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

Overview

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 prope ... (Read more)

Listing Details MLS# 1522984

Location Information

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

Contract Information

Original List Price: 2800000

Property Information

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

Status Change Info

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

Water Info

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

Building Info

# Stories: 3

More Information

Units

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

Unit 1

Lease: Yes
Level: Third
Security Deposit: No
Monthly Rent: 1450
# Full Baths: Yes
# 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 2

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1250
# Full Baths: Yes
# of Rooms: 3
# of Bedrooms: Yes
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 3

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1200
# Full Baths: Yes
# of Rooms: 3
# of Bedrooms: Yes
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 4

Lease: Yes
Level: Third
Security Deposit: No
Monthly Rent: 1150
# Full Baths: Yes
# of Rooms: 3
# of Bedrooms: Yes
Dedicated Electric Meter: Yes
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Heat: No
Range: Yes
Refrigerator: Yes
Water: Yes
Sewer: Yes

Unit 5

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1275
# Full Baths: Yes
# 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 6

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1300
# Full Baths: Yes
# of Rooms: 3
# of Bedrooms: Yes
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: Yes
# of Rooms: 3
# of Bedrooms: Yes
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

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1300
# Full Baths: Yes
# of Rooms: 3
# of Bedrooms: Yes
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 10

Lease: Yes
Level: Second
Security Deposit: No
Monthly Rent: 1475
# Full Baths: Yes
# 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: Yes
# of Rooms: 3
# of Bedrooms: Yes
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: Yes
# of Rooms: 3
# of Bedrooms: Yes
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: Yes
# of Rooms: 3
# of Bedrooms: Yes
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: Yes
# of Rooms: 3
# of Bedrooms: Yes
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

Sold Info

Appraiser Email Address: Stefan.Sargeant@cushwake.com

Site

Sidewalks: Yes

Location

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

Roads

Paved: Yes
Public: Yes

Transportation

Public Transport Access: Yes

Water Body Type

Bay: Yes

Style

Other: Yes

Construction

Masonry: Yes

Levels

Multi-Level: Yes

Basement

None: Yes

Exterior

Brick: Yes

Roof

Membrane: Yes

Heat System

Baseboard: Yes
Radiator: Yes

Heat Fuel

Gas Natural: Yes

Income & Expenses

Gross Income: 224400
Operating Expenses: 54805

Cooling

None: Yes

Floors

Wood: Yes

Parking

No Parking: Yes

Electric

Circuit Breakers: Yes

Gas

Natural - On Site: Yes

Sewer

Public Sewer: Yes

Water

None: Yes

Driveway

No Driveway: Yes

Restrictions

No Restrictions: Yes

Basement Entry

Not Applicable: Yes

Water Heater

Gas: Yes

Amenities

Laundry - Coin: Yes
Sprinkler: Yes

Vehicle Storage

No Vehicle Storage: Yes

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 ›

IDX

Listing Office: The Boulos Company

Selling Office: Portside Real Estate Group

Last Updated: January - 11 - 2025

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