Four contiguous parcels at a working corner in East Bayside — two houses, a duplex, and a vacant lot with the bones of a former garage — held in single ownership and offered as one assemblage. The properties carry themselves on rents today. The land underneath them is what the second 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-6, 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.
The four parcels form an L around the southwest corner of Oxford and Cedar. The vacant 200 Oxford lot — once a garage — fronts Oxford with two remaining concrete slabs (11′×40′ and 11′×36′). The three improved lots wrap behind it on Cedar.
| Parcel | Use | Lot | Bed/Bath | 2026 Rent /mo |
|---|---|---|---|---|
| 200 Oxford St | Vacant land · two concrete slabs | 0.090 ac · 3,920 sf | — | — |
| 198 Oxford St | Two-unit · gas heat / Rinnai | 0.066 ac · 2,879 sf | 3/3 + 1/1 | $5,300 |
| 25 Cedar St | Two-unit · steam radiators · gas furnace | 0.053 ac · 2,309 sf | 3/1 + 2/1 | $4,843 |
| 21 Cedar St | Single house · 7 bed / 2 bath | 0.053 ac · 2,309 sf | 7/2 | $4,732 |
| TOTAL | 3 buildings + dev. parcel | 0.262 ac · 11,417 sf | 11 / 7 | $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-6 Residential Neighborhood district (formerly R-6; renamed under ReCode Phase 2, adopted 4 November 2024). 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, indexed). Compliance unlocks a +25% density bonus. 218 Washington Avenue used this provision to grow from 38 to 48 units.
For projects in which 50% or more of units are affordable workforce housing, 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. The first project approved under the new rules: Stroudwater Commons — 156 units (incl. 78 workforce + 26 ADUs) on 4 acres, vs. ≈ 8 units pre-ReCode.
| Site (after lot consolidation) | 11,417 sf · 0.262 ac |
|---|---|
| Implied density at 40 units | ≈ 153 du/ac |
| Comparable density nearby | COMB Block — 173 units / 1.53 ac ≈ 113 du/ac (PHA, 7 stories) |
| Path A — Inclusionary only | Base × 1.25 — magnitude of bonus alone insufficient for 40 |
| Path B — LD2003 (≥ 50% workforce) | Base × 2.5 — required to plausibly reach the seller’s figure |
| Path C — IZ + LD2003 stacked | Subject to ordinance interpretation; verify with Planning |
| Required verification | RN-6 base lot-area-per-unit · max FAR · max height · setbacks · open-space minimum · stormwater |
Forty units is the seller’s estimate, not a city determination. Density on the order of 30–50 units is consistent with recently approved projects within one block. 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 two phases. Phase II is a seven-story residential building. Demolition began in 2026. Owned by the Portland Housing Authority.
Press Herald →Used Portland’s Inclusionary Zoning bonus to grow from a base of 38 units to a final entitlement of 48, paying a fee-in-lieu of approximately $461,250.
Approximately 100 mixed-income units, 28 of them Housing First. A rebuilding of the same Oxford Street corridor.
Forty-eight mixed-income units. Established the recent precedent for higher-density affordable infill in Bayside.
The first project approved under Portland’s post-ReCode rules using the LD2003 density multiplier — 78 workforce units 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 East 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 at or above $3.2M in 2024-2026; the next comparable trade will be the one that clears it.
Two paths to start a conversation. Both reach the listing team directly.