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Bean Group
Offered at $879,999Active
beds
2
baths
1
sq ft
716
Built
1965

494 Island Avenue

Portland, ME 04108

About this home

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.

Listing last checked: Listing updated:

Listed by Listing Agent · Locations Real Estate Group LLC · MLS #1658995

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Details at a glance

Interior5 property facts
Rooms
5
Heating
Electric, Propane, Baseboard, Heat Pump, Pellet Stove
Cooling
Heat Pump
Flooring
Carpet, Tile, Painted/Stained
Fireplaces
0
Building5 property facts
Style
Single Family Residence
Year built
1965
Garage
0
Foundation
Block
Roof
Shingle
Land & utilities5 property facts
Lot size
0.9 acres
Water
Public
Sewer
Septic Tank
Waterfront
Y
Zoning
IR-2, Shoreland
Financial2 property facts
Annual taxes
$12,369
Assessment year
2026

Location

Estimated monthly cost

Explore costs at the $879,999 asking price. Adjust the assumptions to your situation.

Known monthly costs$5,481 / monthAdjust
Principal & interest
$4,450
Property tax
$1,031
Insurance
Not entered
HOA
Not entered

Listing annual taxes: $12,369. Initial monthly tax is one twelfth of that amount. HOA amount was not supplied.

Partial estimate: add insurance, monthly HOA to include those costs. Blank amounts are unknown.

The initial 6.5% rate is illustrative, not a current rate or lender quote. Excludes utilities, maintenance, closing costs and mortgage insurance, which may apply with a down payment below 20%. Taxes and insurance can change.

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About 494 Island Avenue

Can I request a private showing?

Request a tour of 494 Island Avenue and a Bean Group agent will help coordinate an available time with the listing side.

Can you help me evaluate this property?

Yes. We can discuss condition, comparable sales, offer strategy and the questions worth asking before you decide whether to proceed.

Are property documents available?

Availability varies by property and source. Request the documents you need and we will help obtain what is available.