Homes for sale - 55-57-59 St Lawrence ST, Portland, ME 04101

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Craig Priestly

craig@craigpriestlyrealestate.com +1(207) 387-5416

Listed by Benchmark Real Estate

$2,250,000

9,600 SqFt

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UPDATED:

Key Details

Property Type Commercial Sale

Sub Type Multi Family

Listing Status Active

Square Footage 9,600 sqft

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

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55-57-59 St Lawrence ST Portland, ME 04101