55-57-59 St Lawrence ST Active Save Request In-Person Tour Request Virtual Tour
Portland,ME 04101
Key Details
Property Type Commercial Sale
Sub Type Multi Family
Listing Status Active
Square Footage 9,600 sqft
Price per Sqft $234
Subdivision Munjoy Hill Neighborhood Conservation District
MLS Listing ID 1640218
HOA Y/N No
Year Built 1915
Annual Tax Amount $18,906
Tax Year 2026
Lot Size 0.260 Acres
Acres 0.26
Property Sub-Type Multi Family
Source Maine Listings
Land Area 9600
Property 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.
Location
State ME
County Cumberland
Zoning RN-4
Rooms
Basement Bulkhead,Full,Unfinished
Interior
Interior Features Storage
Heating Direct Vent Heater
Cooling None
Flooring Wood,Vinyl,Tile,Laminate
Exterior
Parking Features 11 - 20 Spaces,On Site,Paved
Utilities Available 1
View Y/N No
Roof Type Flat
Building
Lot Description Public Transport Access,Near Turnpike/Interstate,Near Airport,Downtown,Near Shopping
Story 3
Foundation Stone,Brick/Mortar
Sewer Public Sewer
Water Public
Structure Type Vinyl Siding,Wood Frame
Others
Restrictions Unknown
Energy Description Gas Natural