Apartment
New
For Sale
$10,495,000
12 Elm St, Freeport, ME 04032
Apartment building built in 1979, located steps from downtown Freeport.
Days on Market3
Property Features for 12 Elm St
General Information
Standard status
Active
Property subtype
Multifamily
Building Details
Building Size
31,846 SF
Year Built
1979
Listing Agency:
The Boulos Company
(404) 933-7844
Listed By:
Joseph Italiaander · License #BA923466
(404) 933-7844
Source:
Boulos
Added: Jul 30
Changed: Jul 31
Last Checked: Aug 1 at 5:38AM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.01M | $31.80 |
| − Vacancy | −$60.8k | −$1.91 |
| EGI | $951.9k | $29.89 |
| − OpEx | −$428.4k | −$13.45 |
| NOI | $523.6k | $16.44 |
31,846 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
534
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
