Apartment
For Sale
$10,495,000
12 Elm St, Freeport, ME 04032
Apartment building built in 1979, located steps from downtown Freeport.
Property Size31,846 SF
Days on Market96
Property Features for 12 Elm St
General Information
Standard status
Active
Size
31,846 SF
Property subtype
Multifamily
Building Details
Building Size
31,846 SF
Year Built
1979
Listing Agency:
The Boulos Company
Listed By:
Joseph Italiaander · License #BA923466
(404) 933-7844
Source:
Boulos
Added: Jul 30
Changed: Oct 25
Last Checked: Nov 1 at 3:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Boulos Company
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Investment Insights
Based on property information with market context.
Apartment building built in 1979, offering residential income opportunities in a convenient downtown-adjacent setting.
The property is located at 12 Elm St, and is described as steps from Downtown Freeport, placing it within close reach of area amenities and daily services.
With a structure dating to 1979, this building may be best suited for buyers seeking an income property where they can evaluate the existing improvements and plan any updates based on their operating goals.
The property is located at 12 Elm St, and is described as steps from Downtown Freeport, placing it within close reach of area amenities and daily services.
With a structure dating to 1979, this building may be best suited for buyers seeking an income property where they can evaluate the existing improvements and plan any updates based on their operating goals.
Key Highlights
- Built in 1979
- Described as steps from Downtown Freeport
- Address: 12 Elm St, Freeport, ME 04032
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$523,567
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,471,340
$10.5M
Cap Rate 7%
$7,479,529
$7.5M
Cap Rate 9%
$5,817,411
$5.8M
Market Conditions
NOI Build-Up for 31,846 SF
Gross rent
$1.01M $31.80/SF
− Vacancy
−$60.8K −$1.91/SF
EGI
$951.9K $29.89/SF
− OpEx
−$428.4K −$13.45/SF
NOI
$523.6K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,471,340
Cap Rate 7%
$7,479,529
Cap Rate 9%
$5,817,411
Alternative Uses
Best Use
Apartment 5plus
$7.48M
$6.54M – $8.73M
NOI $523,567 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.75M
$7.66M – $10.21M
NOI $612,703 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 04032, ME
8,737
Population
4,133
Households
2.1
Avg Household Size
47
Median Age
57%
College-Educated
94%
High-School Grad
34.7 sq mi
ZIP Area
252
Density / Sq Mi
$108,864
Median Household Income
$48,222
Median Earnings
$1,436
Median Rent
$445,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building built in 1979, located steps from downtown Freeport.
Where is this apartment building located?
The property is located at 12 Elm St Freeport, ME.
What is the asking price?
The asking price for this property is $10,495,000.
What are key features of this property?
This property features: Built in 1979; Described as steps from Downtown Freeport; Address: 12 Elm St, Freeport, ME 04032
