55-57-59 St Lawrence Street, Portland, ME 04101 (MLS# 1640137)

55-57-59 St Lawrence Street, Portland, ME 04101

$2,250,000
Property Type: Multi-Family Baths: 7 Square Footage: 9,600 Lot Size (sq. ft.): 11,326 Status: Active
Current Price: $2,250,000 List Date: 10/07/2025 Last Modified: 11/14/2025

Description

Rare opportunity in one of New England's most desirable coastal communities! Ideally located on a quiet street atop Portland's historic Munjoy Hill, this seven-unit multifamily includes a separate buildable lot — an extraordinary find in one of the city's most coveted RN4 (formerly R6) residential zones. Originally built as a classic double-triple, the property now offers seven well-maintained units with significant updates, modern life-safety systems, and individual utilities — each tenant pays their own heat, hot water, and electricity. The building has been carefully maintained, and rents have kept pace with the market, producing an NOI of ~ $107,000 and a healthy 5% cap rate with strong, consistent income. The real value lies in the adjoining buildable lot, capable of supporting 9 new residential units. Buildings in this zone may reach up to 45 feet in height, offering commanding ocean and city views. The property has already been surveyed, and preliminary civil engineering and lot division work have been completed and are available for review. From the upper floors of the existing structure — and any future development views of Casco Bay, the working waterfront and city skyline await, a rare perspective even on East End. Whether you're an investor seeking strong income with upside potential or a developer ready to capitalize on a premier site, this property checks every box.

Supplements: ********

More Information MLS# 1640137

Location Information

Street #: 55-57-59 Street Name: St Lawrence Street Type: Street County: Cumberland Town: Portland State/Province: ME Zip Code: 04101 Leased Land: No Book: 32341,32689 Page: 90, 166-168 Map: 016 Block: E Lot: 16-19 Zoning: RN-4 Zoning Overlay: No Neighborhood Association: Munjoy Hill Neighborhood Conservation District Association: No School District: Portland Public Schools Full Tax Amount $: 18906 Tax Year: 2026 Tree Growth Y/N: No Geo Lat: 43.664792 Geo Lon: -70.245828

Contract Information

Status: Active Original List Price: 2250000 List Price: $2,250,000 Current Price: $2,250,000

Property Information

Surveyed: Yes Seasonal: No Owner Occupied: No Deed/Conveyance Type Offered: Warranty Deed: All Deed Restrictions: Unknown Bank Owned REO: No 2 Detached Houses on 1 Lot: No Number of Units: 7 Total Baths: 7 Total Full Baths: 7 Color: White Year Built: 1915 SqFt Finished Above Grade: 9600 SqFt Finished Total: 9600 SqFt Source: Public Records Garage: No Lot Size Acres +/-: 0.26 Source of Acreage: Public Records Road Frontage: No

Water Info

Water Frontage: No Water View: Yes Water Body Name: Casco Bay

Building Info

# Stories: 3 # Floors: 3 # Heating Units: 7 # Water Heaters: 7

Units

# of 1 BD Units: 2 # of 2 BD Units: 4 # of 3 BD Units: 1

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1735 # Full Baths: 1 # of Rooms: 2 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 2

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1561 # Full Baths: 1 # of Rooms: 3 # of Bedrooms: 1 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 3

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 2395 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 4

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1295 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Water: Yes

Unit 5

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1740 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 6

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 1675 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 7

Lease: Yes Level: Third Security Deposit: Yes Monthly Rent: 2300 # Full Baths: 1 # of Rooms: 6 # of Bedrooms: 3 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: No Heat: No Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Utilities

Utilities On: Yes

Property Features

Site: Level; Rolling/Sloping; Sidewalks Location: Intown; Near Country Club; Near Golf Course; Near Public Beach; Near Railroad; Near Shopping; Near Turnpike/Interstate; Neighborhood Roads: Paved; Public Transportation: Major Road Access; Near Airport; Public Transport Access; Rail Available Water Body Type: Bay; Ocean Recreational Water: Nearby; Public View: Scenic Style: Other Levels: Multi-Level Construction: Wood Frame Other Structures: Shed(s) Basement: Bulkhead; Full; Unfinished Basement Entry: Bulkhead; Interior Foundation Materials: Brick/Mortar; Stone Exterior: Vinyl Siding Roof: Flat Heat System: Direct Vent Heater Heat Fuel: Gas Natural Water Heater: Gas Cooling: None Floors: Laminate; Tile; Vinyl; Wood Window Features: Double Pane Windows Amenities: 1st Floor Bedroom; Bathtub; Fence; Laundry - Coin; Laundry - Hookup; One-Floor Living; Other Amenities; Pantry; Shower; Storage Patio and Porch Features: Porch Equipment: Cable; Internet Access Available Energy Efficiency: Ceiling Fans Driveway: Gravel; Paved Parking: 11 - 20 Spaces; On Site; Paved Vehicle Storage: No Vehicle Storage Restrictions: No Restrictions Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public

Documents

Listing Office: Benchmark Real Estate
Last Updated: November - 14 - 2025
55-57-59 St Lawrence Street, Portland, ME 04101- MLS# 1640137
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