Residential Conversion Opportunity

Multi-Family for Sale
Also listed as Special Purpose
Catylist Listing ID: 30640612
Property Subtypes: High-Rise, Mid-Rise, Senior Living, Student Housing, Other
Number of Units: 999 Units
Building Size (RSF): 75,489 SF
Gross Building Area: See Agent
Sale Price: See Agent
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Building Name: Consolidated Communications
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/21/2020

Overview / Comments

Every once in a very long while, a door opens leading to a previously unavailable treasure. That door is opening at 45 Forest Avenue in Portland. This spectacular downtown building was constructed in 1913 by the “New England Telephone and Telegraph Company” and has been owned and occupied by the telephone company ever since. It has served as company offices, telephone operator space and in more recent years has housed switching equipment. Changes in technology have allowed consolidation of these functions into the adjoining buildings on Cumberland Avenue and Oak Street, thereby making this building available for redevelopment for the first time ever.

Built to last; this building has solid bones to support a variety of potential development schemes. Luxury rentals, condominiums, “micro-units”, student housing and more. The building footprint, with a “U-shape”, affords a surprisingly significant window opportunity and with frontage/access on Forest Avenue, Oak Street and Delano Court, the building offers a number of access and design possibilities. Concrete construction affords excellent sound-proofing and existing core features including elevator shafts and stairwells are in place for potential re-use.

Attachments & Media

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_037 A001
Zoning: OPPORTUNITY, HISTORIC, B3, R7 OVERLAY
Property Located Between: Close proximity to Arts District
Highway Access: I-295 and Maine Turnpike
Airports: Portland International Jetport
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 6
Year Built: 1913
Roof Type: Flat
Construction/Siding: Block, Brick, Concrete
Heat Type: Hot Water
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: Opportunity Zone, Historic District, Downtown Business 3 with R-7 Overlay
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,161 79,285 112,879
Median Age: 34.11 38.13 39.03
Households: 13,743 36,745 50,826

Contact

Photograph of Listing Agent

Tony McDonald, CCIM/SIOR

The Boulos Company NECPE Member
Photograph of Listing Agent

Jonathan Rizzo

The Boulos Company
NECPE Member
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