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

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

Supplements: ********

More Information MLS# 1520688

Location Information

Book: 31608 Leased Land: No Page: 317 Map: 26 Lot: F13 Zoning Overlay: No Association: No Street #: 41 Street Name: Chestnut Street Type: Street County: Cumberland Town: Portland State/Province: ME Zip Code: 04101 Zip +4: 3096 Zoning: R6 Full Tax Amount $: 32244 Tax Year: 2021 Geo Lat: 43.660089 Geo Lon: -70.258748

Property Information

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

Site

Level: 1

Location

Intown: 1 Neighborhood: 1

Roads

Paved: 1

Water Info

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

Water Body Type

Cove: 1

Style

Other: 1

Construction

Wood Frame: 1

Levels

Multi-Level: 1

Basement

Daylight: 1 Full: 1 Slab: 1 Walk-Out Access: 1

Foundation Materials

Brick/Mortar: 1

Exterior

Aluminum Siding: 1

Roof

Flat: 1 Membrane: 1

Heat System

Baseboard: 1

Building Info

# Stories: 4 # Floors: 4

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 419136 Operating Expenses: 143093.74

Cooling

None: 1

Floors

Carpet: 1 Vinyl: 1 Wood: 1

Units

# of 3 BD Units: 16

Parking

1 - 4 Spaces: 1

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1887 # Full Baths: 1 # 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

Electric

Circuit Breakers: 1

Unit 2

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 2096 # Full Baths: 1 # 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

Unit 3

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1596 # Full Baths: 1 # 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

Gas

Natural - On Site: 1

Unit 4

Sewer

Public Sewer: 1

Unit 5

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1650 # Full Baths: 1 # 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

Water

Public: 1

Unit 6

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1887 # Full Baths: 1 # 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: 1 # 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

Unit 9

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1498 # Full Baths: 1 # 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: 1 # 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: 1 # 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: 1 # 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: 1 # 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: 1 # 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: 1 # 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: 1 # 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

Driveway

Paved: 1

Sold Info

Appraiser Email Address: michelle@mainelandconsultants.com

Water Heater

Gas: 1

Amenities

Sprinkler: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Closed Original List Price: 2995000 Sold Price: $3,150,000 Current Price: $3,150,000

Status Change Info

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

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 ›

Listing Office: Porta & Company

IDX

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 ©2022 Maine Real Estate Information System, Inc. All Rights Reserved. Equal Housing Opportunity.

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