41 Chestnut Street, Portland, ME 04101

$3,150,000

Property Type: Multi-Family Baths: 16 Square Footage: 15,620 Lot Size (sq. ft.): 4,356 Status: Closed

Current Price: $3,150,000 List Date: 3/01/2022 Last Modified: 1/11/2025

Overview

Description

- 16 exempt, value-add units for sale on Portland's peninsula. - Exempt from City of Portland Rental Control Ordinance - Multi-Family building comprised of 16 units totaling 12,496± SF - Spacious and efficient layout, all units with three-bedrooms on 4-stories - Exceptional cash-flow opportunity at an opportune time to invest in a growing neighborhood on Portland's peninsula - Professionally managed building protected by code-compliant, centrally monitored alarm and sprinkler system - Walkable to Old Port, Downtown Business District District and Whole Foods/Bayside Area - Projected Cap Rate: 9.22% - Sale Price: $2,995,000

Listing Details MLS# 1520688

Location Information

Street #: 41
Street Name: Chestnut
Street Type: Street
County: Cumberland
Town: Portland
State/Province: ME
Zip Code: 04101
Zip +4: 3096
Leased Land: No
Book: 31608
Page: 317
Map: 26
Lot: F13
Zoning: R6
Zoning Overlay: No
Association: No
Full Tax Amount $: 32244
Tax Year: 2021

Contract Information

Original List Price: 2995000

Property Information

Surveyed: Yes
Seasonal: No
Owner Occupied: No
Deed/Conveyance Type Offered: Quit Claim w/Covenant
Deed: All
Deed Restrictions: Unknown
Bank Owned REO: No
2 Detached Houses on 1 Lot: No
Number of Units: 16
Total Baths: 16
Total Full Baths: 16
Color: Grey
Year Built: 1900
SqFt Finished Above Grade: 12496
SqFt Finished Below Grade: 3124
SqFt Finished Total: 15620
SqFt Source: Public Records
Garage: No
Lot Size Acres +/-: 0.1
Source of Acreage: Public Records
Road Frontage: Yes
Road Frontage +/-: 62
Source of Road Frontage: Other
Road Front Other Source: Google Map
Total Half Baths: 0
Garage Spaces: 0

Status Change Info

Pending Date: 2022-03-14
Closed Date: 2022-06-16
Closed Price: 3150000

Water Info

Water Frontage: No
Water View: Yes
Water Body Name: Casco Bay
Island: No

Building Info

# Stories: 4
# Floors: 4

More Information

Units

# of 3 BD Units: 16

Unit 1

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 1887
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 2

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 2096
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 3

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 1596
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 4

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 2096
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Water: Yes
Sewer: Yes

Unit 5

Lease: Yes
Level: Second
Security Deposit: Yes
Monthly Rent: 1650
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 6

Lease: Yes
Level: Second
Security Deposit: Yes
Monthly Rent: 1887
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 7

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 2096
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 8

Lease: Yes
Level: Second
Security Deposit: Yes
Monthly Rent: 1887
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 9

Lease: Yes
Level: Third
Security Deposit: Yes
Monthly Rent: 1498
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: No
Refrigerator: No
Sewer: Yes
Water: Yes

Unit 10

Lease: Yes
Level: Third
Security Deposit: Yes
Monthly Rent: 1498
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 11

Lease: Yes
Level: Third
Security Deposit: Yes
Monthly Rent: 1498
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 12

Lease: Yes
Level: Third
Security Deposit: Yes
Monthly Rent: 1887
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: No
Sewer: Yes
Water: Yes

Unit 13

Lease: Yes
Level: Upper
Security Deposit: Yes
Monthly Rent: 2183
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 14

Lease: Yes
Level: Four +
Security Deposit: Yes
Monthly Rent: 2183
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 15

Lease: Yes
Level: Four +
Security Deposit: Yes
Monthly Rent: 1498
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Unit 16

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1887
# Full Baths: Yes
# of Bedrooms: 3
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: No
Electric: No
Heat: Yes
Range: Yes
Refrigerator: Yes
Sewer: Yes
Water: Yes

Utilities

Utilities On: Yes

Sold Info

Appraiser Email Address: michelle@mainelandconsultants.com

Site

Level: Yes

Location

Intown: Yes
Neighborhood: Yes

Roads

Paved: Yes

Water Body Type

Cove: Yes

Style

Other: Yes

Construction

Wood Frame: Yes

Levels

Multi-Level: Yes

Basement

Daylight: Yes
Full: Yes
Slab: Yes
Walk-Out Access: Yes

Foundation Materials

Brick/Mortar: Yes

Exterior

Aluminum Siding: Yes

Roof

Flat: Yes
Membrane: Yes

Heat System

Baseboard: Yes

Heat Fuel

Gas Natural: Yes

Income & Expenses

Gross Income: 419136
Operating Expenses: 143093.74

Cooling

None: Yes

Floors

Carpet: Yes
Vinyl: Yes
Wood: Yes

Parking

1 - 4 Spaces: Yes

Electric

Circuit Breakers: Yes

Gas

Natural - On Site: Yes

Sewer

Public Sewer: Yes

Water

Public: Yes

Driveway

Paved: Yes

Water Heater

Gas: Yes

Amenities

Sprinkler: Yes

Vehicle Storage

No Vehicle Storage: Yes

Property Features

Site: Level Location: Intown; Neighborhood Roads: Paved Water Body Type: Cove Style: Other Levels: Multi-Level Construction: Wood Frame Basement: Daylight; Full; Slab; Walk-Out Access Foundation Materials: Brick/Mortar Exterior: Aluminum Siding Roof: Flat; Membrane Heat System: Baseboard Heat Fuel: Gas Natural Water Heater: Gas Cooling: None Floors: Carpet; Vinyl; Wood Amenities: Sprinkler Driveway: Paved Parking: 1 - 4 Spaces Vehicle Storage: No Vehicle Storage Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Flyer ›

Confidentiality Agreement ›

Rent Control FAQ ›

Disclosures ›

Deed ›

IDX

Listing Office: Porta & Company

Selling Office: RE/MAX Riverside

Last Updated: January - 11 - 2025

Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. Copyright ©2026 Maine Real Estate Information System, Inc. All Rights Reserved. Equal Housing Opportunity.