117 Allen Ave, Portland, ME 04103

Property Description

Investors, this one checks all the boxes for an income property or for owner-occupied living. This stately 1912 Victorian with three fully leased apartments in Portland's North Deering neighborhood generates $74,400 in gross annual income. The building offers TWO 2BR/1BA units ($2,400/month on the first floor and $2,100/month on the 2nd floor), and a 1BR/1BA third-floor unit ($1,700/month), each with separate utilities. Landlord pays water & sewer for all. The 3rd-floor unit is income-controlled by the City of Portland - seller currently pays the unit's utilities. Unit 2 is leased through the end of 2026. Units 1 & 3 have leases in place through 10/1/2027. Period charm abounds, with two fireplaces, a large front porch, built-in cabinetry, and original molding, complemented by thoughtful modern updates. 2021 updates include the first-floor kitchen-new cabinets, a butcher block island, and new appliances, including a natural gas range, an added doorway to the dining room, a replaced ceiling in the middle bedroom, and fresh paint throughout unit 1. In 2022, a new sewer line was installed along with a new heater for the second-floor front stairwell. In 2024, the second floor was repainted, its kitchen floor was refinished, and washer/dryers were added for units 2 and 3, so each unit has its own laundry set (landlord owned.) In 2025, an electric hot water heater for the 2nd floor and updated sprinkler system electrics were installed. In 2026, the exterior was painted, a new storm door was installed, landscaping was completed, and the interior stairs were freshly painted. Set on a level 0.29-acre lot near Yale Street, the property also includes a detached 2-car garage, a storage shed and ample off-street parking. Enjoy a convenient location close to UNE's Dental School, shopping, public transit, and great restaurants, with easy access to I-95, I-295, and the airport. This well-maintained, fully occupied investment property is ready for you!