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.
A walkable corner two minutes from Munjoy Hill, three from Back Cove, and one block from Portland Housing Authority’s 173-unit COMB Block approval. The neighborhood’s next chapter is being written in building permits.
A consolidated 11,417-square-foot site in RN-4, eligible — subject to verification — for ReCode’s Inclusionary Zoning bonus and Maine LD2003’s 2.5× density multiplier. A pre-application meeting with Portland Planning is the next step.
Income in place to underwrite carrying costs through entitlements. Single-owner LLC simplifies title. Survey on file. Seller will entertain offers contingent on a feasibility period — and is open to joint-venture or seller financing with the right partner.
The four parcels form an L around the southwest corner of Oxford and Cedar. Two front Oxford Street — 198 (two-unit) and the vacant 200, which retains two concrete slabs (11′×40′ and 11′×36′). Two front Cedar Street — 25 (two-unit) and 21 (single-family).
| Parcel | Use | Lot | Bed/Bath | 2026 Rent /mo |
|---|---|---|---|---|
| 198 Oxford St | Two-unit · gas heat / Rinnai | 0.066 ac · 2,879 sf | 4 / 2 | $5,300 |
| 200 Oxford St | Vacant land · two concrete slabs | 0.090 ac · 3,920 sf | — | — |
| 25 Cedar St | Two-unit · steam radiators · gas furnace | 0.053 ac · 2,309 sf | 5 / 2 | $4,843 |
| 21 Cedar St | Single-family · gas heat | 0.053 ac · 2,309 sf | 5 / 2 | $4,732 |
| TOTAL | 3 buildings + dev. parcel | 0.262 ac · 11,417 sf | 14 / 6 | $14,875 |
The package is fully tenanted (excepting the development parcel). The seller has provided a 2025 actual and a 2026 projection, reflecting Portland’s 2.2% CPI rent allowance and a vacancy turn at 21 Cedar.
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.
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.
The four parcels sit within Portland’s RN-4 Residential Neighborhood district under ReCode Phase 2 (adopted 4 November 2024). RN-4 sets a minimum lot area of 725 sq ft per dwelling unit for multi-family, a 45-foot height limit for buildings of three or more units, and 60% maximum lot coverage. Off-street parking minimums for residential use have been eliminated citywide.
Any project of 10 or more units triggers Portland’s IZ ordinance: 25% of units affordable at ≤ 80% AMI, or fee-in-lieu (≈ $182,830 / unit, current 2026 figure). Compliance unlocks a +25% density bonus. 218 Washington Avenue used the IZ framework to deliver 45 condominiums (built under the prior ordinance).
For projects in which 51% or more of units are affordable (≤80% AMI rental, ≤120% AMI for-sale), Maine’s 30-A M.R.S.A. § 4364 requires municipalities in designated growth areas to allow a 2.5× density multiplier. Portland has designated the entire mainland a growth area. First large-scale project approved under the new rules: Stroudwater Commons — 130 condominiums (78 income-restricted + 52 market-rate) plus 26 ADUs on 4 acres, vs. ≈ 8 units pre-ReCode.
| Site (after lot consolidation) | 11,417 sf · 0.262 ac |
|---|---|
| RN-4 base density (725 sf / DU) | 11,417 ÷ 725 = ~15 units by-right |
| Path A — Inclusionary only (+25%) | 15 × 1.25 = ~19 units · 25% affordable @ ≤80% AMI or fee-in-lieu |
| Path B — LD2003 (≥51% affordable, ×2.5) | 15 × 2.5 = ~38–40 units · per 30-A M.R.S.A. § 4364 |
| Path C — IZ + LD2003 stacked | 15 × 2.5 × 1.25 ≈ ~47 units · subject to city interpretation |
| Building envelope (4 stories, 45 ft) | 60% coverage × 4 = ~27,400 gsf · ~700 gsf/unit ≈ ~39 efficient units |
| Comparable density nearby | COMB Block — 173 units / 1.53 ac ≈ 113 du/ac (PHA, 7 stories) |
| Required verification | Pre-application meeting · open-space minimum · setbacks · stormwater · IZ interpretation re: bonus stacking |
Forty units is achievable on the Path B math, not a city determination. Recently approved nearby projects (COMB Block, Stroudwater Commons) demonstrate the city’s appetite for density when paired with workforce housing. A pre-application meeting with Portland Planning & Urban Development (207-874-8721) is the recommended next step before underwriting a unit count.
Recent approvals and closings within a five-minute walk of the corner. Comparable sales drawn from MLS sources.
173 affordable units across three phases. Demolition began in early 2026; completion targeted 2028–2029. Owned by the Portland Housing Authority.
Press Herald →Built under Portland’s prior Inclusionary Zoning ordinance. Forty-five units (21 one-bedrooms + 24 two-bedrooms) clearing $700–$830 / sf in 2025–2026 sales.
Ninety-six mixed-income units — 28 Housing First, 20 income-restricted, 48 market-rate. A rebuilding of the same Oxford Street corridor.
Fifty-five mixed-income units in a six-story building (23 efficiency, 10 one-bed, 13 two-bed, 9 three-bed); 80% at ≤60% AMI; 28 units with project-based vouchers.
The first large-scale project approved under Portland’s post-ReCode rules using the LD2003 density multiplier — 78 income-restricted + 52 market-rate condominiums plus 26 ADUs, vs. roughly 8 units permissible pre-rewrite.
Pulled from MLS sources covering every Portland multi-family closing since January 2024 (n = 221) and every small-lot infill land closing (n = 24). The most relevant trades to Oxford & Cedar are below.
| 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. |
| ↺25 Cedar St (subject) | 23 Mar 2023 | $550,000 | 2 | 2,178 sf | Last arms-length trade of one subject parcel. Up 2.6× from 2015 ($210,499). |
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 § 05. 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.
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.
The framing. 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.
Drone aerials and street-level portraits, April 2026. The four parcels form an L around the southwest corner of Oxford and Cedar. Click any image to open at full resolution.
Two paths to start a conversation. Both reach the listing team directly. Or download the 7-page offering brochure.