55-57-59 St Lawrence Street

Portland, ME 04101
Baths
7
Square Ft.
9,600
$2,250,000
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 anRead MoreRead Less
Market LogoCourtesy of Benchmark Real Estate 207-775-0248
Listing Snapshot
Days Online
42
Last Updated
Full Baths
7
Square Ft.
9,600
Lot Size
0.26 Acres
Year Built
1915
MLS Number
1640137
Additional Details
Property Access
Road Surface Type: "Paved"
Basement
Basement: "Interior", "Bulkhead", "Full", "Unfinished"
Building
Architectural Style: "Other", Building Area Total: 9,600, Construction Materials: "Vinyl Siding", "Wood Frame", Number Of Units Total: 7, Year Built: 1915, 3 stories, 3 total stories
Cooling
Cooling: "None"
Expenses
Operating Expense: $45,744
Exterior Features
Other Equipment: "Internet Access Available", "Cable", Patio And Porch Features: "Porch", Patio And Porch Features: "Porch"
Fence
Fencing: "Fenced"
Floors
Flooring: "Wood", "Vinyl", "Tile", "Laminate"
Foundation
Foundation Details: "Stone", "Brick/Mortar"
Water Features
Water Body Name: Casco Bay
Heating
Heating: "Direct Vent Heater", Heating Included
Income
Gross Income: $152,412
Interior Features
Features: "1st Floor Bedroom", "Bathtub", "One-Floor Living", "Other", "Pantry", "Shower", "Storage"
Laundry
Features: "Washer Hookup", "Laundry - Coin"
Lot
Features: "Rolling/Sloping", "Level", "Sidewalks", "Intown", "Near Golf Course", "Near Public Beach", "Near Shopping", "Near Turnpike/Interstate", "Neighborhood", "Near Public Transit", "Near Railroad", 0.26 acres, Area: 0.26, 11,326 square feet
Parking
Features: "11 - 20 Spaces", "Gravel", "Paved", "On Site"
Pets Policy
Pets Allowed: "No Restrictions"
Property
Other Structures: "Shed(s)", Parcel Number: 57StLawrenceStreetPortland04101, View: "Scenic", Zoning: RN-4
Roof
Roof: "Flat"
Sewer
Sewer: "Public Sewer"
Taxes
Annual Amount: $18,906, Tax Lot: 16-19
Utilities
Electric: "Circuit Breakers", Water Source: "Public"
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SOurce: Home Junction
Monthly Payment
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30 Days Snapshot Of 04101
$870k
-6%
(avg) sold price
13
-18%
homes sold
146
+121%
(avg) days on market
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Fred Andrews
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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.