57-59 Cumberland AVE Portland, ME 04101
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Square Footage 2,112 sqft
MLS Listing ID 1658526
Style Other,New Englander
Full Baths 5
HOA Y/N No
Abv Grd Liv Area 2,112
Year Built 1920
Annual Tax Amount $12,321
Tax Year 2026
Lot Size 4,791 Sqft
Acres 0.11
Source Maine Listings
Land Area 2112
Property Description
Positioned on an elevated site, the property offers city skyline views and represents one of the more compelling and reasonably priced investment opportunities in Portland.
With two structures and five total units, ample off-street parking, and strong upside potential, this is an ideal candidate for a 1031 exchange or a quality long-term hold. The property generates ~ $57,000 in net operating income and offers a healthy 6.4% cap rate, delivering immediate returns while positioning investors to benefit from long-term appreciation in one of Portland's most sought-after neighborhoods.
A key differentiator: the property is NOT located within Portland's historic district, opening the door to meaningful flexibility - whether your plan is to renovate, reposition, pursue condo conversion, or demo & develop. With recent high-end condo projects nearby, the potential self evident.
The location offers an exceptional Portland lifestyle--walkable to inner Washington Avenue, the Eastern Promenade, East End Beach, and downtown, and immediately proximate to major employers, Portland's growing tech sector, the Roux Institute, and the forthcoming Portland Foreside development. From Back Cove to the working waterfront and recreational shoreline, this location captures the full breadth of Portland living.
The owner currently pays for heat, while tenants pay electricity, presenting an opportunity for further operational improvement. The building appears to have undergone a substantial renovation in the 1980s.
Rents are below market and poised for improvement, enhancing upside across multiple strategies.
SHOWINGS/OFFERS - group showings only - Fri 4/24 & Mon 4/27 from 12-2. Offers due Tue 4/28 @ 3PM. Allow 48 hrs t
Location
State ME
County Cumberland
Zoning RN4
Rooms
Basement Interior, Brick/Mortar, Full
Interior
Interior Features Bathtub, One-Floor Living, Shower
Heating Hot Water
Cooling None
Flooring Wood, Tile, Carpet
Equipment Internet Access Available
Fireplace No
Laundry Washer Hookup
Exterior
Parking Features 5 - 10 Spaces, Paved
Fence Fenced
Utilities Available 1
View Y/N No
Roof Type Pitched,Shingle
Porch Porch
Garage No
Building
Lot Description Open, Level, Sidewalks, Intown, Near Golf Course, Near Public Beach, Near Shopping, Near Turnpike/Interstate, Neighborhood, Near Public Transit, Near Railroad
Story 3
Foundation Concrete Perimeter, Brick/Mortar
Sewer Public Sewer
Water Public
Architectural Style Other, New Englander
Structure Type Vinyl Siding,Shingle Siding,Other Exterior,Wood Frame
Others
Restrictions Unknown
Energy Description Oil
Nearby Locations