- Great opportunity to acquire a well-located six-unit multifamily property in Portland's highly desirable West End, just off Congress Street and adjacent from Maine Medical Center. - 5,766± SF multi-family offering a variety of 1-3 bedrooms with significant value-add potential through rental upside and future unit improvements. - Sale Price: $1,100,000
Valley Street, located between Congress Street and the Fore River Parkway, is a residential and light-industrial Portland neighborhood with compact blocks and working waterfront edges. The neighborhood’s character concentrates around the Valley Street–Congress Street junction, where corner storefronts, repair shops, and small studios meet steady cross-town traffic. Longfellow Square anchors the nearby streetscape, while the Portland Museum of Art and Merrill Auditorium add a cultural throughline up Congress. Housing mixes older multi-unit buildings with converted commercial spaces, giving the area a practical, lived-in texture. Side streets feel quieter, while the main corridors carry buses, bikes, and a steady rhythm of daily errands. The Fore River Trail and Western Promenade corridor frame the geography with green relief and broad views.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Wood flooring
Walk-out, daylight, unfinished full basement with interior entry
Bedrooms
Six total units: three 1-bedroom units, one 2-bedroom unit, two 3-bedroom units
Bathrooms
Six full bathrooms (one per unit)
Kitchen
No refrigerators included in listed units
Laundry & utility
Each unit has its own electric meter, gas meter, and dedicated water heater
Electric service with circuit breakers
Direct vent heating in units
Flooring
Wood
Heating & cooling
Direct vent heater (heating present)
Exterior features
Intown location with sidewalks
Near turnpike/interstate
Home design
Multi-level building
Parking
No driveway; street parking
Construction
Built in 1912
Wood frame construction with vinyl siding
Brick/mortar foundation
Flat roof
Utilities
Public water
Public sewer
Utilities currently on
Electric water heater
Financial info
Gross income reported: $87,944.16
Operating expenses reported: $32,986.59
Individual unit actual rents range from $1,000 to $1,600
Electricity and solar
View estimated energy costs and solar savings for this home
West End 6 unit ideally located next door to Maine Medical Center on a dead end street just steps from the park entrance and the Western Prom. Located across the street from a wooded area and next to the park makes it hard to believe this is on the coveted downtown peninsula and just a short walk to Hadlock Field, the Expo, Union Station Plaza and many area shops and restaurants. 1 mile from University of Southern Maine, 3 miles from the Portland Jetport and next door to the hospital all make this a highly desirable and easily rented apartment building. The property has vinyl siding, new rear decks, new front entry stairs and new side walkways plus a brand new roof in 2019. Brick foundation was repointed in several areas as needed. Natural gas heat and updated separated electrical panels. Tenants pay for their own heat & electricity. All the major work has been done. These units feature hardwood floors, period moldings and high ceilings. Most have updates in the kitchens and baths but some units could benefit from cosmetic upgrades. Situated on 5767 sq. ft lot in an R6 zone. Potential for expansion of existing units especially in the huge basement level area with very high ceilings or possibly adding unit(s). both 6 and 8 units are referenced in the town records. It is recommended that buyers check with the city directly about any possible changes to what exists currently. Some long term tenants in place with rents well below market. Group showings only.
MREIS #1547454
Nov 3, 2022
Listed
$950,000
$82/sq ft
MREIS #1215563
Aug 5, 2015
Price Changed
$579,000
$50/sq ft
May 14, 2015
Listed
$619,000
$54/sq ft
Year
Property tax
Land + Additions
Assessment*
2024
$14,582 (+4.2%)
$233,200 + $738,300
$971,500
2023
$13,999 (+5.9%)
$233,200 + $738,300
$971,500
2022
$13,222 (+4.8%)
$233,200 + $738,300
$971,500
2021
$12,620 (+100.9%)
$233,200 + $738,300
$971,500
2020
$6,282
$68,600 + $200,900
$269,500
2019
$6,282 (+3.7%)
$68,600 + $200,900
$269,500
2018
$6,058 (+3.8%)
$68,600 + $200,900
$269,500
2017
$5,835 (+2.6%)
$68,600 + $200,900
$269,500
2016
$5,689 (+2.3%)
$68,600 + $200,900
$269,500
2015
$5,560 (+3.2%)
$68,600 + $200,900
$269,500
2014
$5,390
$68,600 + $200,900
$269,500
Public record
Public record
Zoning
Beds
—
Baths
—
Stories
—
Lot width
—
Lot depth
—
Lot size
5,663 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
—
Unfinished Sq. Ft.
—
Total Sq. Ft.
7,353
Year built
1912
Style
Multi-Family (5+ Unit)
County
Cumberland County
APN
115485
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 27, 2026.
R6
Residential
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
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
4/10 Heat Factor
7 days above 88° expected this year, 18 days in 30 years
6/10 Wind Factor
60% 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 • 04102
Average low and high temperatures (°F)
30
17
33
16
44
29
53
37
63
48
75
58
80
64
78
59
72
54
61
44
50
34
35
21
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
52/ 100
Moderate sunlight
Sunscore
There appears to be some shading by surrounding buildings, terrain, and vegetation.
6.9 hrs
1.5 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 16 Gilman St
There isn’t enough information to generate an accurate estimate at this time. Learn More