32 Clemons Street, South Portland, ME 04106 (MLS # 1665032)

Rare opportunity to acquire an exceptional five-unit multifamily property in one of South Portland's most desirable neighborhoods. Set on approximately 0.60 acres, this offering combines strong current income, value-add potential, and an attractive owner-occupied opportunity. The property has been meticulously maintained with extensive capital improvements, including roofing, a rebuilt front fire escape and deck system, electrical upgrades, an efficient natural gas heating system, exterior improvements, and a beautiful brick patio. This is a true turnkey asset with a level of care rarely found in today's multifamily market. The owner's residence features a townhouse-style layout with expansive living areas, flexible bonus space, a barn, and a stunning great room above. Enjoy views toward the Portland skyline and Casco Bay from the private deck, while large windows provide abundant natural light. The grounds include a circular driveway, mature gardens, green space, and a detached one-car garage. The generous lot offers a setting rarely found this close to Portland and South Portland amenities, with potential future expansion or redevelopment opportunities. The property consists of three one-bedroom apartments, one studio apartment, and a spacious two-bedroom owner's unit. Current rents are below market, providing immediate upside potential. Tenants pay their own electricity, while the owner provides heat and hot water through an efficient natural gas boiler. With approximately $88,000 in net operating income and a 6.4% cap rate, this property offers stable cash flow, strong tenant profiles, and long-term upside. Whether seeking a quality investment, owner-occupied multifamily, or future development opportunity, 32 Clemons Street is one of Greater Portland most compelling offerings.

Last Updated	6/2/2026	Tract	Meetinghouse Hill Neighborhood
Year Built	1930	Community	Meetinghouse Hill Neighborhood
Garage Spaces	3.0	County	Cumberland

Additional Details

AIR	None
BARN/EQUESTRIAN	Yes
BASEMENT	Full, Interior Entry, Unfinished, Yes
CONSTRUCTION	Frame, Vinyl Siding
GARAGE	Attached Garage, Yes
HEAT	Baseboard, Hot Water
INTERIOR	Other
LOT	0.6 acre(s)
LOT DESCRIPTION	Interior Lot, Landscaped, Near Golf Course, Near Public Transit, Open Lot, Rolling Slope
LOT DIMENSIONS	0.6
MLS STATUS	Active
PARKING	Paved, On Site, Off Street, Detached, Inside Entrance, Attached
SEWER	Public Sewer
STYLE	New Englander
SUBDIVISION	Meetinghouse Hill Neighborhood
TAXES	11636
UTILITIES	Cable Available, Natural Gas Available
VIEW	Yes
VIEW DESCRIPTION	Scenic, Water
WATER	Public
WATER ACCESS	Portland Harbor/Casco Bay

Location

 

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