Description
Steeped in history and architectural splendor, the John Marshall Brown Residence, circa ~1867 is currently home to 8 wonderful residences and a truly magnificent carriage house. Located in the very heart of Portland's historic West End and set on an idyllic half acre, with gracious lawns, flowering trees and a sweeping drive you are transported to a time of grandeur. The preserved period details are nothing short of historic artifacts and a wonder to behold. While precious and preserved, the property has had significant updates with each unit offering light, bright and updated living. Units range from 1-2 bedrooms and rents are below market with room for improvement. With an NOI of $138,795 and a CAP rate of 5% the property functions well for the portfolio minded investor but there is also a condo conversion play. While several units are ideal for the owner occupant one can also see the logic in eliminating units to bring the property back to a 1-2-3 family. The carriage house, much as it appeared over 150 years ago, offers a blank canvas. Almost too good for vehicles, let your mind wonder and imagine the residence this could become. Note - the property is likely eligible for historic tax credits to help with reimagination and rehabilitation. With an address and location that are second to none and walkability to the Western Prom, Waynflete (one of the most prestigious private K-12 schools anywhere) and much, much more this is an opportunity not to be missed.
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0BEDS
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0.51ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Steeped in history and architectural splendor, the John Marshall Brown Residence, circa ~1867 is currently home to 8 wonderful residences and a truly magnificent carriage house. Located in the very heart of Portland's historic West End and set on an idyllic half acre, with gracious lawns, flowering trees and a sweeping drive you are transported to a time of grandeur. The preserved period details are nothing short of historic artifacts and a wonder to behold. While precious and preserved, the property has had significant updates with each unit offering light, bright and updated living. Units range from 1-2 bedrooms and rents are below market with room for improvement. With an NOI of $138,795 and a CAP rate of 5% the property functions well for the portfolio minded investor but there is also a condo conversion play. While several units are ideal for the owner occupant one can also see the logic in eliminating units to bring the property back to a 1-2-3 family. The carriage house, much as it appeared over 150 years ago, offers a blank canvas. Almost too good for vehicles, let your mind wonder and imagine the residence this could become. Note - the property is likely eligible for historic tax credits to help with reimagination and rehabilitation. With an address and location that are second to none and walkability to the Western Prom, Waynflete (one of the most prestigious private K-12 schools anywhere) and much, much more this is an opportunity not to be missed.
Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
© 2023 Maine Real Estate Information System, Inc. All Rights Reserved. Data last updated: 2023-09-24T09:47:59.31.
