273 Cumberland AvePortland, ME 04101

Property Details for 273 Cumberland Ave

Year built

1910

Property size (Sq ft)

16,248 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of two rooming house buildings totaling 59 units situated on Cumberland Avenue in Portland, Maine. The property encompasses 16,248 square feet across two buildings, constructed in 1910, and sits on a 10,497 square foot lot zoned B2. One building features 16 rooms, the other 43. Importantly, a 4,510 square foot vacant lot is included, offering significant potential. Pre-approved plans exist for an 89-unit mid-rise building on this vacant lot, with complete construction drawings readily available. The existing units are not subject to rent control, presenting a compelling advantage for future income generation. The asking price is $4,700,000, translating to $79,661.02 per unit and $289.27 per square foot. This portfolio offers a rare blend of immediate income and substantial future development potential in a desirable Portland location (zip code 04101). The property's location provides easy access to downtown amenities and transportation. This is a unique chance to acquire a well-positioned multifamily asset with significant upside.

Location Insight

City

Portland

County

Cumberland

State

Maine

Latitude

43.6599

Longitude

-70.2586

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