We 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.
Multi-familyProperty Type
1850Year Built
$244Price/Sq.Ft.
Listed by Andrew Sigfridson• The Boulos Company
Listed by John Finegan• The Boulos Company
Bought with Jesse Fifield• Portside Real Estate Group
*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.
Public record
Public record
Zoning
Beds
—
Baths
—
Stories
—
Lot width
—
Lot depth
—
Lot size
—
Year renovated
—
Sq. Ft.
10,650
Year built
1900
Style
Condo/Co-op
County
Cumberland County
APN
1464286
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 27, 2026.
B3
DEOZ
Downtown Business District
To maintain and enhance the role of the downtown as the business and commercial center of the region, and to enhance and promote the orderly expansion of retail and service businesses downtown, satisfying the related needs of the city’s resident, working, and visitor populations. The B-3 zone encourages increased housing opportunities downtown, including three-family, four-family, townhouse, and multi-family structures to accommodate Portland’s diverse residential population, and supports an active, walkable pedestrian environment through the encouragement of intensive mixed-use activities, enhancement and maintenance of public and private open space, and the enlivenment and increased attractiveness of the street environment. Standards of the B-3 zone require excellence in urban design, to preserve and capitalize on the unique character and historic fabric of downtown Portland by encouraging reuse of significant existing structures and providing opportunities for an enhanced presence and integration of arts and cultural activities. The zone reinforces the role of downtown as a meeting place for community residents and visitors alike from all walks of life and all socio- economic groups by prioritizing access via multiple modes of transportation and enhancing and protecting the pedestrian environment.
Zone overlays
Permitted uses
Include but are not limited to:
Day care facility
General retail
Restaurant
Housing-Multiple units
Housing-Senior
Industrial
Hotel / motel
Mixed use
Office
Public service
Property details
Parking
Parking Information
Parking Features: No Parking, No Driveway
Interior
Bathroom Information
# of Baths (Full): 15
Interior Features
Flooring: Wood
Laundry Information
Laundry Features: Coin Laundry
Exterior
Building Information
Construction Materials: Brick, Masonry
Roof: Membrane
Total Building Area (Sq. Ft.): 10,650
Property Information
Security Features: Sprinkler
Year Built: 1850
Above-Grade Finished Area (Sq. Ft.): 10,650
Levels: Multi-Level
Lot Information
Lot Size Source: Public Records
Lot Features: Sidewalks, Historic District, Intown, Near Shopping, Near Turnpike/Interstate, Near Town, Near Public Transit
Road Surface Type: Paved
Zoning: B3
Waterfront Information
Water Body Name: Casco Bay
Water Body Type: Bay
Water View: Yes
Financial
Tax Information
Annual Tax Amount: $17,426
Tax Year: 2021
Utilities
Utility Information
Has Heating
Heating: Radiator, Baseboard
Electric: Circuit Breakers
Sewer: Public Sewer
Utilities: Utilities On
Utilities On: Yes
Water Heater: Gas
Location
Multi-Unit Information
# of Units Total: 14
# of 1 Bedroom Units: 10
# of 2 Bedroom Units: 3
# of 3 Bedroom Units: 1
Operating Expense: $54,805
Gross Income: $224,400
Unit 1 Information
# of Bedrooms: 2
Actual Rent: $1,450
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Third
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 2 Information
# of Bedrooms: 1
Actual Rent: $1,350
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Upper
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 3 Information
# of Bedrooms: 1
Actual Rent: $1,100
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Second
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 4 Information
# of Bedrooms: 1
Actual Rent: $1,300
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Second
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 5 Information
# of Bedrooms: 2
Actual Rent: $1,275
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Second
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 6 Information
# of Bedrooms: 3
Actual Rent: $1,750
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Third
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 7 Information
# of Bedrooms: 1
Actual Rent: $1,300
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Four +
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 8 Information
# of Bedrooms: 1
Actual Rent: $1,300
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Third
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 9 Information
# of Bedrooms: 1
Actual Rent: $1,250
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Second
Refrigerator: Yes
Sewer: Yes
Water: Yes
Unit 10 Information
# of Bedrooms: 1
Actual Rent: $1,250
Dedicated Gas Meter: Yes
Dedicated Water Heater: Yes
Electric: No
Level: Third
Refrigerator: Yes
Sewer: Yes
Water: Yes
HOA Information
Pets Allowed: No Restrictions
Location Information
Unparsed Address: 585 Congress Street 4, Portland, ME 04101
Public facts
Beds: —
Baths: —
Sq. Ft.: 10,650
Stories: —
Lot Size: —
Style: Condo/Co-op
Year Built: 1900
Year Renovated: —
County: Cumberland County
APN: 1464286
Home facts updated by county records on Jul 27, 2026
Around this home
Schools
Howard C Reiche Community School
Public PreK-5 • Assigned • 0.4mi
3/10
Deering High School
Public 9-12 • Assigned • 2.0mi
2/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
Historical weather
Portland, ME • 04101
Average low and high temperatures (°F)
31
18
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44
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80
64
77
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71
56
61
46
50
36
36
22
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Feb
Mar
Apr
May
Jun
Jul
Aug
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Sun exposure
In this area, properties receive around 8.5 hours in
June and 4.3 hours in December, placing it below the
U.S. average for solar exposure.
8.5 hrs
4.3 hrs
JuneDecember
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