Pending
Multifamily
57-59 Cumberland Avenue
Portland, ME 04101
Baths
5
Square Ft.
3,800
$895,000
Located on Munjoy Hill just outside of inner Washington Avenue, this five-unit property sits in the center of one of Portland's most dynamic and desirable neighborhoods--surrounded by bars, breweries, and boutiques, and the energy that defines the East End. Positioned on an elevated site, the property offers city skyline… Read More views and represents one of the more compelling and reasonably priced investment opportunities in Portland. With two structures and five total units, ample off-street parking, and strong upside potential, this is an ideal candidate for a 1031 exchange or a quality long-term hold. The property generates ~ $57,000 in net operating income and offers a healthy 6.4% cap rate, delivering immediate returns while positioning investors to benefit from long-term appreciation in one of Portland's most sought-after neighborhoods. A key differentiator: the property is NOT located within Portland's historic district, opening the door to meaningful flexibility - whether your plan is to renovate, reposition, pursue condo conversion, or demo & develop. With recent high-end condo projects nearby, the potential self evident. The location offers an exceptional Portland lifestyle--walkable to inner Washington Avenue, the Eastern Promenade, East End Beach, and downtown, and immediately proximate to major employers, Portland's growing tech sector, the Roux Institute, and the forthcoming Portland Foreside development. From Back Cove to the working waterfront and recreational shoreline, this location captures the full breadth of Portland living. The owner currently pays for heat, while tenants pay electricity, presenting an opportunity for further operational improvement. The building appears to have undergone a substantial renovation in the 1980s. Rents are below market and poised for improvement, enhancing upside across multiple strategies. Read Less
Courtesy of Benchmark Real Estate 207-775-0248, .
Listing Snapshot
Days Online
23
Last Updated
Full Baths
5
Square Ft.
3,800
Lot Size
0.11 Acres
Year Built
1920
MLS Number
1658526
Additional Details
Basement
Basement: "Interior", "Brick/Mortar", "Full"
Building
Architectural Style: "Other", "New Englander", Building Area Total: 3,800, Construction Materials: "Wood Frame", "Shingle Siding", "Vinyl Siding", "Other Exterior", Number Of Units Total: 5, Year Built: 1920, 3 stories, 3 total stories
Cooling
Cooling: "None"
Expenses
Operating Expense: $26,042
Exterior Features
Other Equipment: "Internet Access Available", Patio And Porch Features: "Porch", Patio And Porch Features: "Porch"
Fence
Fencing: "Fenced"
Floors
Flooring: "Carpet", "Linoleum", "Tile", "Wood"
Foundation
Foundation Details: "Brick/Mortar", "Poured Concrete"
Heating
Heating: "Oil", "Hot Water", Heating Included
Income
Gross Income: $83,040
Interior Features
Features: "Bathtub", "One-Floor Living", "Shower"
Laundry
Features: "Washer Hookup"
Lot
Features: "Near Country Club", "Open", "Level", "Sidewalks", "Intown", "Near Golf Course", "Near Public Beach", "Near Shopping", "Near Turnpike/Interstate", "Neighborhood", "Near Public Transit", "Near Railroad", 0.11 acres, Area: 0.11, 4,792 square feet
Parking
Features: "Paved", "5 - 10 Spaces"
Pets Policy
Pets Allowed: "No Restrictions"
Property
Parcel Number: PTLD-000013-K000057-000001, Zoning: RN4
Roof
Roof: "Pitched", "Shingle"
Sewer
Sewer: "Public Sewer"
Taxes
Annual Amount: $12,321, Tax Lot: 057001
Utilities
Electric: "Circuit Breakers", Water Source: "Public"
Find The Perfect Home
'VIP' Listing Search
Whenever a listing hits the market that matches your criteria you will be immediately notified.
Thank you for reaching out! I will be able to read this shortly and get ahold of you so we can chat.
~Please Select Date
Please Select Type
Similar Listings
Listing Information © Maine Real Estate Information System, Inc. All Rights Reserved.
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.
Confirm your time
Fill in your details and we will contact you to confirm a time.
Find My Dream Home
Put an experts eye on your home search! You’ll receive personalized matches of results delivered direct to you.