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About This Home

This 2-bedroom, 2-bathroom single family at 494 Island Avenue in Portland, ME is listed for $1,175,000 ($2,040 per sqft). Built in 1965, the home offers 576 sqft of living space on a 0.90 acres lot.

Agent Description

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. For info and to schedule a showing call Shay Johnson.

Key Features

  • Built in 1965
  • 0.90 acre lot
  • Waterfront

Property Details

2 full
1965

Amenities

WaterfrontA/C

Monthly Cost Estimate

$6,284/mo

20% down · 6.5% · 30 years

Principal$850
Interest$5,092
Insurance$343

Estimates only. Actual payments may vary.

Location

494 Island Avenue

Portland, ME 04108

Features & Amenities

Interior Features

1st Floor BedroomOne-Floor Living

Property Details

Flooring

CarpetTile

Construction

Shingle Siding Wood Frame

Pool Features

Deck

Heating

Pellet StoveBaseboardHeat Pump (Heating)

Cooling

Heat Pump

Questions & Answers

This 2-bedroom, 2-bathroom single family at 494 Island Avenue is listed at $1,175,000 ($2,040/sqft). The estimated monthly payment is $5,092 based on 20% down at 6.5% interest.

Key features include: Built in 1965, 0.90 acre lot, Waterfront. Interior Features: 1st Floor Bedroom, One-Floor Living.

This property is listed by Shalene Johnson and can be reached at 2076153228 or shay@locationsinmaine.com.

SJ

Shalene Johnson

Agent at Locations Real Estate Group LLC

(207) 615-3228

Listed by Locations Real Estate Group LLC · View on Broker Site

MLS# 1658995· Source: listhub· Updated today

Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

494 Island Avenue, Portland, ME 04108

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