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44 Oak Street , 1, 2, & 3

Portland, ME 04101
  • $2,495,000
  • STATUS: Active
  • MLS #: 1514369
UPDATED: 45 min ago
$2,495,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,648
    SQFT
Neighborhood:
Type:
Commercial
Built:
1914
County:
Area:

School Ratings & Info

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Description

Trophy property at the center of Portland's peninsula offers owner/user, investor or developer limitless opportunity. Called a 'walker's paradise' by WalkScore this location offers immediate access to boutiques, breweries, shops, salons, galleries, grocers and even museums, music venues, monuments and more... This location ensures that any use from commercial to mixed to residential will not only succeed but thrive. The current owners have poured money into this historic property to preserve its past and ensure it meets today's needs/demands. From plumbing, heating and electrical to high-end fit and finish of commercial and office spaces the attention to detail is impressive. What's also impressive is the retained period details from the intricate tin ceilings and trim to the windows on the world plate glass windows. 10-13' ceilings and impressive original construction ensure the structure can live as many lives in the future as it has over the last 100+ years. The property is already set up as condos and is offered 3-ways: 1) all 4 levels = $2.495M, 2) basement, ground and 2nd level = $1.750M, 3) 3rd level = $750K with each level offering approximately 2,200sf. The desirable B3 zone allows for a host of uses and re-imagination / re-development opportunities. Currently the property is part retail (occupied but no lease - ground level and basement), part private club (occupied with lease - 2nd floor) and part office (vacant - 3rd level). One could easily see the 3rd level being converted to residential (1 or 2 units) for resale and re-capitalization or for a very lucky owner occupant. The current cap rate is 4 and the easily attained is 9. The value proposition and opportunity can't be overstated - at list price and well over this represents one of the very best commercial values in recent memory. shown by appointment only between 10-2 Mon - Fri, w/ 48 hours notice.

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Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
© 2021 Maine Real Estate Information System, Inc. All Rights Reserved. Data last updated: 2021-11-30T23:47:26.097.
www.linscottrealestate.com/homes/123168355
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44 Oak Street , 1, 2, & 3 Portland, ME 04101

  • Price: $2,495,000
  • Status: Active
  • On Site: Days
  • Updated: 45 min ago
  • MLS #: 1514369
0
Beds
0
Baths
0
½ Baths
N/A
Acres
8,648
SQFT
$289
$/SQFT
1914
Built
Neighborhood:
Portland
County:
Cumberland
Area:
Portland
Property Description
Trophy property at the center of Portland's peninsula offers owner/user, investor or developer limitless opportunity. Called a 'walker's paradise' by WalkScore this location offers immediate access to boutiques, breweries, shops, salons, galleries, grocers and even museums, music venues, monuments and more... This location ensures that any use from commercial to mixed to residential will not only succeed but thrive. The current owners have poured money into this historic property to preserve its past and ensure it meets today's needs/demands. From plumbing, heating and electrical to high-end fit and finish of commercial and office spaces the attention to detail is impressive. What's also impressive is the retained period details from the intricate tin ceilings and trim to the windows on the world plate glass windows. 10-13' ceilings and impressive original construction ensure the structure can live as many lives in the future as it has over the last 100+ years. The property is already set up as condos and is offered 3-ways: 1) all 4 levels = $2.495M, 2) basement, ground and 2nd level = $1.750M, 3) 3rd level = $750K with each level offering approximately 2,200sf. The desirable B3 zone allows for a host of uses and re-imagination / re-development opportunities. Currently the property is part retail (occupied but no lease - ground level and basement), part private club (occupied with lease - 2nd floor) and part office (vacant - 3rd level). One could easily see the 3rd level being converted to residential (1 or 2 units) for resale and re-capitalization or for a very lucky owner occupant. The current cap rate is 4 and the easily attained is 9. The value proposition and opportunity can't be overstated - at list price and well over this represents one of the very best commercial values in recent memory. shown by appointment only between 10-2 Mon - Fri, w/ 48 hours notice.
Exterior Features

Construction Masonry Exterior Brick Parking No ParkingOff SiteOff StreetOn StreetOther Parking Roof Flat

Interior Features

Basement FinishedFull Ceiling Height Or More 10 Cooling Central Air Heat Fuel Gas Natural Heat System Hot AirMulti-Zones Office Sqft Or More 4301 Retail Sqft 4347

Property Features

Building Features Elevator Passenger Electric Circuit Breakers Fee Frequency Paid Monthly Leased Land No Leases Partial Location Bus LineDowntownNear AirportNear ShoppingNear Turnpike/InterstatePublic Transport AccessRail Available Property Uses CommercialFlexFreestanding BuildingOffice BuildingRetail Sewer Public Sewer Surveyed Unknown Water Public Zoning B3 / Deoz Zoning Overlay Yes

Listing provided courtesy of Benchmark Real Estate.

© 2021 Maine Real Estate Information System, Inc. All Rights Reserved.

Mortgage Calculator is provided by BoomTown.

Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
© 2021 Maine Real Estate Information System, Inc. All Rights Reserved. Data last updated: 2021-11-30T23:47:26.097.
 
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Linscott Real Estate
22 Cottage Road
South Portland ME, 04106
Mortgage Calculator tool is provided by BoomTown.