585 Congress Street 4, Portland, ME 04101

$2,600,000

Property Type: Multi-Family Baths: 15 Square Footage: 10,650 Status: Closed

Current Price: $2,600,000 List Date: 3/29/2022 Last Modified: 1/11/2025

Description

We are pleased to present the opportunity to acquire 585 Congress Street, Unit 4. The property is a one of four commercial condos in the building, and this condo is comprised of 14 large residential apartments. All but two units have been renovated in the last several years with new appliances, floors and finishes. 585 Congress, Unit 4, is centrally located on Portland's peninsula and abuts Congress Park. This is an excellent opportunity for an investor looking for a multi-family investment property in Southern Maine's hub city. The apartments are currently rented at below-market prices, making this an ideal opportunity for an investor who wants to purchase the property at a low price and bring rents up to fair market rent. Portland has a historically low vacancy rate, and these apartments are in high demand. Though subject to rent control, an investor could still bring these apartment rents up to fair market rent within several years and turn this intro a strong cash flowing property.

Supplements: ********

More Information MLS# 1522984

Location Information

Unit #: 4 Book: 32984 Leased Land: No Page: 253 Map: 37 Block: E Lot: 2 Zoning Overlay: No Association: No Street #: 585 Street Name: Congress Street Type: Street County: Cumberland Town: Portland State/Province: ME Zip Code: 04101 Zip +4: 3309 Zoning: B3 Full Tax Amount $: 17426 Tax Year: 2021 Geo Lat: 43.654544 Geo Lon: -70.263021

Property Information

Surveyed: Unknown Seasonal: No Owner Occupied: No Number of Units: 14 Lot Size Acres +/-: 0 Total Baths: 15 Total Half Baths: 0 SqFt Finished Above Grade: 10650 SqFt Finished Below Grade: 0 SqFt Source: Public Records Garage: No Garage Spaces: 0 Total Full Baths: 15 Year Built: 1850 SqFt Finished Total: 10650 Source of Acreage: Public Records

Site

Sidewalks: 1

Location

Business District: 1 Historic District: 1 Intown: 1 Near Shopping: 1 Near Town: 1 Near Turnpike/Interstate: 1

Roads

Paved: 1 Public: 1

Transportation

Public Transport Access: 1

Water Info

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

Water Body Type

Bay: 1

Style

Other: 1

Construction

Masonry: 1

Levels

Multi-Level: 1

Basement

None: 1

Exterior

Brick: 1

Roof

Membrane: 1

Heat System

Baseboard: 1 Radiator: 1

Building Info

# Stories: 3

Heat Fuel

Gas Natural: 1

Income & Expenses

Gross Income: 224400 Operating Expenses: 54805

Cooling

None: 1

Floors

Wood: 1

Units

# of 1 BD Units: 10 # of 2 BD Units: 3 # of 3 BD Units: 1

Parking

No Parking: 1

Unit 1

Lease: Yes Level: Third Security Deposit: No Monthly Rent: 1450 # 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

Electric

Circuit Breakers: 1

Unit 2

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1250 # 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: No Monthly Rent: 1200 # 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

Gas

Natural - On Site: 1

Unit 4

Lease: Yes Level: Third Security Deposit: No Monthly Rent: 1150 # 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

Sewer

Public Sewer: 1

Unit 5

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1275 # 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

None: 1

Unit 6

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1300 # 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

Unit 7

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1100 # 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

Unit 8

Lease: No Level: Third Security Deposit: No Monthly Rent: 1750 # Full Baths: 2 # 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

Unit 9

Unit 10

Lease: Yes Level: Second Security Deposit: No Monthly Rent: 1475 # 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 11

Lease: Yes Level: Third Security Deposit: No Monthly Rent: 1300 # 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

Unit 12

Lease: Yes Level: Third Security Deposit: No Monthly Rent: 1250 # 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

Unit 13

Lease: Yes Level: Upper Security Deposit: No Monthly Rent: 1350 # 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

Unit 14

Lease: Yes Level: Four + Security Deposit: No Monthly Rent: 1300 # 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

Driveway

No Driveway: 1

Sold Info

Appraiser Email Address: Stefan.Sargeant@cushwake.com

Restrictions

No Restrictions: 1

Basement Entry

Not Applicable: 1

Water Heater

Gas: 1

Amenities

Laundry - Coin: 1 Sprinkler: 1

Vehicle Storage

No Vehicle Storage: 1

Contract Information

Status: Closed Original List Price: 2800000 Sold Price: $2,600,000 Current Price: $2,600,000

Status Change Info

Pending Date: 2022-04-09 Closed Date: 2022-07-15 Closed Price: 2600000

Property Features

Site: Sidewalks Location: Business District; Historic District; Intown; Near Shopping; Near Town; Near Turnpike/Interstate Roads: Paved; Public Transportation: Public Transport Access Water Body Type: Bay Style: Other Levels: Multi-Level Construction: Masonry Basement: None Basement Entry: Not Applicable Exterior: Brick Roof: Membrane Heat System: Baseboard; Radiator Heat Fuel: Gas Natural Water Heater: Gas Cooling: None Floors: Wood Amenities: Laundry - Coin; Sprinkler Driveway: No Driveway Parking: No Parking Vehicle Storage: No Vehicle Storage Restrictions: No Restrictions Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: None

Documents

MLS Form ›

Listing Office: The Boulos Company

IDX

Last Updated: January - 11 - 2025

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