For Sale
$2,300,000

28 Eastern PromenadePortland, ME 04101

Eight-unit apartment building, prime Portland location.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional eight-unit apartment building, situated on a 0.15-acre lot in Portland, Maine's desirable Eastern Promenade, presents a compelling value-add investment opportunity. The 7,556 square foot building, constructed in 1900, boasts a charming Mansard architectural style. Currently configured as seven one-bedroom and one two-bedroom units, each apartment offers captivating harbor views and retains beautiful period details, including marble fireplaces and elegant chandeliers. The property is zoned R6 and features a unique blend of vintage charm and significant upside potential. While some upgrades and maintenance have already been completed (a detailed list is available), this property offers a considerable opportunity for enhancement and increased profitability. The asking price is $2,300,000, translating to $287,500 per unit and $304.39 per square foot. The property's prime location and inherent character make it an ideal candidate for condo conversion, further maximizing its investment potential. A 24-hour notice is required for showings. The APN is 003 O007001.

Highlights

  • Eight-unit apartment building in Portland, Maine's Eastern Promenade.
  • 7,556 square feet on a 0.15-acre lot, built in 1900 with Mansard architecture.
  • Seven one-bedroom and one two-bedroom units, each with harbor views and period details.
  • Zoned R6, offering condo conversion potential.
  • $2,300,000 asking price ($287,500 per unit, $304.39 per square foot).

Property Details for 28 Eastern Promenade

Property type
Apartment buildings
Square Feet
7,556 SF
Year Built
1900
Buildings
1
Lot Size (sq. ft)
6,534 SF
Units
8

Location Insight

City
Portland
County
Cumberland
State
Maine
Latitude
43.6649625
Longitude
-70.2426664
28 Eastern Promenade, Portland, Maine

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28 Eastern Promenade
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