55-57-59 St Lawrence Street, Portland, ME, 04101
7 Full baths
1915
Other
9,600 sqft
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.
Status:
Active
Type:
Multi-family
Laundry Remarks:
Washer Hookup, Laundry - Coin
Units:
7
Zoning:
RN-4
Subdivision:
Munjoy Hill Neighborhood Conservation District
Heating:
Direct Vent Heater
Cooling:
None
Energy Features:
Ceiling Fans
Basement:
Interior, Bulkhead, Full, Unfinished
Levels:
3
Parking:
11 - 20 Spaces, Gravel, Paved, On Site
Acreage:
0.26
Est. Taxes:
$18,906
Construction
Vinyl Siding, Wood Frame
Utilities
Utilities On
Lot Description:
Rolling/Sloping, Level, Sidewalks, Intown, Near Golf Course, Near Public Beach, Near Shopping, Near Turnpike/Interstate, Neighborhood, Near Public Transit, Near Railroad
View Description:
Scenic
Amenities:
1st Floor Bedroom, Bathtub, One-Floor Living, Other, Pantry, Shower, Storage
Pet Policy:
No Restrictions
MLS #:
1640137
Community Info
School Info
Walk Score
Mass Transit
Yelp
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Listing courtesy of Benchmark Real Estate