Enjoy seasonal views of Back Cove and the Portland skyline from this rare three-unit property in one of the city's most desirable locations. Step out your door to the Back Cove Trail for morning walks, or enjoy coffee on your deck while taking in the water views. With strong rental income potential, this property offers the ideal opportunity to offset your mortgage while living in a premier setting. The owner-occupant third floor unit is filled with natural light and features 1 bedroom and 1 bathroom with an open kitchen, dining, and living area. Two private decks extend the living space outdoors, including one with views overlooking Back Cove. The second floor spans the entire level and offers exceptional light throughout. It includes a spacious living room, a separate dining room with original built-ins, a large kitchen, two well-sized bedrooms, and an updated bathroom. A private deck completes this inviting unit. The first floor also occupies the full level and features a sun-filled layout with a spacious living room and gas fireplace, a dining room with built-ins, and an updated kitchen with granite countertops and new cabinetry. This unit also enjoys a private deck for outdoor living. The basement provides dedicated storage for each unit along with coin-operated laundry. Additional amenities include parking for up to six vehicles between parking lot and a rare two-car garage. Numerous updates have been completed in recent years, making this a well-maintained and versatile investment opportunity. A truly special offering on Back Cove that combines location, views, and income potential.
Multi-familyProperty Type
1916Year Built
6,969 sq ftLot Size
$583Price/Sq.Ft.
2 garage spacesParking
Listed by Rachel Davey• Vitalius Real Estate Group, LLC
East Deering, located between Back Cove and Casco Bay, is a residential and waterfront Portland neighborhood with working-harbor edges and pocket parks. The neighborhood’s character concentrates around the Veranda Street corridor near Payson Park, where corner markets, takeout counters, and everyday errands set a steady, local rhythm. Community touchstones include the historic Tate House Museum, the Portland Yacht Club, and the Portland Trails network threading along the water. Housing ranges from compact capes and mid-century ranches to newer infill, often on quiet, tree-lined blocks. Shoreline views and salt-air breezes shape daily routines, while trail connections link to the peninsula and beyond.
Provided by Walk Score and Local Logic
Offer insights
31 Bates St · $1,395,000
$1.39M and above
75% chance or better to win
Why $1.39M+ is a strong offer
DAYS ON MARKET
78 days
The average home goes pending in 18 days.
SALE-TO-LIST
99.4%
Most homes are selling 1% below list price.
About offer insights
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Dining
Interior features
One-floor living
Negotiable furnished status
One fireplace
Bedrooms
Three residential units: two 2-bedroom units and one 1-bedroom unit
Unit breakdown: one 2-bed unit on the second level, one 2-bed unit on the first level, one 1-bed unit on the third level
Bathrooms
Each unit has a full bathroom (three full baths total)
Kitchen
Each unit includes a refrigerator
Laundry & utility
Coin laundry on site
Each unit has dedicated electric and gas meters and dedicated water heaters
Flooring
Carpet
Wood
Heating & cooling
Baseboard heating
Direct vent heater
Circuit breaker electrical system
Exterior features
Deck
Near turnpike/interstate
Near town
Neighborhood setting
Sidewalks
Water view of Back Cove (cove)
Home design
3-story multi-unit building (3 total units)
Built in 1916
Parking
Detached garage with 2 spaces
Additional common paved parking (5–10 spaces)
Construction
Wood frame with vinyl siding
Shingle roof
Above-grade finished area approximately 2,393
Utilities
Public water
Public sewer
Gas water heater
Financial info
Gross rental income reported: $43,780
Operating expenses reported: $13,832
Individual actual rents reported for units: $1,780; $1,860; (third unit rent not listed)
Other
Zoning: B-2b
Electricity and solar
View estimated energy costs and solar savings for this home