Here's your opportunity of a lifetime! This spectacular property is a truly rare offering with approximately 220 feet of ocean frontage overlooking Diamond Pass. Set well back from the road and perched along the shoreline, it captures sweeping, serene water views, sandy beach frontage (a rarity on the island), and a sense of peace and privacy that is increasingly hard to find. Whether it's mornings watching boats pass through the channel or quiet evenings at the water's edge, this is a setting that invites you to slow down and stay awhile. The existing home is ready for your vision--whether restoration, expansion, or reimagining. Whatever you choose, here's your opportunity to create something special in an extraordinary setting. Located near the island clubhouse and just steps from the water, there's potential for a mooring and possibly a dock (please verify). You're encouraged to perform your own due diligence regarding dock feasibility and accessory dwelling unit opportunities. It's rare to find this level of frontage, sandy beach access, and panoramic views in one property! Rarer still to have the opportunity to make it your own.
Active
$1,175,000
494 Island Avenue, Portland, ME 04108
2beds
576sqft
Single Family Residence
Built in 1965
0.9 Acres Lot
$-- Zestimate®
$2,040/sqft
$-- HOA
What's special
Sandy beach frontagePerched along the shorelineOverlooking diamond passSweeping serene water views
- 76 days |
- 1,757 |
- 43 |
Zillow last checked:
Listing updated:
Listed by:
Locations Real Estate Group LLC
Source: Maine Listings,MLS#: 1658995
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Bedroom 1
- Level: First
Bedroom 2
- Level: First
Kitchen
- Level: First
Living room
- Level: First
Sunroom
- Level: First
Heating
- Baseboard, Direct Vent Heater, Heat Pump, Pellet Stove
Cooling
- Heat Pump
Appliances
- Included: Microwave, Electric Range, Refrigerator, Washer
Features
- 1st Floor Bedroom, One-Floor Living
- Flooring: Carpet, Tile, Painted/Stained
- Basement: Interior Entry,Walk-Out Access,Daylight,Unfinished
- Has fireplace: No
Interior area
- Total structure area: 576
- Total interior livable area: 576 sqft
- Finished area above ground: 576
- Finished area below ground: 0
Property
Parking
- Parking features: Gravel, Paved, 5 - 10 Spaces
Features
- Patio & porch: Deck
- Has view: Yes
- View description: Scenic
- Body of water: Casco Bay, Atlantic Ocean
- Frontage length: Waterfrontage: 220,Waterfrontage Owned: 220
Lot
- Size: 0.9 Acres
- Features: Near Public Beach, Level, Open Lot
Details
- Parcel number: PTLDM090BJ003001
- Zoning: IR-2, Shoreland
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Other,Ranch
- Property subtype: Single Family Residence
Materials
- Wood Frame, Shingle Siding
- Foundation: Block
- Roof: Shingle
Condition
- Year built: 1965
Utilities & green energy
- Electric: Circuit Breakers
- Sewer: Septic Tank
- Water: Public
Community & HOA
Location
- Region: Portland
Financial & listing details
- Price per square foot: $2,040/sqft
- Tax assessed value: $689,000
- Annual tax amount: $12,369
- Date on market: 4/23/2026
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 4/23/2026 | Listed for sale | $1,175,000$2,040/sqft |
Source:  Maine Listings #1658995 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $9,928 | $689,000 |
| 2023 | $9,928 -3.6% | $689,000 -9% |
| 2022 | $10,303 -7.1% | $757,000 +59.2% |
| 2020 | $11,086 | $475,600 |
| 2019 | $11,086 +3.7% | $475,600 |
| 2018 | $10,691 +3.8% | $475,600 |
| 2017 | $10,297 +2.6% | $475,600 |
| 2016 | $10,040 +2.3% | $475,600 |
| 2015 | $9,812 +3.2% | $475,600 |
| 2014 | $9,512 +3% | $475,600 |
| 2013 | $9,231 +3.1% | $475,600 |
| 2012 | $8,951 +5.2% | $475,600 +2.1% |
| 2011 | $8,511 +0.9% | $465,600 -2.1% |
| 2009 | $8,437 | $475,600 |
| 2008 | $8,437 +8.8% | $475,600 |
| 2006 | $7,757 | $475,600 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: Peaks Island
Nearby schools
GreatSchools rating
- 8/10Peaks Island SchoolGrades: PK-5Distance: 0.6 mi
- 2/10King Middle SchoolGrades: 6-8Distance: 4.2 mi
- 4/10Portland High SchoolGrades: 9-12Distance: 3.4 mi
A local agent can set up tours, give advice and negotiate with sellers.
- Maine
- Cumberland County
- Portland
- 04108
- Peaks Island
- 494 Island Avenue
Nearby cities
Nearby neighborhoods
Nearby zip codes
Other Portland Topics
