280 Lincoln Street, South Portland, ME 04106

$1,400,000
Property Type: Multi-Family Baths: 7 Square Footage: 9,854 Lot Size (sq. ft.): 30,056 Status: Closed
Current Price: $1,400,000 List Date: 8/07/2024 Last Modified: 2/05/2025

Description

Located in South Portland's Ligonia neighborhood, this is a unique opportunity to purchase a turnkey 7-unit residential apartment building and a 5,582 SF flex building, currently with 7-commercial tenants. The apartment building is in great condition, with many renovated units, two newer boilers, a brand-new deck, fresh paint and replacement windows. The flex building is divided into 7 studios/workshops, currently occupied by long term artists and ''maker'' tenants on an at-will basis. The owner occupies one of the commercial units as a workshop and can either remain as a tenant or vacate for a new owner. This property is ideal as a fully occupied investment or for an owner-user seeking shop space while offsetting occupancy costs with rental income.

Supplements: ********

More Information MLS# 1599566

Location Information

Book: 60158 Leased Land: No Page: 0140 Map: 032 Lot: 106 Zoning Overlay: No Association: No Street #: 280 Street Name: Lincoln Street Type: Street County: Cumberland Town: South Portland State/Province: ME Zip Code: 04106 Zip +4: 3534 Zoning: A Full Tax Amount $: 13892 Tax Year: 2024 Geo Lat: 43.633326 Geo Lon: -70.283253

Property Information

Surveyed: No Seasonal: No Number of Units: 14 Lot Size Acres +/-: 0.69 Total Baths: 7 Total Half Baths: 0 SqFt Finished Above Grade: 9854 SqFt Finished Below Grade: 0 SqFt Source: Public Records Garage: No Garage Spaces: 0 Total Full Baths: 7 Year Built: 1900 SqFt Finished Total: 9854 Source of Acreage: Public Records

Site

Level: 1 Open: 1

Location

Near Town: 1 Near Turnpike/Interstate: 1

Roads

Paved: 1 Public: 1

Water Info

Water Frontage: No Water View: No

Style

Other: 1

Construction

Wood Frame: 1

Levels

Multi-Level: 1

Basement

Unfinished: 1

Exterior

Clapboard: 1 Vinyl Siding: 1 Wood Siding: 1

Roof

Flat: 1 Shingle: 1

Heat System

Baseboard: 1

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 162000 Operating Expenses: 50823

Cooling

None: 1

Floors

Concrete: 1 Laminate: 1

Units

# of 1 BD Units: 12 # of 2 BD Units: 2

Parking

11 - 20 Spaces: 1

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1275 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: No Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Electric

Circuit Breakers: 1

Unit 2

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1200 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Utilities

Utilities On: Yes

Unit 3

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1500 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Gas

Natural - At Street: 1

Unit 4

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1300 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Sewer

Public Sewer: 1

Unit 5

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1200 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Water

Public: 1

Unit 6

Lease: No Level: Second Security Deposit: No Monthly Rent: 0 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 7

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1300 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 8

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 650 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 9

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 975 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 10

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 0 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 11

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 650 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 12

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 350 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 13

Lease: No Level: First Security Deposit: No Monthly Rent: 0 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Unit 14

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 800 # of Rooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: No Range: No Refrigerator: No Sewer: Yes Water: Yes

Driveway

Gravel: 1 Paved: 1

Sold Info

Appraiser Email Address: pcloutier@nea.cc

Basement Entry

Interior: 1

Water Heater

Off Heating System: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Closed Original List Price: 1575000 Sold Price: $1,400,000 Current Price: $1,400,000

Status Change Info

Pending Date: 2024-11-04 Closed Date: 2025-01-31 Closed Price: 1400000

Property Features

Site: Level; Open Location: Near Town; Near Turnpike/Interstate Roads: Paved; Public Style: Other Levels: Multi-Level Construction: Wood Frame Basement: Unfinished Basement Entry: Interior Exterior: Clapboard; Vinyl Siding; Wood Siding Roof: Flat; Shingle Heat System: Baseboard Heat Fuel: Gas Natural Water Heater: Off Heating System Cooling: None Floors: Concrete; Laminate Driveway: Gravel; Paved Parking: 11 - 20 Spaces Vehicle Storage: No Vehicle Storage Electric: Circuit Breakers Gas: Natural - At Street Sewer: Public Sewer Water: Public

Documents

Listing Office: Vitalius Real Estate Group, LLC
IDX
Last Updated: February - 05 - 2025
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