280 Lincoln St South Portland, ME 04106

Property Details for 280 Lincoln St

Year built

1900

Lot size

0.69 lot acres

Property size

9,854 SF

Property type

Commercial real estate

Description

This exceptional multifamily property, located at 280 Lincoln Street in South Portland, Maine's Ligonia neighborhood, presents a compelling investment opportunity. The property encompasses a 14-unit apartment building and a 5,582 square foot flex building, currently housing seven commercial tenants. The apartment building, boasting 9,854 square feet, is in excellent condition, featuring numerous renovated units, two recently updated boilers, a brand-new deck, fresh paint throughout, and recently replaced windows. The flex building is divided into seven individual studios/workshops, currently leased to long-term artists and makers on an at-will basis. One commercial unit is owner-occupied, offering the potential for continued tenancy or vacancy for a new owner. The property sits on a 0.69-acre lot and is zoned A. Built in 1900, this property offers a blend of established income generation and potential for future value appreciation. The asking price is $1,475,000, translating to a price per square foot of $149.69. This turnkey property is ideal for investors seeking a fully occupied asset or owner-users desiring shop space while offsetting costs through rental income. The property's strong tenant base and desirable location in South Portland, Maine, make it a highly attractive investment prospect. The property's zip code is 04106, and it is situated in Cumberland County.