Score
0South Portland, ME
18 Ocean Street UNIT 11
381K
2 beds
1 baths
846 sqft
2 bd • 1 ba • 846 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$381,000
Price/Sq.Ft
$450
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 18 Ocean Street UNIT 11, South Portland, ME 04106 boasts several positive attributes. At $450.35/sqft, it's priced competitively for the area, especially considering its prime location on Ocean Street. The unit features hardwood flooring throughout the living areas, adding value and durability. The living room is spacious and well-lit with a large window, offering views of the surrounding neighborhood. Recent upgrades are evident in the modern, neutral decor and well-maintained appearance. The location is a significant asset, likely within walking distance to local amenities and possibly offering easy access to the waterfront, given the "Ocean Street" address. The current rental rates for a two-bedroom in the area ($2,080/month as of 2023) suggest a potential gross yield of 6.5% if used as an investment property.
The Bad
At 846 sqft, this 2-bedroom, 1-bathroom unit is relatively small, which may limit its appeal to some buyers or renters. The lack of a second bathroom could be a drawback for families or those who prefer more privacy. The unit is part of a multi-unit building (UNIT 11), which means shared walls and potential noise issues. There's no information provided about parking, which could be a concern in a coastal town where parking can be limited. The year built is unknown, which raises questions about potential maintenance issues and the age of major systems like HVAC, plumbing, and electrical. The lack of listed features suggests there may not be many high-end amenities or recent major upgrades to justify the price point.
The Ugly
Being in a coastal area, this property likely faces higher insurance costs due to potential flood and wind damage risks. The unknown build year could hide significant issues with the structure or major systems that may require costly repairs or replacements in the near future. There's no mention of an HOA, but if one exists, fees could significantly impact the total cost of ownership. The proximity to the Portland International Jetport might result in noise pollution, depending on the exact location. Climate change and rising sea levels pose long-term risks for coastal properties in the area, which could affect future property values and insurance costs. The seasonal nature of South Portland's economy might lead to fluctuations in rental demand if used as an investment property.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for first-time homebuyers or young professionals with a household income around $100,000-$120,000, based on the purchase price and potential mortgage payments. It's ideal for singles or couples who prioritize location over space and are looking for a low-maintenance living option. Investors seeking a rental property in a desirable area with good potential yields (around 6.5% gross) may also find this attractive. The unit would appeal to those who value walkability and proximity to urban amenities, possibly working in Portland or South Portland's business districts.
Not For
This property is not suitable for larger families needing more space or multiple bathrooms. It's also not ideal for buyers looking for a detached single-family home with a yard. Those sensitive to noise or preferring more privacy might find the multi-unit setting challenging. Buyers with a budget allowing for larger homes in the area (median income $73,492) might find better value elsewhere. It's not appropriate for those looking for luxury amenities or significant customization options, given the condo/apartment-style living.
Demographics
Area Median Income
$73,492
Property History
Price History
Ownership Timeline
$381,000Financed
Jun 14, 2024Hannah L ScottBraydon Norris
Warranty Deed
Standard Sale (Purchase/Resales)
$0Financed
Jan 1, 1970Bonnie B ShiblesHannah L Scott
Intrafamily Transfer
Non-Arm's Length Transactions
$0Financed
Jan 1, 1970Clayton L EamesBetty J Lane
Warranty Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Financials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$2,080
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$381,000
Price/sqft
$450
Layout
2 bd•1 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$415,917
8.4%
Your price is 8.4% below average
Median Price
$385,000
1.0%
Based on 6 recent sales
Price per Sq.Ft
$493
8.7%
Your price is 8.7% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 20 West Street #23, Portland, ME 04102 | $379,000 | 864 | 2 | 1 | $4392.6% | 11/18/2024 |
| 107 Emery Street #6, Portland, ME 04102 | $349,000 | 851 | 2 | 1 | $4108.9% | 11/6/2024 |
| 13 Columbus Avenue, South Portland, ME 04106 | $410,000 | 985 | 3 | 1 | $4167.6% | 12/16/2024 |
| 32 Free Street, South Portland, ME 04106 | $362,500 | 805 | 2 | 1 | $4500.0% | 10/30/2024 |
| 383 Commercial Street #305, Portland, ME 04101 | $610,000 | 777 | 1 | 1 | $78574.3% | 11/4/2024 |
| 12 Cole Street, South Portland, ME 04106 | $385,000 | 840 | 2 | 1 | $4581.8% | 10/3/2024 |
20 West Street #23, Portland, ME 04102
Price: $379,000
Sq.Ft: 864
Beds/Baths: 2/1
$/Sq.Ft:
$4392.6%
Sale Date: 11/18/2024
107 Emery Street #6, Portland, ME 04102
Price: $349,000
Sq.Ft: 851
Beds/Baths: 2/1
$/Sq.Ft:
$4108.9%
Sale Date: 11/6/2024
13 Columbus Avenue, South Portland, ME 04106
Price: $410,000
Sq.Ft: 985
Beds/Baths: 3/1
$/Sq.Ft:
$4167.6%
Sale Date: 12/16/2024
32 Free Street, South Portland, ME 04106
Price: $362,500
Sq.Ft: 805
Beds/Baths: 2/1
$/Sq.Ft:
$4500.0%
Sale Date: 10/30/2024
383 Commercial Street #305, Portland, ME 04101
Price: $610,000
Sq.Ft: 777
Beds/Baths: 1/1
$/Sq.Ft:
$78574.3%
Sale Date: 11/4/2024
12 Cole Street, South Portland, ME 04106
Price: $385,000
Sq.Ft: 840
Beds/Baths: 2/1
$/Sq.Ft:
$4581.8%
Sale Date: 10/3/2024
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