59 Pine St is aspecial purpose property for lease in Portland, ME.
We are pleased to represent two outstanding buildings that are both currently used as Rooming/Boarding Houses on the Portland peninsula. Both have very attractive and stable financial history. The present owner who purchased these back in 2006 has done a great job with stabilizing the income and providing a very necessary alternative to more typical multifamily properties. A number of these occupants at both buildings have been long term residents. The buildings are well maintained inside and out. Pricing is based on an aggressive capitalization rate and both buildings are being sold together. The Pine Street building has 12 units and the High Street building has 16 units. Each unit is comprised of a bedroom and shared baths on each floor. Common area kitchens are typically found on each floor as well. The High Street building does provide for off street parking for some of the residents, if required. Please contact the broker for additional information.
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- Chris Norwood, agent and Rofo Pro