55 Sherman Street, Portland, ME 04101

$1,520,000
Property Type: Multi-Family Baths: 8 Square Footage: 6,104 Lot Size (sq. ft.): 11,326 Status: Closed
Current Price: $1,520,000 List Date: 5/30/2024 Last Modified: 1/18/2025

Description

This classic Portland building offers a blend of historic charm and modern upgrades making this lovely 7 unit apartment building a rare find in the Portland market. Ideal for investors or an owner occupied opportunity which provides stability, growth potential, and minimal future maintenance. The first floor apartment is a spacious 2 bed, 2 full bath unit; living room with bay windows, a formal dining room, kitchen with pantry space, high ceilings & plenty of light throughout with nooks and crannies for clever storage spaces; currently owner occupied. An ideal situation to set the rent to current market or for the new owner to reside comfortably. All 7 apartments have updated flooring, appliances, new windows, updated lighting. Upgrades completed with durability in mind along w/ creative use of color & space to attract long-term residents. Other updates include a new roof (2022) with a 50 year, twice transferrable warranty; updated NG boiler in the basement, LED light fixtures throughout building, line to the street main replaced with PVC as well as the plumbing lines under basement & stacks to the third floor. Radon removal system installed. The building has also been insulated to maximize energy savings including spray foam in the basement, insulation board under updated siding, insulation under new drywall in the back hallway & attic storage space completed this year. Fully fenced backyard for green space available for all to enjoy including canopy for sun shade, fire pit, grill and sitting swing. Coin-op washer and dryer for extra monthly cash. Ideal peninsula location with an amazing walkability score of 92 to restaurants, shops, bars & services. Highly desirable deeded parking spaces for 7 vehicles with no maintenance responsibilities. Excellent rental history and currently fully occupied. 55 Sherman Street has approved and recorded banked rents for the completed renovations available for use by the new owner.

Supplements: ********

More Information MLS# 1591157

Location Information

Book: 19214 Leased Land: No Page: 206 Map: 48 Block: D Lot: 22 Zoning Overlay: Unknown Association: No Street #: 55 Street Name: Sherman Street Type: Street County: Cumberland Town: Portland State/Province: ME Zip Code: 04101 Zip +4: 2202 Zoning: R6 Full Tax Amount $: 10093 Tax Year: 2023 Geo Lat: 43.655985 Geo Lon: -70.268688

Property Information

Surveyed: Unknown Seasonal: No Number of Units: 7 Deed/Conveyance Type Offered: Warranty Deed: All Lot Size Acres +/-: 0.26 Total Baths: 8 Total Half Baths: 0 SqFt Finished Above Grade: 4612 SqFt Finished Below Grade: 1492 Garage: No Garage Spaces: 0 Total Full Baths: 8 Year Built: 1910 SqFt Finished Total: 6104 Source of Acreage: Public Records

Site

Sidewalks: 1

Location

Near Shopping: 1 Near Town: 1 Neighborhood: 1

Roads

Public: 1

Transportation

Major Road Access: 1 Public Transport Access: 1

Water Info

Water Frontage: No Water View: No

Style

Mansard: 1

Construction

Masonry: 1 Other: 1

Basement

Brick/Mortar: 1 Unfinished: 1 Walk-Out Access: 1

Foundation Materials

Brick/Mortar: 1 Pillar/Post/Pier: 1

Exterior

Brick: 1 Vinyl Siding: 1

Roof

Shingle: 1

Heat System

Radiator: 1

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 105540 Operating Expenses: 21821.72

Cooling

None: 1

Floors

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

Units

# of 1 BD Units: 6 # of 2 BD Units: 1

Parking

5 - 10 Spaces: 1 Assigned: 1 Leased: 1 Off Street: 1 On Site: 1

Unit 1

Lease: No Level: First Security Deposit: No Monthly Rent: 0 # Full Baths: 2 # of Rooms: 6 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Electric

Circuit Breakers: 1

Unit 2

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1785 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Utilities

Utilities On: Yes

Unit 3

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1330 # Full Baths: 1 # of Rooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Gas

Natural - On Site: 1

Unit 4

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1510 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Sewer

Public Sewer: 1

Unit 5

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1355 # Full Baths: 1 # of Rooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Water

Public: 1

Unit 6

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1390 # Full Baths: 1 # of Rooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 7

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 925 # Full Baths: 1 # of Rooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Driveway

Concrete: 1

Sold Info

Appraiser Email Address: jessica@mainelandconsultants.com

Restrictions

No Restrictions: 1

Basement Entry

Interior: 1

Water Heater

Gas: 1

Amenities

Laundry - Coin: 1 Other Amenities: 1 Security System: 1 Storage: 1

Patio and Porch Features

Patio: 1

Equipment

Air Radon Mitigation System: 1 Cable: 1 Internet Access Available: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Closed Original List Price: 1645000 Sold Price: $1,520,000 Current Price: $1,520,000

Status Change Info

Pending Date: 2024-08-27 Closed Date: 2024-10-31 Closed Price: 1520000

Property Features

Site: Sidewalks Location: Near Shopping; Near Town; Neighborhood Roads: Public Transportation: Major Road Access; Public Transport Access Style: Mansard Construction: Masonry; Other Basement: Brick/Mortar; Unfinished; Walk-Out Access Basement Entry: Interior Foundation Materials: Brick/Mortar; Pillar/Post/Pier Exterior: Brick; Vinyl Siding Roof: Shingle Heat System: Radiator Heat Fuel: Gas Natural Water Heater: Gas Cooling: None Floors: Carpet; Laminate; Tile; Wood Amenities: Laundry - Coin; Other Amenities; Security System; Storage Patio and Porch Features: Patio Equipment: Air Radon Mitigation System; Cable; Internet Access Available Driveway: Concrete Parking: 5 - 10 Spaces; Assigned; Leased; Off Street; On Site Vehicle Storage: No Vehicle Storage Restrictions: No Restrictions Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Listing Office: Coldwell Banker Realty
IDX
Last Updated: January - 18 - 2025
Broker Attribution: 207-773-1990
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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