Photo / Courtesy Benchmark Real Estate
Renovations included replacing the top half of the house, adding structure steel framing and redesigning the building as a contemporary version of the original.
May 20, 2025
Portland sees record sale price for two-family home on Munjoy Hill
Photo / Courtesy Benchmark Real Estate
The 4,842-square-foot building, dating back to 1856, underwent extensive renovations in 2012.
A two-family residential property at 4 St. Lawrence St. in Portland achieved two records.
Sold for $2.95 million, it was the highest-priced and highest price per unit for any two- to four-family home ever sold in Portland, according to Tom Landry at Benchmark Real Estate, the listing broker.
The determination was made through a comparison of data as reported by the Maine Real Estate Information System, also called Maine Listings.
The original list price was $3.45 million.
The names of the seller and buyer were not disclosed.
“We saw a high level of interest from both in-state and out-of-state buyers,” Landry told Mainebiz. “Many viewed it as ideal for multi-generational living or as an alternative to a condo or single-family home. It was often considered either a true two-family or a single-family with an in-law suite.”
Landry represented the seller; the buyer was represented by Brenda Cerino of Town & Shore Real Estate.
Private parking
The 4,842-square-foot building, which dates to 1856 and is on Munjoy Hill on Portland's East End, includes a garage, two decks, a private yard and views of Casco Bay.
The property was marketed as “perfect for multi-generational living, guest accommodations or rental income.”
Unit No. 1 has 2,151 square feet with two bedrooms, two full baths, natural light, two outdoor areas, a natural gas fireplace, mini-splits for heat and air conditioning and a deeded off-street parking space.
Unit No. 2 spans nearly 2,700 square feet and has features three bedrooms, two full baths, two decks, a guest suite, an office nook, an open-concept living and dining area connected to a kitchen with pantry, a private one-car garage and an elevator servicing all levels. Upstairs, there’s a primary suite with a spa-like bath, private deck and changing room; and an additional room.
Full renovation
The sellers were local, owner-occupants, said Landry.
The seller bought the property in 2011. The building had rotted underpinnings and dark, chopped-up interior spaces. Instead of tearing it down, the seller rebuilt it from the foundation to the roof in 2012.
The top half of the house was removed, leaving the bottom two floors intact. Structural steel framing and new footings were added and the building was redesigned as a contemporary version of the original, with open, loft-like spaces in the upper floors and new systems and appliances installed throughout. The upper level has 12-foot ceilings and an industrial steel-and-ash stairway connects the floors.
The renovation was for the seller’s and their families’ personal use, but their needs have since changed, said Landry.
Photo / Courtesy Benchmark Real Estate
The 4,842-square-foot building, seen here before renovation, dated back to 1856 in the residential neighborhood of Munjoy Hill.
The property was listed as a two-family for three months.
The buyer intends to use it as a primary residence for their family, he said.
Family flexibility
“Although this property could have been sold as two separate condo units, it was marketed and sold as a two-family,” said Landry. “That in itself sends a strong signal — there is clearly a growing market for ultra high-end two-family properties.”
He continued, “Buyers are increasingly seeking alternatives to single-family homes and condos.”
Potential buyers aren’t necessarily looking for rental income, he said. Instead, the attractions of a “two-family” property included avoiding homeowner association rules and shared decision-making that go along with condo ownership; and gaining flexibility for guests or multi-generational living as a place for adult children, aging parents or family gatherings.
The sale closed at $609 per square foot, above the April median of $367 per square foot for single-family homes and $539 per square foot for a condo unit.
It also rivals or exceeds top recent sales in both categories, said Landry, who cited the following Portland transactions:
- April: 45 Thomas St., 3,558 square feet, $1.55 million, $435 per square foot
- March: 49 Montreal St., 2,025 square feet, $1,482,029, $731 per square foot
- February: 112 West St., 11,080 square feet, $2 million, $180 per square foot
- January: 366 Spring St., 4,488 square feet, $2.05 million, $456 per square foot
Buyers appear to be gravitating toward turnkey, high-end two- and three-unit buildings, he said.
“Many explicitly say, ‘I’m not looking to be a landlord,’ and this kind of product offers flexibility without the complexity of a condo association,” he said.
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