523 Washington Avenue, Portland, ME 04103

$1,970,000

Building on the left is 527-529 Washington Ave

Building on the right is 523-525 Washington Ave

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: 2/09/2026

Overview

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.

Listing Details MLS# 1561715

Location Information

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

Contract Information

Original List Price: 1932500

Property Information

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

Status Change Info

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

Water Info

Water Frontage: No
Water View: No

Building Info

# Heating Units: Yes

More Information

Units

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

Unit 1

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 1420
# Full Baths: Yes
# 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 2

Lease: Yes
Level: Second
Security Deposit: Yes
Monthly Rent: 950
# Full Baths: Yes
# 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 3

Lease: No
Level: Third
Security Deposit: Yes
Monthly Rent: 1519
# Full Baths: Yes
# 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 4

Lease: Yes
Level: First
Security Deposit: Yes
Monthly Rent: 2100
# Full Baths: Yes
# 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
Water: Yes
Sewer: Yes

Unit 5

Lease: No
Level: Second
Security Deposit: Yes
Monthly Rent: 1679
# Full Baths: Yes
# 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 6

Lease: Yes
Level: Third
Security Deposit: Yes
Monthly Rent: 1679
# Full Baths: Yes
# 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: Yes
# 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: Yes
# 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: Yes
# 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: Yes
# 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: Yes
# 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: Yes
# 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

Utilities

Utilities On: Yes

Sold Info

Appraiser Email Address: pcloutier@nea.cc

Levels

Multi-Level: Yes

Site

Open: Yes
Sidewalks: Yes

Location

Intown: Yes
Near Turnpike/Interstate: Yes

Roads

Paved: Yes
Public: Yes

Transportation

Major Road Access: Yes
Public Transport Access: Yes

Style

Other: Yes

Construction

Wood Frame: Yes

Basement

Full: Yes
Unfinished: Yes

Exterior

Vinyl Siding: Yes

Roof

Membrane: Yes

Heat System

Steam: Yes

Heat Fuel

Gas Natural: Yes

Income & Expenses

Gross Income: 243312
Operating Expenses: 81694

Cooling

None: Yes

Floors

Carpet: Yes
Laminate: Yes
Tile: Yes
Vinyl: Yes
Wood: Yes

Parking

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

Electric

Circuit Breakers: Yes

Gas

Natural - On Site: Yes

Sewer

Public Sewer: Yes

Water

Public: Yes

Driveway

Paved: Yes

Basement Entry

Interior: Yes

Water Heater

Gas: Yes
Tank: Yes

Amenities

Laundry - Hookup: Yes
Sprinkler: Yes

Patio and Porch Features

Deck: Yes
Porch: Yes

Vehicle Storage

No Vehicle Storage: Yes

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

Property Disclosures_527-529 Washington ›

Property Disclosure_523-525 Washington ›

Deed Public Access ›

Property Brochure ›

IDX

Listing Office: Vitalius Real Estate Group, LLC

Selling Office: Keller Williams Realty

Last Updated: February - 09 - 2026

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