14 Residential Units - Investment Condo

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30794224
Property Subtypes: Mid-Rise
Status: Pending
Number of Units: 14 Units
Building Size (RSF): 10,650 SF
Gross Building Area: See Agent
Sale Price: $2,800,000
Unit Price: $200,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.98%
Average Occupancy Rate: 100
Last Updated: 5/10/2022

Overview / Comments

The Boulos Company is pleased to present the opportunity to acquire 585 Congress Street, Unit 4. The property is a one of four commercial condos in the building, and this condo is comprised of 14 large residential apartments. All but two units have been renovated in the last several years with new appliances, floors and finishes. 585 Congress, Unit 4, is centrally located on Portland's peninsula and abuts Congress Park. This is an excellent opportunity for an investor looking for a multi-family investment property in Southern Maine's hub city.

See broker for Offering Memorandum.


Finance Data Year 2022
Real Estate Taxes - Annual($) $17,426 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: Map 37, Block E, Lot 2, Unit 4
Zoning: B3
Airports: PWM
Area Description: 585 Congress Street Unit 4 is in the heart of downtown Portland and in walking distance to restaurants, bars, shops, and employment. It is also a short drive to I-295 and PWM airport.
Total Number of Buildings: 1
Property Condition: Excellent
Year Built: 1900
Year Renovated: 2022
Exterior Description: Brick
Laundry: Shared
Sprinklers: Wet
Fuel: Gas
Interior Description: Landlord pays for water and common area heat and electric. Residents have separately metered electric and heat which they set up accounts for in their own names.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,301 80,176 111,093
Median Age: 33.98 38.13 39.15
Households: 13,265 37,046 50,070


Photograph of Listing Agent

Drew Sigfridson, SIOR

The Boulos Company NECPE Member
Photograph of Listing Agent

Claire Richardson

The Boulos Company NECPE Member
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