55 Sherman Street, Portland, ME, 04101 | $1,550,000

This classic Portland building offers a blend of historic charm and modern upgrades making this lovely 7 unit apartment building a rare find in the Portland market. Ideal for investors or an owner occupied opportunity which provides stability, growth potential, and minimal future maintenance. The first floor apartment is a spacious 2 bed, 2 full bath unit; living room with bay windows, a formal dining room, kitchen with pantry space, high ceilings & plenty of light throughout with nooks and crannies for clever storage spaces; currently owner occupied. An ideal situation to set the rent to current market or for the new owner to reside comfortably. All 7 apartments have updated flooring, appliances, new windows, updated lighting. Upgrades completed with durability in mind along w/ creative use of color & space to attract long-term residents.

Other updates include a new roof (2022) with a 50 year, twice transferrable warranty; updated NG boiler in the basement, LED light fixtures throughout building, line to the street main replaced with PVC as well as the plumbing lines under basement & stacks to the third floor. Radon removal system installed. The building has also been insulated to maximize energy savings including spray foam in the basement, insulation board under updated siding, insulation under new drywall in the back hallway & attic storage space completed this year. Fully fenced backyard for green space available for all to enjoy including canopy for sun shade, fire pit, grill and sitting swing. Coin-op washer and dryer for extra monthly cash. Ideal peninsula location with an amazing walkability score of 92 to restaurants, shops, bars & services. Highly desirable deeded parking spaces for 7 vehicles with no maintenance responsibilities. Excellent rental history and currently fully occupied. 55 Sherman Street has approved and recorded banked rents for the completed renovations available for use by the new owner.

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