6-Unit Apartment
New
For Sale
$1,100,000
1294 US Route One, Freeport, ME 04032
Multifamily property with convenient connections to downtown Freeport and regional transportation routes.
Property Size4,855 SF
Days on Market7
Property Features for 1294 US Route One
General Information
Standard status
Active
Size
4,855 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
6
Building Details
Building Size
4,855 SF
Year Built
1940
Units
6
Listing Agency:
The Boulos Company
(207) 400-6737
Listed By:
Noah Stebbins · License #BR928219
Source:
Commercialcafe
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 6:07AM
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.
This six-unit apartment building was constructed in 1940 and is positioned along US Route 1 in Freeport, Maine. The property offers a multifamily configuration with direct access to the surrounding road network.
The building is located approximately 0.3 miles from I-295 at Exit 24, providing a connection to Portland, which is about 20 minutes south. Downtown Freeport is also readily accessible from the property, adding convenient proximity to the town center and major transportation routes.
The building is located approximately 0.3 miles from I-295 at Exit 24, providing a connection to Portland, which is about 20 minutes south. Downtown Freeport is also readily accessible from the property, adding convenient proximity to the town center and major transportation routes.
Key Highlights
- Six‑unit multifamily apartment building
- Built in 1940
- Approximately 0.3 miles from I‑295, Exit 24
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$79,819
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,596,380
$1.6M
Cap Rate 7%
$1,140,271
$1.1M
Cap Rate 9%
$886,878
$886.9K
Market Conditions
NOI Build-Up for 4,855 SF
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.
Gross rent
$154.4K $31.80/SF
− Vacancy
−$9.3K −$1.91/SF
EGI
$145.1K $29.89/SF
− OpEx
−$65.3K −$13.45/SF
NOI
$79.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,596,380
Cap Rate 7%
$1,140,271
Cap Rate 9%
$886,878
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$997.7K – $1.33M
NOI $79,819 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,408 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
22
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 - Multifamily property with convenient connections to downtown Freeport and regional transportation routes.
Where is this apartment building located?
The property is located at 1294 US Route One Freeport, ME.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Six‑unit multifamily apartment building; Built in 1940; Approximately 0.3 miles from I‑295, Exit 24
