523 Washington Avenue, Portland, ME 04103

$1,970,000
Property Type: Multi-Family Baths: 12 Square Footage: 11,896 Lot Size (sq. ft.): 24,829 Status: Closed
Current Price: $1,970,000 List Date: 6/09/2023 Last Modified: 1/15/2025

Description

12-units on a huge lot close to Portland's downtown, Back Cove, and the future Roux Institute campus. These side-by-side 6-unit buildings enjoy a large yard and parking lot for 16 +/- cars. Even with increased borrowing rates, the existing cash flow from this income property is excellent. Plus, there will be future opportunities to increase rents on turnovers as several of the current tenants are subsidized (no base rents). Both buildings are in remarkably good shape, one having had a fire some years ago was essentially rebuilt from the studs with a sprinkler system. Tenants love the sunny 2 & 3 bedroom layouts, decks, green space, ample parking, proximity to Payson Park and easy access to 295.

Supplements: ********

More Information MLS# 1561715

Location Information

Book: 34967 Leased Land: No Page: 324 Map: 429 Block: C Lot: 1 Zoning Overlay: No Association: No Street #: 523 Street Name: Washington Street Type: Avenue County: Cumberland Town: Portland State/Province: ME Zip Code: 04103 Zip +4: 5153 Zoning: R5 Full Tax Amount $: 26662 Tax Year: 2023 Geo Lat: 43.680717 Geo Lon: -70.258045

Property Information

Surveyed: Yes Seasonal: No Number of Units: 12 Deed Restrictions: Unknown 2 Detached Houses on 1 Lot: Yes Lot Size Acres +/-: 0.57 Total Baths: 12 Total Half Baths: 0 Color: Gray SqFt Finished Above Grade: 11896 SqFt Finished Below Grade: 0 SqFt Source: Public Records Garage: No Garage Spaces: 0 Total Full Baths: 12 Year Built: 1905 SqFt Finished Total: 11896 Source of Acreage: Survey

Site

Open: 1 Sidewalks: 1

Location

Intown: 1 Near Turnpike/Interstate: 1

Roads

Paved: 1 Public: 1

Transportation

Major Road Access: 1 Public Transport Access: 1

Water Info

Water Frontage: No Water View: No

Style

Other: 1

Construction

Wood Frame: 1

Levels

Multi-Level: 1

Basement

Full: 1 Unfinished: 1

Exterior

Vinyl Siding: 1

Roof

Membrane: 1

Heat System

Steam: 1

Building Info

# Heating Units: 1

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 243312 Operating Expenses: 81694

Cooling

None: 1

Floors

Carpet: 1 Laminate: 1 Tile: 1 Vinyl: 1 Wood: 1

Units

# of 2 BD Units: 9 # of 3 BD Units: 3

Parking

11 - 20 Spaces: 1 On Site: 1 Paved: 1

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1420 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 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: Second Security Deposit: Yes Monthly Rent: 950 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 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: No Level: Third Security Deposit: Yes Monthly Rent: 1519 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 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

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 2100 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Sewer

Public Sewer: 1

Unit 5

Lease: No Level: Second Security Deposit: Yes Monthly Rent: 1679 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 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: Third Security Deposit: Yes Monthly Rent: 1679 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 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: No Level: First Security Deposit: No Monthly Rent: 2100 # 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 8

Lease: No Level: Second Security Deposit: Yes Monthly Rent: 1550 # 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 9

Lease: No Level: Third Security Deposit: Yes Monthly Rent: 1679 # 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 10

Lease: No Level: First Security Deposit: Yes Monthly Rent: 1800 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 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 11

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1700 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 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 12

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 2100 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: No Range: No Refrigerator: No Sewer: No Water: No

Driveway

Paved: 1

Sold Info

Appraiser Email Address: pcloutier@nea.cc

Basement Entry

Interior: 1

Water Heater

Gas: 1 Tank: 1

Amenities

Laundry - Hookup: 1 Sprinkler: 1

Patio and Porch Features

Deck: 1 Porch: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Closed Original List Price: 1932500 Sold Price: $1,970,000 Current Price: $1,970,000

Status Change Info

Pending Date: 2023-06-19 Closed Date: 2023-08-15 Closed Price: 1970000

Property Features

Site: Open; Sidewalks Location: Intown; Near Turnpike/Interstate Roads: Paved; Public Transportation: Major Road Access; Public Transport Access Style: Other Levels: Multi-Level Construction: Wood Frame Basement: Full; Unfinished Basement Entry: Interior Exterior: Vinyl Siding Roof: Membrane Heat System: Steam Heat Fuel: Gas Natural Water Heater: Gas; Tank Cooling: None Floors: Carpet; Laminate; Tile; Vinyl; Wood Amenities: Laundry - Hookup; Sprinkler Patio and Porch Features: Deck; Porch Driveway: Paved Parking: 11 - 20 Spaces; On Site; Paved Vehicle Storage: No Vehicle Storage Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Listing Office: Vitalius Real Estate Group, LLC
IDX
Last Updated: January - 15 - 2025
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