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.
Getting Around
Car-Dependent
Minimal Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1965
Materials
- Foundation: Block
- Roof: Shingle
- Construction materials: Wood Frame,Shingle Siding
Type & Style
- Home type: SingleFamily
- Architectural style: Other,Ranch
- Property subType: Single Family Residence
Interior
Appliances
- Appliances included: Microwave,Electric Range,Refrigerator,Washer
Basement
- Has basement: Yes
- Basement: Interior Entry,Daylight,Unfinished
Bedroom1
- Level: First
Bedroom2
- Level: First
Bedrooms & Bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Features
- 1st Floor Bedroom,One-Floor Living
- Flooring: Carpet,Tile,Painted/Stained
- Finished area below ground: 0
- Finished area above ground: 576
Heating & Cooling
- Heating features: Baseboard,Direct Vent Heater,Heat Pump,Pellet Stove
- Cooling features: Heat Pump
Interior Area
- Total structure area: 576
- Total interior livable area: 576 sqft
Kitchen
- Level: First
Living Room
- Level: First
Sunroom
- Level: First
Property
Details
- Parcel number: PTLDM090BJ003001
- Zoning: IR-2, Shoreland
Features
- Patio & porch: Deck
- Has view: Yes
- View description: Scenic
- On waterfront: Yes
- Waterbody name: Casco Bay, Atlantic Ocean
- Frontage length: Waterfrontage: 220,Waterfrontage Owned: 220
Lot
- Lot size: 0.90 Acres
- Features: Near Public Beach,Level,Open Lot
Parking
- Parking features: Gravel,Paved,5 - 10 Spaces
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Coastal Flooding
- Ice Storm
- Winter Weather
- Hurricane
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters Across Maine Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $5,056 | $60,672 |
| Home Insurance | $270 | $3,240 |
| Property Taxes | $1,184 | $14,208 |
| Electricity | $244 | $2,930 |
| Total | $6,754 | $81,048 |
Income You'd Need if You Spent...
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-23 | Listed for sale | $1,175,000 |
For Sale by Agent
View on Zillow