55-57-59 St Lawrence Street, Portland, ME 04101
$2,250,000
Property Type:
Commercial
Square Footage:
9,600
Lot Size (sq. ft.):
11,326
Status:
Active
Current Price:
$2,250,000
List Date:
10/08/2025
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# 1640218
Location Information
Book: 32341,32689/90
Leased Land: No
Page: 166-168
Map: 016
Block: E
Lot: 16-19
Zoning Overlay: No
Tree Growth Y/N: No
Association 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
Full Tax Amount $: 18906
Tax Year: 2026
Neighborhood Association: Munjoy Hill Neighborhood Conservation District
Geo Lat: 43.664898
Geo Lon: -70.245816
Property Information
Primary Use: Multi Family
Surveyed: Yes
Deed/Conveyance Type Offered: Warranty
Deed: All
Deed Restrictions: Unknown
Bank Owned REO: No
Lot Size Acres +/-: 0.26
Tenancy: Multiple Tenants
Leases: Yes
Total # Floors: 3
Year Built: 1915
SqFt Finished Total: 9600
Location
Downtown: 1
Near Airport: 1
Near Shopping: 1
Near Turnpike/Interstate: 1
Public Transport Access: 1
Water Info
Water Frontage: No
Water View: Yes
Water Body Name: Casco Bay
Property Uses
Other: 1
Water Body Type
Bay: 1
Ocean: 1
Recreational Water
Nearby: 1
Public: 1
Construction
Wood Frame: 1
Other Structures
Shed(s): 1
Levels
Multi-Level: 1
Basement
Bulkhead: 1
Full: 1
Unfinished: 1
Foundation Materials
Brick/Mortar: 1
Stone: 1
Exterior
Vinyl Siding: 1
Roof
Flat: 1
Heat System
Direct Vent Heater: 1
Heat Fuel
Gas Natural: 1
Cooling
None: 1
Floors
Laminate: 1
Tile: 1
Vinyl: 1
Wood: 1
Building Features
Storage: 1
Parking
11 - 20 Spaces: 1
On Site: 1
Paved: 1
Electric
Circuit Breakers: 1
Utilities
Utilities On: Yes
Gas
Natural - On Site: 1
Sewer
Public Sewer: 1
Water
Public: 1
Contract Information
Status: Active
Original List Price: 2250000
List Price: $2,250,000
Current Price: $2,250,000
Property Features
Location: Downtown; Near Airport; Near Shopping; Near Turnpike/Interstate; Public Transport Access
Water Body Type: Bay; Ocean
Recreational Water: Nearby; Public
Construction: Wood Frame
Other Structures: Shed(s)
Levels: Multi-Level
Property Uses: Other
Basement: Bulkhead; Full; Unfinished
Foundation Materials: Brick/Mortar; Stone
Exterior: Vinyl Siding
Roof: Flat
Heat System: Direct Vent Heater
Heat Fuel: Gas Natural
Cooling: None
Floors: Laminate; Tile; Vinyl; Wood
Building Features: Storage
Parking: 11 - 20 Spaces; On Site; Paved
Electric: Circuit Breakers
Gas: Natural - On Site
Sewer: Public Sewer
Water: Public
Documents
Property Disclosure ›
Listing Office:
Benchmark Real Estate
IDX
Last Updated: November - 14 - 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.