A four-parcel corner · East Bayside · Portland, Maine
Oxford &Cedar
Four contiguous parcels. Three buildings. One developable corner. Income today. A building tomorrow.
Offered at
$3,000,000
0.262 acres · 11,417 sq ft
$263 / sf of land · 3 bldgs · 14 beds
JV & seller financing on the table
Madelyn Danse · Keller Williams Realty of Maine [email protected] · (207) 531-5896
Richard Reynolds · Keller Williams Realty of Maine [email protected] · (207) 560-4883
oxfordcedar.com
43.6600° N · 70.2601° W
§ 01 · The Premise
A working corner, held in single ownership.
Four contiguous parcels at a working corner in Bayside — two houses, a duplex, and
a vacant lot — held in single ownership and offered as one assemblage. The properties
carry themselves on rents today. The land underneath them is what the buyer will pay for.
For the buyer with a vision
A walkable corner two minutes from Munjoy Hill, three from Back Cove, and one block from PHA’s approved 173-unit COMB Block. The neighborhood’s next chapter is being written in building permits.
For the developer
A consolidated 11,417 sf site in RN-4, eligible — subject to verification — for ReCode Inclusionary Zoning bonus and LD2003’s 2.5× density multiplier. Pre-app with Portland Planning is the next step.
For the developer’s agent
Income in place to underwrite carry through entitlements. Single-owner LLC simplifies title. Survey on file. Seller open to a feasibility contingency — and to JV or seller financing with the right partner.
§ 02 · The Site
Four parcels, one L-shaped corner.
City of Portland tax map · parcels at Oxford & Cedar, highlighted
Parcel
Lot
Use
Bd/Ba
Rent /mo
198 Oxford St
2,879 sf
Two-unit · gas heat / Rinnai
4 / 2
$5,300
200 Oxford St
3,920 sf
Vacant land · two concrete slabs (11′×40′ · 11′×36′)
—
—
25 Cedar St
2,309 sf
Two-unit · steam · gas furnace
5 / 2
$4,843
21 Cedar St
2,309 sf
Single-family · gas heat
5 / 2
$4,732
Total
11,417 sf · 0.262 ac
3 buildings + dev. parcel
14 / 6
$14,875
§ 03 · Income, Today
Fully tenanted — carrying itself.
The package is fully tenanted excepting the development parcel at 200 Oxford. Numbers below
reflect the 2025 actuals and the seller’s 2026 projection based on Portland’s
2.2% CPI rent allowance and a vacancy turn at 21 Cedar.
2026 Gross Rent (proj.)
$178,500/yr
$14,875 monthly across 3 buildings
2025 Actual Gross
$171,948/yr
$14,329 monthly
Taxes (Oct '25 + Mar '26)
$20,263/yr
All four parcels combined
Insurance
$8,200/yr
200 Oxford is fenced and uninsured
Utilities (landlord-paid)
$29,282/yr
Unitil · CMP · PWD; tenants pay 25 Cedar CMP
2026 NOI (est.)
≈ $118,635/yr
After taxes, insurance, utilities, services & licenses · ≈ 3.7% cap at ask
The yield is not the story. The story is what the dirt is worth once it is no longer pinned
beneath three small buildings. Income covers carry while that conversation is had with the City.
§ 04 · What the Code Allows
The bonus stack — worked in public.
Three layers stack: Portland’s base zoning under ReCode, the Inclusionary Zoning
ordinance, and Maine LD2003’s state-mandated density multiplier. Each is sourced;
the math is shown.
01 · Base
RN-4 Residential
Minimum lot area 725 sf / DU, 45-ft height limit for 3+ unit buildings, 60% max lot coverage. Off-street parking minimums eliminated citywide.
02 · Bonus
Inclusionary Zoning · +25%
Portland ReCode permits a density bonus up to ×1.25 when a qualifying share of units is income-restricted (Sec. 14-181). Applied on top of RN-4 base.
03 · Multiplier
Maine LD2003 · ×2.5
30-A M.R.S.A. § 4364 requires Portland to permit ×2.5 base density when ≥51% of units are income-restricted. First approved use: Stroudwater Commons (July 2025).
Sources: Portland ReCode Phase 2 (adopted 4 Nov 2024); Portland IZ ordinance § 14-181; 30-A M.R.S.A. § 4364 (LD2003). Not legal advice; not an approved unit count. Pre-application meeting with Portland Planning is the next step.
§ 05 · In Context
What the neighborhood has been clearing.
Pulled from Maine MLS sources covering every Portland multifamily closing since January 2024
(n = 221) and every small-lot infill land closing (n = 24). Most relevant
trades below.
