$2,250,000

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

55-57-59 St Lawrence Street, Portland, ME, 04101
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1915

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:

Commercial

Zoning:

RN-4

Complex:

Munjoy Hill Neighborhood Conservation District

Heating:

Direct Vent Heater

Cooling:

None

Basement:

Bulkhead, Full, Unfinished

Parking:

11 - 20 Spaces, On Site, Paved

Acreage:

0.26

Est. Taxes:

$18,906

Construction

Vinyl Siding, Wood Frame

Lot Description:

Public Transport Access, Near Turnpike/Interstate, Near Airport, Downtown, Near Shopping

Amenities:

Storage

MLS #:

1640218

Community Info

School Info

Walk Score

Mass Transit

Yelp

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Listing courtesy of Benchmark Real Estate