494 Island Ave Portland, ME 04108
494 Island Ave Portland, ME 04108 | MLS 1658995 Photo 1
494 Island Ave Portland, ME 04108 | MLS 1658995 Photo 2
494 Island Ave Portland, ME 04108 | MLS 1658995 Photo 3
494 Island Ave Portland, ME 04108 | MLS 1658995 Photo 4
494 Island Ave Portland, ME 04108 | MLS 1658995 Photo 5
For more information on this listing, contact us at: (207) 272-2202
Active
$879,999

494 Island Ave Portland, ME 04108

Single Family Residence Property Type
2 Beds
1 Baths
716 Sq. Ft.
1965 Year Built
Cumberland County
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Listing Office

Office Locations Real Estate Group LLC
Here's your opportunity of a lifetime and it's the perfect time to buy so you have the winter to plan and permit. This spectacular Peaks Island waterfront lot with an existing cottage, a sandy beach (a rarity on the island) and approximately 220 feet of oceanfront with sweeping views of Casco Bay and Diamond Pass. This private 0.90-acre Casco Bay property offers panoramic water views and room to explore a renovation, addition or custom-home rebuild. There's potential for a mooring or dock. Buyers should independently verify what's possible under applicable shoreland requirements and approvals for this large lot, as well as the feasibility of a dock.

A property survey and preliminary correspondence from the City of Portland are available to help buyers get started. An introduction to a Peaks Island contractor who has already walked the property is available for buyers who want to discuss what an island build could look like. Or, if customizing a modular home is a route you'd like to explore, I can also introduce you to a company with experience constructing on the island. This extraordinary property is truly magical and needs to be seen to be appreciated. Come walk the shoreline and see what makes this setting so special.
MLS # 1658995
Monthly HOA N/A
On Site Not Available
Last Updated 11/9/2026

Location

Contact Agent

Maureen Zemrak

Maureen Zemrak

(207) 272-2202

Property Details

Community Information

Address 494 Island Ave, Portland, ME 04108
County Cumberland
City Portland
Zip Code 04108

Architecture

Bedrooms 2
Bathrooms 1
Year Built 1965
Style Cottage, Ranch
Construction Materials Wood Frame, Shingle Siding
Roof Shingle
Foundation Block, Poured Concrete
Basement Doghouse, Interior Entry, Walk-Out Access, Daylight, Unfinished
Parking Features Gravel, Paved, 5 - 10 Spaces
Garages Features No Vehicle Storage

Features / Amenities

Interior Features 1st Floor Bedroom
Appliances Microwave, Electric Range, Refrigerator, Washer
Flooring Carpet, Tile, Painted/Stained
Amenities 1st Floor Bedroom
Patio And Porch Deck
Cooling Heat Pump
Heating Electric, Pellets, Propane, Baseboard, Direct Vent Heater, Heat Pump, Pellet Stove
Water Heater Electric
Total Rooms 5

Square Footage Finished Sq. Ft.

Above Grade 716

Property Features

Lot Size 0.9 Acres
Lot Features Near Public Beach, Level, Open Lot
Waterfront Features Beach Rights, Oceanfront
View Scenic
Water Body Casco Bay, Atlantic Ocean
Roads Dead End, Other Road, Paved
Water Body Type Bay, Harbor, Ocean
Water View Yes
Waterfront Owned +/- 220.0
Waterfront Shared +/- 0.0
Sewer Septic Tank
Water Public
Electric Circuit Breakers
Gas Bottled
Road Surface Paved
Zoning IR-2, Shoreland
Directions Ferry to Peaks Island. Left at the top of the road onto Island Ave. Follow Island Ave to 494.

Tax and Financial Info

Tax Year 2026

Rooms

Level
Bedroom 1First
KitchenFirst
Bedroom 2First
SunroomFirst
Living RoomFirst

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494 Island Ave Portland, ME 04108 | MLS 1658995
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Listing Information Last Updated 11/9/2026

Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
© 2026 Maine Real Estate Information System, Inc. All Rights Reserved.  

Mortgage values are calculated by Sierra Interactive and are provided for estimate purposes only. Walking and Transportation data are provided by WalkScore as a guideline and should be independently verified.

494 Island Ave Portland, ME 04108
  • $879,999
  • 2 beds
  • 1 baths
  • 716 Sq. Ft.