28 Eastern PromenadePortland, ME 04101

Property Details for 28 Eastern Promenade

Year built

1900

Lot size

0.15 AC

Property size (Sq ft)

7,556 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Portland

County

Cumberland

State

Maine

Latitude

43.665

Longitude

-70.2427

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