Investors and house hackers - this downtown Portland 3-unit offers a strong income with two 3-bedroom units currently renting for $2,700/month each, while the vacant third-floor 2-bedroom gives you the opportunity to generate more income, move in yourself, or make further improvements to build additional equity. The property is equipped with a sprinkler system, separate electric, and a single gas meter. Add to your investment portfolio or offset your housing costs with rental income.
Multi-familyProperty Type
1896Year Built
2,613 sq ftLot Size
$260Price/Sq.Ft.
1 spaceParking
Listed by Briton Vitalius• Vitalius Real Estate Group, LLC
Listed by Christopher Sullivan• Vitalius Real Estate Group, LLC
Parkside, located between Deering Oaks Park and the Arts District, is a residential and artsy Portland neighborhood with a leafy park edge and a grid of classic apartment blocks. The neighborhood’s character concentrates along Congress Street near the Portland Museum of Art, where galleries, coffee counters, and small restaurants set a steady street rhythm. The State Theatre, Portland Museum of Art, and Tandem Coffee + Bakery act as cultural pillars with regular foot traffic. Brick multifamily buildings and restored Victorians line side streets, with pocket gardens and stoops shaping the streetscape. Deering Oaks adds ballfields, paths, and seasonal events that pull daily routines outdoors. A walkable layout links local studios, corner markets, and transit stops without losing a lived-in feel.
Provided by Walk Score and Local Logic
Offer insights
124 Sherman St · $789,000
$789K and above
75% chance or better to win
Why $789K+ is a strong offer
DAYS ON MARKET
25 days
The average home goes pending in 50 days.
SALE-TO-LIST
97.7%
Most homes are selling 2% below list price.
About offer insights
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Interior features
Vinyl and wood floors
Full, unfinished basement with interior entry
Bedrooms
Three total units: two 3-bedroom units and one 2-bedroom unit
Unit on first level: 3 bedrooms
Unit on second level: 3 bedrooms
Unit on third level: 2 bedrooms
Bathrooms
Each unit has a full bathroom (3 full baths total)
Kitchen
All units include a refrigerator
Laundry & utility
Dedicated electric meter for each unit
No dedicated gas meters or dedicated water heaters for units
Flooring
Vinyl flooring
Wood flooring
Heating & cooling
Heating present: forced air and space heaters
Electric system with circuit breakers
Gas water heater
Exterior features
Porch
Level lot with sidewalks
Urban/in-town setting
Paved road
Home design
Wood-frame construction with asbestos siding noted
Three-story, multi-level building
Built in 1896
Block and brick/mortar foundation
Shingle roof
Zoned RN-4
Parking
1–4 parking spaces; combination of off-street and on-street parking
Security
Fire sprinkler system
Construction
Wood frame construction
Asbestos listed among materials
Block and brick/mortar foundation
Shingle roof
Originally built in 1896
Utilities
Public water
Public sewer
Utilities are on
HOA & community
No cats or dogs allowed
Financial info
Property configured as a 3-unit multifamily
Gross income reported: $91,584
Operating expenses reported: $24,756
Actual rents shown by unit: two 3-bedroom units at $2,766 each; one 2-bedroom unit at $2,100
Electricity and solar
View estimated energy costs and solar savings for this home
To set aside areas on the peninsula for housing characterized primarily by multi-family dwellings at a high density providing a wide range of housing for differing types of households; to conserve the existing housing stock and residential character of neighborhoods by controlling the scale and external impacts of professional offices and other nonresidential uses; and to encourage new housing development consistent with the compact lot development pattern typically found on the peninsula.
Permitted uses
Include but are not limited to:
Housing-Single unit
Housing-Multiple units
Housing-Other
Bed & breakfast
Lodging & hospitality-Other
Cemetery
Park & open space
Sep 12, 2026 • Active
Electrical
Electrical
Nov 2, 2022 • Final
Electrical
Electrical
Kitchen
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
5/10 Heat Factor
7 days above 88° expected this year, 18 days in 30 years
6/10 Wind Factor
64% chance of strong winds in next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 1 days in 30 years
Provided by First Street
Historical weather
Portland, ME • 04101
Average low and high temperatures (°F)
31
18
33
18
44
30
52
39
63
49
74
58
80
64
77
60
71
56
61
46
50
36
36
22
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
57/ 100
Moderate sunlight
Sunscore
There appears to be some shading by surrounding buildings, terrain, and vegetation.
8.2 hrs
0.6 hr
JuneDecember
Provided by Shadowmap
Redfin Estimate for 124 Sherman St
$784,209
$4,791 under list price of $789K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $702K to $904K.