Seller's Agent in 2022
Drew Sigfridson
The Boulos Company
(207) 831-5838
1 in this area
7 Total Sales
585 Congress St Unit 4 Portland, ME 04101
Downtown Portland NeighborhoodEstimated Value: $2,957,276
--
Bed
15
Baths
10,650
Sq Ft
$278/Sq Ft
Est. Value
Highlights
- Property Fronts a Bay or Harbor
- Property is near public transit
- No HOA
- The property is located in a historic district
- Wood Flooring
- 1-minute walk to Congress Square Park
About This Home
As of July 2022We are pleased to present the opportunity to acquire 585 Congress Street, Unit 4. The property is a one of four commercial condos in the building, and this condo is comprised of 14 large residential apartments. All but two units have been renovated in the last several years with new appliances, floors and finishes. 585 Congress, Unit 4, is centrally located on Portland's peninsula and abuts Congress Park. This is an excellent opportunity for an investor looking for a multi-family investment property in Southern Maine's hub city.
The apartments are currently rented at below-market prices, making this an ideal opportunity for an investor who wants to purchase the property at a low price and bring rents up to fair market rent. Portland has a historically low vacancy rate, and these apartments are in high demand. Though subject to rent control, an investor could still bring these apartment rents up to fair market rent within several years and turn this intro a strong cash flowing property.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $17,426
Year Built
- Built in 1850
Lot Details
- Property Fronts a Bay or Harbor
- Sprinkler System
Parking
- No Driveway
Home Design
- Brick Exterior Construction
- Membrane Roofing
- Masonry
Interior Spaces
- 15 Full Bathrooms
- 10,650 Sq Ft Home
- 3-Story Property
- Wood Flooring
- Water Views
- Fire Sprinkler System
Location
- Property is near public transit
- The property is located in a historic district
- City Lot
Utilities
- No Cooling
- Radiator
- Heating System Uses Natural Gas
- Baseboard Heating
- Water Not Available
- Gas Water Heater
Listing and Financial Details
- Legal Lot and Block 2 / E
- Assessor Parcel Number PTLD-000037-E000002-000004
Community Details
Overview
- No Home Owners Association
- 14 Units
Amenities
- Coin Laundry
Building Details
- Operating Expense $54,805
- Gross Income $224,400
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Mar 29, 2022
Closed on
Jul 14, 2022
Sold by
Hammond Heirs Llc
Bought by
Verdant Realty 1 Llc
Seller's Agent
Drew Sigfridson
The Boulos Company
Buyer's Agent
Jesse Fifield
RE/MAX By The Bay
List Price
$2,800,000
Sold Price
$2,600,000
Premium/Discount to List
-$200,000
-7.14%
Total Days on Market
10
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$357,276
Avg. Annual Appreciation
5.82%
Original Mortgage
$1,925,000
Outstanding Balance
$1,854,961
Interest Rate
5.09%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$1,192,908
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Verdant Realty 1 Llc | $2,600,000 | None Available |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Verdant Realty 1 Llc | $1,925,000 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/15/2022 07/15/22 | Sold | $2,600,000 | -7.1% | $244 / Sq Ft |
| 04/09/2022 04/09/22 | Pending | -- | -- | -- |
| 03/29/2022 03/29/22 | For Sale | $2,800,000 | -- | $263 / Sq Ft |
Source: Maine Listings
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $20,136 | $1,341,500 | $268,300 | $1,073,200 |
| 2023 | $19,331 | $1,341,500 | $268,300 | $1,073,200 |
| 2022 | $18,258 | $1,341,500 | $268,300 | $1,073,200 |
| 2021 | $17,426 | $1,341,500 | $268,300 | $1,073,200 |
| 2020 | $17,904 | $768,100 | $153,600 | $614,500 |
| 2019 | $17,904 | $768,100 | $153,600 | $614,500 |
| 2018 | $17,267 | $768,100 | $153,600 | $614,500 |
| 2017 | $16,629 | $768,100 | $153,600 | $614,500 |
| 2016 | $16,215 | $768,100 | $153,600 | $614,500 |
Source: Public Records
Agents Affiliated with this Home
-
Drew Sigfridson
-
John Finegan
Seller Co-Listing Agent in 2022
John Finegan
The Boulos Company
(207) 829-8305
1 in this area
11 Total Sales
-
J
Buyer's Agent in 2022
Jesse Fifield
RE/MAX
(207) 773-2345
Map
Source: Maine Listings
MLS Number: 1522984
APN: PTLD-000037-000000-E002004
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Listing data is derived in whole or in part from Maine Real Estate Information System, Inc. (d/b/a Maine Listings) and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
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