1 North St - Apartments FOR SALE


Portland, ME 04101- East End
$2,450,000 USD
207-775-0248
1 North St, Portland, ME for Sale
$2,450,000 USD
Apartments - FOR SALE
1/24
null | 5.59% Cap Rate

1 North St
Portland, ME 04101
East End


HIGHLIGHTS

  • Located at the center of Portland's vibrant, eclectic and uber desirable Munjoy Hill/ East End.

OVERVIEW

Outstanding is an understatement when describing this remarkable mixed use multi-unit offering. Located at the center of Portland's vibrant, eclectic and uber desirable Munjoy Hill/ East End, locations don't get better than this. Walk Score calls this a 'walker's paradise' with everything you want and need within blocks. Located in a B1 zone, the property is home to a mix of residential and commercial uses. The corner commercial unit is home to Belleville (BLVL), an acclaimed and thriving bakery and coffee shop. The 5 remaining units are condo-ready-quality and fully updated 1 bedroom, 1 bath residential apartments. Each unit is bathed in natural light and each looks out onto local landmarks (neighboring homes and the Portland Observatory), the city skyline and even toward the setting sun over Back Cove. Units enjoy separate utilities, super-efficient heat and hot water and each rent is at-market. Over the past decade the current owners have gone unit by unit to update everything from the foundation to the roof to create something outstanding. Just outside the door you are instantly in the heart of the East End and a short walk to inner Washington Ave, the Old Port, in-town, Portland Foreside, East End beach, Eastern Promenade and more. With NOI of $140K and a 5.6 CAP Rate this is not only a worry-free addition to the portfolio, it is highly profitable.

FOR SALE DETAILS

PRICE

$2,450,000 USD

PRICE/SF

$296 USD /SF

# OF UNITS

6

PRICE/UNIT

$408,333

CAP RATE

5.59%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1 North Street

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1904

PARKING SPACES

2

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

B1

APN/PARCEL ID

PTLD-000014-B000007-000001

ASK ABOUT THIS PROPERTY

Tom LandryBenchmark Real EstateMore Info
207-775-0248

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Tom LandryBenchmark Real EstateMore Info
207-775-0248

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.