523 Washington Avenue, Portland, ME 04103 (MLS# 1561715)

523 Washington Avenue, Portland, ME 04103

$1,970,000
Property Type: Multi-Family Baths: 12 Square Footage: 11,896 Lot Size (sq. ft.): 24,829 Status: Closed
Current Price: $1,970,000 List Date: 6/09/2023 Last Modified: 1/15/2025

Description

12-units on a huge lot close to Portland's downtown, Back Cove, and the future Roux Institute campus. These side-by-side 6-unit buildings enjoy a large yard and parking lot for 16 +/- cars. Even with increased borrowing rates, the existing cash flow from this income property is excellent. Plus, there will be future opportunities to increase rents on turnovers as several of the current tenants are subsidized (no base rents). Both buildings are in remarkably good shape, one having had a fire some years ago was essentially rebuilt from the studs with a sprinkler system. Tenants love the sunny 2 & 3 bedroom layouts, decks, green space, ample parking, proximity to Payson Park and easy access to 295.

Supplements: ********

More Information MLS# 1561715

Location Information

Street #: 523 Street Name: Washington Street Type: Avenue County: Cumberland Town: Portland State/Province: ME Zip Code: 04103 Zip +4: 5153 Leased Land: No Book: 34967 Page: 324 Map: 429 Block: C Lot: 1 Zoning: R5 Zoning Overlay: No Association: No Full Tax Amount $: 26662 Tax Year: 2023 Geo Lat: 43.680717 Geo Lon: -70.258045

Contract Information

Status: Closed Original List Price: 1932500 Sold Price: $1,970,000 Current Price: $1,970,000

Property Information

Surveyed: Yes Seasonal: No Deed Restrictions: Unknown 2 Detached Houses on 1 Lot: Yes Number of Units: 12 Total Baths: 12 Total Full Baths: 12 Color: Gray Year Built: 1905 SqFt Finished Above Grade: 11896 SqFt Finished Total: 11896 SqFt Source: Public Records Garage: No Lot Size Acres +/-: 0.57 Source of Acreage: Survey

Status Change Info

Pending Date: 2023-06-19 Closed Date: 2023-08-15 Closed Price: 1970000

Water Info

Water Frontage: No Water View: No

Building Info

# Heating Units: 1

Units

# of 2 BD Units: 9 # of 3 BD Units: 3

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1420 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 2

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 950 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 3

Lease: No Level: Third Security Deposit: Yes Monthly Rent: 1519 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 4

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 2100 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Water: Yes

Unit 5

Lease: No Level: Second Security Deposit: Yes Monthly Rent: 1679 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 6

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1679 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 7

Lease: No Level: First Security Deposit: No Monthly Rent: 2100 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 8

Lease: No Level: Second Security Deposit: Yes Monthly Rent: 1550 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 9

Lease: No Level: Third Security Deposit: Yes Monthly Rent: 1679 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 10

Lease: No Level: First Security Deposit: Yes Monthly Rent: 1800 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 11

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1700 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: No Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 12

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 2100 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: No Dedicated Water Heater: No Electric: Yes Heat: No Range: No Refrigerator: No Sewer: No Water: No

Utilities

Utilities On: Yes

Sold Info

Appraiser Email Address: pcloutier@nea.cc

Property Features

Site: Open; Sidewalks Location: Intown; Near Turnpike/Interstate Roads: Paved; Public Transportation: Major Road Access; Public Transport Access Style: Other Levels: Multi-Level Construction: Wood Frame Basement: Full; Unfinished Basement Entry: Interior Exterior: Vinyl Siding Roof: Membrane Heat System: Steam Heat Fuel: Gas Natural Water Heater: Gas; Tank Cooling: None Floors: Carpet; Laminate; Tile; Vinyl; Wood Amenities: Laundry - Hookup; Sprinkler Patio and Porch Features: Deck; Porch Driveway: Paved Parking: 11 - 20 Spaces; On Site; Paved Vehicle Storage: No Vehicle Storage Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Listing Office: Vitalius Real Estate Group, LLC
Last Updated: January - 15 - 2025
523 Washington Avenue, Portland, ME 04103- MLS# 1561715
Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. Copyright ©2022 Maine Real Estate Information System, Inc. All Rights Reserved. Equal Housing Opportunity.
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