a near 360* view from sunrise to sunset, ocean to mountains and even city skyline) up to 14 market rate or 35 affordable units. The corner lot allows for zero setbacks on two sides and tremendous flexibility on designs. Surveys, Geo-tech soil testing, architectural designs and planning board approvals are complete. The owners have engaged one of Maine’s most respected architectural firms; Kaplan Thompson. Documents are available and this team is posted and ready to field questions.

Project Details:
Current Design is for 12 units with 10’ Floor to Ceiling FL 1; 9’6’ FL 2; 10’ on FLs 3 & 4

Two 1BR/1.5BA
Four 2BR/2 or 2.5BA
Two 3BR/2.5BA
Four 3 or 4BR/3.5BA Penthouse

Roof Deck for penthouse units. 10 of 12 units have generous balconies

23,360 sf above ground, 5840 sf floor plate with 13 underground parking spaces
Sloping lot allows underground parking with very little excavation
Water views from all floors
180 degree water views from 2nd, 3rd and 4th floors
Protected water views for 3rd and 4th floors

Financials

Finance Data Year 2024
Real Estate Taxes - Annual($) $15,586 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_015 B022
Zoning: R6
Feet of Frontage: 210
Site Description: The combined lots at 33-37 Montreal St represent one of the most compelling development opportunities in Maine and beyond. This elevated and gently sloping site offers expansive Casco Bay views on one of the East End's quietest yet most convenient streets. This part of Munjoy Hill is open, airy, inviting and equi-distant from Eastern Promenade recreation and inner Washington Ave breweries, boutiques, bakeries and more. Located in Portland's most generous residential zone (R6), you can build to 45' in height (from this height you have a near 360* view from sunrise to sunset, ocean to mountains and even city skyline) up to 14 market rate or 35 affordable units. The corner lot allows for zero setbacks on two sides and tremendous flexibility on design from townhouse and small houses to high rise. The owners have done a significant amount of pre-work from survey and geotechnical to engaging one of the area's most respected architectural firms; Kaplan Thompson. Documents are available and this team is posted and ready to field questions or help move your idea to occupancy.
Lot Frontage: 210
Topography: Gently Sloping
Available Utilities: Electric, Water, Sewer, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,341 72,259 115,227
Median Age: 35.07 37.8 39.36
Households: 6,574 34,061 51,524

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