Portland MF · Median $/Unit
$315,000
Subject at ask = $291K/unit on in-place beds
Portland MF · Median $/SF Bldg
$289
218 Washington Ave clearing $700–$830/sf new-build
Peninsula Land · Top Comp
$138.70/sf
30-32 Atlantic St · Apr 2025 · 5,227 sf · R-6
Address
Date
Price
Units
Lot
Why it matters
156 Oxford St
10 Oct 2025
$1,010,000
2
1,742 sf
New-build (2020) two-unit on the same street. $385/sf bldg, $580/sf land.
55-57-59 St Lawrence
27 Feb 2026
$2,200,000
7
11,326 sf
Almost identical lot size. $314K/unit. Existing-building basis — no entitlement upside priced in.
106 & 108 Cumberland
27 Dec 2024
$2,150,000
4
2,613 sf
Peninsula assemblage. $537K/unit, $355/sf bldg — sets upper end of in-place pricing.
30-32 Atlantic St
8 Apr 2025
$725,000
land
5,227 sf
The cleanest raw-land comp in Bayside. R-6 zoning. $138.70/sf land.
237-241 High St
12 Jan 2024
$2,200,000
19
9,148 sf
Closest scale-comp by units. $116K/unit, $162/sf bldg — institutional pricing for value-add.
The framing. The rent roll prices in line with Portland’s multifamily
median. The land alone, even at peninsula-premium rates, prices below the asking. The premium
is the entitlement — the right to build into the bonus stack described in § 04.
No Portland multifamily asset has closed above $3M in 2024–2026; the next comparable
trade will be the one that clears it. The seller is willing to be a partner on that crossing
— through a JV stake or by holding paper — if the structure fits the project.
Full comparable set available online at oxfordcedar.com — PDF handout, Excel workbook, and three CSV files.
§ 06 · High and Dry, Verified
Outside every storm surge footprint.
Bayside carries a general reputation for low ground — deserved for the Marginal Way
corridor, not for this corner. The property sits on the slope that climbs from the former
tidal flats up to Munjoy Hill. The authoritative public data, read against the parcel, says
so plainly.
FEMA Flood Zone
Zone X
Area of Minimal Flood Hazard. Outside SFHA. FIRM 23005C.
Parcel Elevation
41–45 ft
USGS 3DEP LiDAR, NAVD88, four parcel centroids.
Maine Hurricane Evac Zone
None
State “Know Your Zone” returns no evacuation zone at the parcel.
SLR + Surge Cleared Through
+10.9 ft
Most extreme Maine MGS scenario — HAT + combined SLR + storm surge.
Fig. 06a
SLOSH Cat 1–4 storm surge at mean high tide. Nearest Cat 4 water ≈ 200 ft north; Cat 1 ≈ 365 ft.
Fig. 06b
SLR + storm surge above HAT. Parcels remain dry under every scenario Maine publishes, including HAT + 10.9 ft.
Two minutes from Munjoy Hill, three from Back Cove, one block from the COMB Block —
and outside every storm surge footprint the State of Maine and U.S. Army Corps of Engineers model.
A buyer underwriting a forty-year hold does not have to price climate risk the way a
waterfront peer does.
Sources: U.S. Army Corps of Engineers SLOSH model (NWS); Maine Geological Survey — SLOSH Hurricane Inundation & SLR + Storm Surge Scenarios 2018; FEMA NFHL FIRM 23005C (Cumberland County); USGS 3DEP LiDAR; Maine “Know Your Zone” evacuation layer. SLOSH accuracy ±20%; excludes wave run-up, rainfall, and freshwater flow. Analysis dated April 2026.
§ 07 · The Vision
A corner on the night of its best day.
The seller’s working concept: a four-story corner building of brick and dark cladding,
ground-floor commercial activating Oxford, a residential lobby on Cedar, balconies turning
the corner. Up to 40 dwelling units with the affordability component required
by LD2003 — per the bonus math in § 04. Renderings are conceptual; no
application has been submitted.
§ 08 · Inquire
Three ways to step in.
Straight acquisition — acquire the assembled corner, carry it on
rents, advance entitlements on your own timeline.
Joint venture — bring capital and capability to the development
side; the seller contributes the land basis and a rent roll that covers carry.
Seller financing — fixed-term note against part of the price, so
the entitlements thesis is priced into the exit, not the entry.
Keller Williams Realty of Maine · Home Sweet Maine oxfordcedar.com
Disclaimer.
All figures are drawn from seller-provided documents and public sources (Portland GIS, MLS,
City of Portland records, FEMA NFHL, Maine Geological Survey, USGS 3DEP). Information deemed
reliable but not guaranteed. Square footage, acreage, and rent figures are approximate.
Zoning paths and unit counts are non-binding interpretations; the authoritative path runs
through a Portland Planning & Urban Development pre-application meeting. This brochure
is not an appraisal, not a rent certification, and not legal advice. Renderings shown are
conceptual studies only.
