15 Cumberland Ave, Portland

Multi-Family for Sale
Catylist Listing ID: 30834969
Property Subtypes: Mid-Rise
Number of Units: 5 Units
Building Size (RSF): 4,046 SF
Gross Building Area: See Agent
Gross Land Area: 0.12 Acres
Sale Price: $1,495,000
Unit Price: $299,000 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 3/29/2023

Overview / Comments

Comprehensively updated and multi-family, located in one of Maine's most desirable neighborhoods is ideal for an owner occupant, investor or developer. Located in the heart of Portland's desirable East End the site is a short walk to the parks, playgrounds, bakeries, breweries, boutiques and business of Munjoy Hill, inner Washington Ave and Portland Foreside... locations don't get more desirable. This is a key component to garnering great rents, having zero vacancies, enjoying unparalleled appreciation and most importantly - providing an outstanding quality of life. Over the last several years the owners have updated the building unit by unit. From the semi-boring stuff like windows, doors, electrical, plumbing, heating... to the more enjoyable things like updated kitchens, baths, in-unit laundry, flooring and lighting this building is turn-key and condo-quality. Rents are at market and there is banked rent (allowing a new owner to raise the rents significantly) so rent control is no concern. With gross rents of $90,000, tenants paying for their utilities and low - low cost of ownership this is an ideal investment or condo / single family alternative. Located in the desirable R6 zone and not in the historic district a new owner has lots of options from expansion (7 units are allowed), separate structure or a more comprehensive re-imagination and development. When you realize that this is one of the highest points in Portland that already affords brilliant water views you can't help but dream a little... .12 acres, 4,046sf, 5 units, 3 - 1 bedroom & 1 bath units, 2 - 2 bedroom & 1 bath units, 5 off street parking spaces. Shown by appointment.

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: PTLD-000014-000000-A024001
Zoning: R6
Number of Stories: 3
Year Built: 1900
Roof Type: Gable
Construction/Siding: Vinyl Siding
Parking Type: Surface
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Baseboard, Other
Fuel: Gas
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,012 72,995 114,596
Median Age: 33.67 37.87 39.33
Households: 5,851 34,366 51,266


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