12-units on a huge lot close to Portland's downtown, Back Cove, and the future Roux Institute campus. These side-by-side 6-unit buildings enjoy a large yard and parking lot for 16 +/- cars. Even with increased borrowing rates, the existing cash flow from this income property is excellent. Plus, there will be future opportunities to increase rents on turnovers as several of the current tenants are subsidized (no base rents). Both buildings are in remarkably good shape, one having had a fire some years ago was essentially rebuilt from the studs with a sprinkler system. Tenants love the sunny 2 & 3 bedroom layouts, decks, green space, ample parking, proximity to Payson Park and easy access to 295.
Closed
$1,970,000
523 Washington Avenue, Portland, ME 04103
27beds
11,896sqft
Multi Family
Built in 1905
-- sqft lot
$2,182,600 Zestimate®
$166/sqft
$2,045 Estimated rent
Home value
$2,182,600
$1.88M - $2.55M
$2,045/mo
Zestimate® history
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What's special
Zillow last checked: 8 hours ago
Listing updated: January 14, 2025 at 07:04pm
Listed by:
Vitalius Real Estate Group, LLC
Bought with:
Keller Williams Realty
Source: Maine Listings,MLS#: 1561715
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 27
- Bathrooms: 12
- Full bathrooms: 12
Heating
- Steam
Cooling
- None
Features
- Flooring: Carpet, Laminate, Tile, Vinyl, Wood
- Basement: Interior Entry,Full,Unfinished
Interior area
- Total structure area: 11,896
- Total interior livable area: 11,896 sqft
- Finished area above ground: 11,896
- Finished area below ground: 0
Property
Parking
- Parking features: Paved, 11 - 20 Spaces, On Site
Features
- Levels: Multi/Split
- Patio & porch: Deck, Porch
Lot
- Size: 0.57 Acres
- Features: City Lot, Near Turnpike/Interstate, Open Lot, Sidewalks
Details
- Zoning: R5
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Other
- Property subtype: Multi Family
Materials
- Wood Frame, Vinyl Siding
- Roof: Membrane
Condition
- Year built: 1905
Utilities & green energy
- Electric: Circuit Breakers
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Utilities On
Community & neighborhood
Security
- Security features: Fire Sprinkler System
Location
- Region: Portland
Other
Other facts
- Road surface type: Paved
Price history
| Date | Event | Price |
|---|---|---|
| 8/15/2023 | Sold | $1,970,000+1.9%$166/sqft |
Source:  Maine Listings #1561715 | ||
| 6/21/2023 | Pending sale | $1,932,500$162/sqft |
Source: Maine Listings #1561715 | ||
| 6/9/2023 | Listed for sale | $1,932,500-8%$162/sqft |
Source: Maine Listings #1561715 | ||
| 12/23/2022 | Listing removed | -- |
Source: Maine Listings #1543356 | ||
| 9/16/2022 | Listed for sale | $2,100,000+40%$177/sqft |
Source: Maine Listings #1543356 | ||
Public tax history
Tax history is unavailable.
Neighborhood: East Deering
Nearby schools
GreatSchools rating
- 5/10Presumpscot SchoolGrades: PK-5Distance: 0.3 mi
- 4/10Lyman Moore Middle SchoolGrades: 6-8Distance: 2.3 mi
- 4/10Portland High SchoolGrades: 9-12Distance: 1.5 mi
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$2,182,600
2% more+ $43,652
With Zillow Showcase(estimated)
$2,226,252