1190 Forest Ave Portland, ME 04103

Property Details for 1190 Forest Ave

Year built

1900

Lot size

0.29 lot acres

Property size

22,689 SF

Property type

Residential income homes

Property subtype

Serviced apartments

APN

PTLD M:293 B:A007001

APU

PTLDM293BA007001

Description

This exceptional 15,126-square-foot mixed-use property at 1190 Forest Avenue in Portland, Maine, presents a compelling investment opportunity. The completely occupied brick building boasts a prime location at a high-traffic intersection of Forest Avenue and Bishop Street, ensuring excellent visibility and accessibility. A recent comprehensive renovation included new storefronts, windows, heating, plumbing, and electrical systems, ensuring modern functionality and efficiency. The ground floor comprises six retail spaces currently leased to five tenants, generating strong rental income. Upstairs, the building features 25 newly renovated residential rooming units, along with shared common areas. Ample parking is provided at the rear of the building, including a loading dock, and a separate 0.1825-acre parking lot with over 20 spaces is included in the sale, offering potential for future development. The property's strong financial performance makes it an ideal candidate for a 1031 exchange. Current professional management is available for a seamless transition. Situated near numerous restaurants, shops, businesses, and the University of New England, this property benefits from a vibrant and convenient location. The 0.47-acre lot provides additional value and potential. This is a rare opportunity to acquire a fully occupied, high-performing mixed-use asset in a desirable Portland location.

Location Insight

City

Portland

County

Cumberland

State

Maine

Longitude

-70.2937

Latitude

43.6879

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments