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15 South St, Freeport, ME 15 South St 4 Unit Apartment Building $1,195,000 ($298,750/Unit) 9% Cap Rate Freeport, ME 04032
Investment Highlights
- Potential 9.85% Cap Rate
- More value as condo conversions as the sum of the parts
Executive Summary
SELLER FINANCING AVAILABLE & PREFERRED*.Look no further -- this is the quadplex everyone has been waiting for with a potential cap rate above 9.85%. Meticulously maintained with 3,900+ SF in desirable Freeport, this property features spacious units and potential for condo conversion, offering more value in the sum of the parts. Step inside and tour the units, each one fully updated throughout. The kitchens feature granite countertops in some units, stainless steel appliances, and recessed lighting. Flooring has been refreshed throughout, including hardwood floors in select units. Bathrooms are also updated with newer tubs, vanities, and flooring, and the pine hallway walls add character and warmth. Some units also offer porch access, a great spot to enjoy the spring and summer months with family and friends. Major improvements include 4 newer heating systems (with some mini-splits), paved driveways, updated plumbing, insulated windows, and repointed chimneys and foundations. Owners benefit from low expenses with separate utilities for each unit, while tenants enjoy off-street parking, washer/dryer access, storage, and a spacious backyard. All of this is just a short walk to downtown Freeport -- known for its shops, restaurants, and coastal village charm -- while still maintaining privacy and a residential feel. Ideal for either short-term rentals, owner occupants or strong long-term income for investors.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,195,000 | Building Class | C |
| Price Per Unit | $298,750 | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 3,900 SF |
| Cap Rate | 9% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2026 |
| Property Subtype | Apartment | ||
| Zoning | multi | ||
| Price | $1,195,000 |
| Price Per Unit | $298,750 |
| Sale Type | Investment |
| Cap Rate | 9% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 3,900 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2026 |
| Zoning | multi |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | FPRT-000013-000100 | Improvements Assessment | $328,600 (2025) |
| Land Assessment | $340,300 (2025) | Total Assessment | $668,900 (2025) |
Property Taxes
Parcel Number
FPRT-000013-000100
Land Assessment
$340,300 (2025)
Improvements Assessment
$328,600 (2025)
Total Assessment
$668,900 (2025)
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15 South St, Freeport, ME | 15 South St
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