55-57-59 St Lawrence Street, Portland, ME 04101

$2,250,000
Property Type: Multi-Family Baths: 7 Square Footage: 9,600 Lot Size (sq. ft.): 11,326 Status: Active
Current Price: $2,250,000 List Date: 10/07/2025 Last Modified: 11/14/2025

Description

Rare opportunity in one of New England's most desirable coastal communities! Ideally located on a quiet street atop Portland's historic Munjoy Hill, this seven-unit multifamily includes a separate buildable lot — an extraordinary find in one of the city's most coveted RN4 (formerly R6) residential zones. Originally built as a classic double-triple, the property now offers seven well-maintained units with significant updates, modern life-safety systems, and individual utilities — each tenant pays their own heat, hot water, and electricity. The building has been carefully maintained, and rents have kept pace with the market, producing an NOI of ~ $107,000 and a healthy 5% cap rate with strong, consistent income. The real value lies in the adjoining buildable lot, capable of supporting 9 new residential units. Buildings in this zone may reach up to 45 feet in height, offering commanding ocean and city views. The property has already been surveyed, and preliminary civil engineering and lot division work have been completed and are available for review. From the upper floors of the existing structure — and any future development views of Casco Bay, the working waterfront and city skyline await, a rare perspective even on East End. Whether you're an investor seeking strong income with upside potential or a developer ready to capitalize on a premier site, this property checks every box.

Supplements: ********

More Information MLS# 1640137

Location Information

Book: 32341,32689 Leased Land: No Page: 90, 166-168 Map: 016 Block: E Lot: 16-19 Zoning Overlay: No Association: No School District: Portland Public Schools Tree Growth Y/N: No Street #: 55-57-59 Street Name: St Lawrence Street Type: Street County: Cumberland Town: Portland State/Province: ME Zip Code: 04101 Zoning: RN-4 Neighborhood Association: Munjoy Hill Neighborhood Conservation District Full Tax Amount $: 18906 Tax Year: 2026 Geo Lat: 43.664792 Geo Lon: -70.245828

Property Information

Surveyed: Yes Seasonal: No Owner Occupied: No Number of Units: 7 Deed/Conveyance Type Offered: Warranty Deed: All Deed Restrictions: Unknown Bank Owned REO: No 2 Detached Houses on 1 Lot: No Lot Size Acres +/-: 0.26 Total Baths: 7 Total Half Baths: 0 Color: White Road Frontage: No SqFt Finished Above Grade: 9600 SqFt Finished Below Grade: 0 SqFt Source: Public Records Garage: No Garage Spaces: 0 Total Full Baths: 7 Year Built: 1915 SqFt Finished Total: 9600 Source of Acreage: Public Records

Site

Level: 1 Rolling/Sloping: 1 Sidewalks: 1

Location

Intown: 1 Near Country Club: 1 Near Golf Course: 1 Near Public Beach: 1 Near Railroad: 1 Near Shopping: 1 Near Turnpike/Interstate: 1 Neighborhood: 1

Roads

Paved: 1 Public: 1

Transportation

Major Road Access: 1 Near Airport: 1 Public Transport Access: 1 Rail Available: 1

Water Info

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

Water Body Type

Bay: 1 Ocean: 1

Recreational Water

Nearby: 1 Public: 1

Style

Other: 1

Construction

Wood Frame: 1

Other Structures

Shed(s): 1

Levels

Multi-Level: 1

Basement

Bulkhead: 1 Full: 1 Unfinished: 1

View

Scenic: 1

Foundation Materials

Brick/Mortar: 1 Stone: 1

Exterior

Vinyl Siding: 1

Roof

Flat: 1

Heat System

Direct Vent Heater: 1

Energy Efficiency

Ceiling Fans: 1

Building Info

# Stories: 3 # Floors: 3 # Heating Units: 7 # Water Heaters: 7

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 152412 Operating Expenses: 45744

Cooling

None: 1

Floors

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

Units

# of 1 BD Units: 2 # of 2 BD Units: 4 # of 3 BD Units: 1

Parking

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

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1735 # Full Baths: 1 # of Rooms: 2 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Electric

Circuit Breakers: 1

Unit 2

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1561 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Utilities

Utilities On: Yes

Unit 3

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 2395 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Gas

Natural - On Site: 1

Unit 4

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1295 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Sewer

Public Sewer: 1

Unit 5

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1740 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Water

Public: 1

Unit 6

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1675 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 7

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 2300 # Full Baths: 1 # of Rooms: 6 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Driveway

Gravel: 1 Paved: 1

Restrictions

No Restrictions: 1

Basement Entry

Bulkhead: 1 Interior: 1

Water Heater

Gas: 1

Window Features

Double Pane Windows: 1

Amenities

1st Floor Bedroom: 1 Bathtub: 1 Fence: 1 Laundry - Coin: 1 Laundry - Hookup: 1 One-Floor Living: 1 Other Amenities: 1 Pantry: 1 Shower: 1 Storage: 1

Patio and Porch Features

Porch: 1

Equipment

Cable: 1 Internet Access Available: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Active Original List Price: 2250000 List Price: $2,250,000 Current Price: $2,250,000

Property Features

Site: Level; Rolling/Sloping; Sidewalks Location: Intown; Near Country Club; Near Golf Course; Near Public Beach; Near Railroad; Near Shopping; Near Turnpike/Interstate; Neighborhood Roads: Paved; Public Transportation: Major Road Access; Near Airport; Public Transport Access; Rail Available Water Body Type: Bay; Ocean Recreational Water: Nearby; Public View: Scenic Style: Other Levels: Multi-Level Construction: Wood Frame Other Structures: Shed(s) Basement: Bulkhead; Full; Unfinished Basement Entry: Bulkhead; Interior Foundation Materials: Brick/Mortar; Stone Exterior: Vinyl Siding Roof: Flat Heat System: Direct Vent Heater Heat Fuel: Gas Natural Water Heater: Gas Cooling: None Floors: Laminate; Tile; Vinyl; Wood Window Features: Double Pane Windows Amenities: 1st Floor Bedroom; Bathtub; Fence; Laundry - Coin; Laundry - Hookup; One-Floor Living; Other Amenities; Pantry; Shower; Storage Patio and Porch Features: Porch Equipment: Cable; Internet Access Available Energy Efficiency: Ceiling Fans Driveway: Gravel; Paved Parking: 11 - 20 Spaces; On Site; Paved Vehicle Storage: No Vehicle Storage Restrictions: No Restrictions Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Listing Office: Benchmark Real Estate
IDX
Last Updated: November - 14 - 2025
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