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    273 Cumberland Ave Portland, ME 04101

    Sponsored
    For Sale
    $4,700,000

    59 Units, Buildable Lot, High ROI

    Property size:
    16,248 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a portfolio of two rooming house buildings totaling 59 units situated on Cumberland Avenue in Portland, Maine. The property encompasses 16,248 square feet across two buildings, constructed in 1910, and sits on a 10,497 square foot lot zoned B2. One building features 16 rooms, the other 43. Importantly, a 4,510 square foot vacant lot is included, offering significant potential. Pre-approved plans exist for an 89-unit mid-rise building on this vacant lot, with complete construction drawings readily available. The existing units are not subject to rent control, presenting a compelling advantage for future income generation. The asking price is $4,700,000, translating to $79,661.02 per unit and $289.27 per square foot. This portfolio offers a rare blend of immediate income and substantial future development potential in a desirable Portland location (zip code 04101). The property's location provides easy access to downtown amenities and transportation. This is a unique chance to acquire a well-positioned multifamily asset with significant upside.

    Property Features for 273 Cumberland Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    16,248 SF

    Building Details

    Year Built
    1910
    Buildings
    2
    Units
    59

    HighLights

    • Two rooming house buildings totaling 59 rooms.
    • 4,510 square foot vacant lot.
    • Approved plans for an 89‑unit mid‑rise building on the vacant lot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sightly Heavy Towtrucks ... Towing Equipment Provider

    Suggested Use

    Realty agency Dental Office Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Law Firm Daycare Center Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2585868
    Latitude
    43.659893

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    FAQs

    What type of property is this?
    Multifamily property - 59 Units, Buildable Lot, High ROI
    Where is this multifamily property located?
    The property is located at 273 Cumberland Ave Portland, ME.
    What is the asking price?
    The asking price for this property is $4,700,000.
    What are key features of this property?
    This property features: Two rooming house buildings totaling 59 rooms.; 4,510 square foot vacant lot.; Approved plans for an 89-unit mid-rise building on the vacant lot.
    Request Owner's contact information
    273 Cumberland Ave Portland, ME 04101
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    Portland, ME 04101
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    273 Cumberland Ave Portland, ME 04101
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