Mixed-Use Building with
For Sale
Contact for pricing
15 School St, Freeport, ME 04032
Commercial building offers main-level retail or office space and a two-bedroom apartment above, with shared rear parking.
Property Size2,083 SF
Price / SF$312.05
Days on Market235
Property Features for 15 School St
General Information
Standard status
Active
Size
2,083 SF
Property subtype
RETAIL
Additional Details
Multifamily Units
1
Building Details
Stories
2
Listing Agency:
Malone Commercial Brokers
Listed By:
Mark Malone · License #911380
(207) 772-2422
Source:
Moodyscre
Added: Jan 16
Changed: Aug 19
Last Checked: Jul 23 at 4:20PM
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 Malone Commercial Brokers
Investment Insights
Based on property information with market context.
This mixed-use building includes main-level retail or office space and a second-level two-bedroom apartment. The property is configured for combined commercial and residential use, with the apartment providing the opportunity for owner-occupancy.
Situated in the heart of Freeport, the building is steps from the area’s downtown retail, dining, and amenities. Shared parking is available in the rear of the building.
Overall, the asset presents a straightforward setup for buyers seeking a commercial storefront presence with residential space on the upper level.
Situated in the heart of Freeport, the building is steps from the area’s downtown retail, dining, and amenities. Shared parking is available in the rear of the building.
Overall, the asset presents a straightforward setup for buyers seeking a commercial storefront presence with residential space on the upper level.
Key Highlights
- 2,083± SF commercial building with main‑level retail/office space and a two‑bedroom apartment on the second level
- Main level offers retail or office space with high visibility in the heart of Freeport
- Second‑level apartment is spacious with two bedrooms, offering potential owner‑occupancy
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
$25,871
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
3.98%
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%
$517,420
$517.4K
Cap Rate 7%
$369,586
$369.6K
Cap Rate 9%
$287,456
$287.5K
Market Conditions
NOI Build-Up for 2,083 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
$45.0K $21.60/SF
− Vacancy
−$3.6K −$1.73/SF
EGI
$41.4K $19.87/SF
− OpEx
−$15.5K −$7.45/SF
NOI
$25.9K $12.42/SF
Area
Cumberland County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$517,420
Cap Rate 7%
$369,586
Cap Rate 9%
$287,456
Alternative Uses
Best Use
Mixed Use
$369.6K
$323.4K – $431.2K
NOI $25,871 @ 7.0% cap · market cap 3.98%
Second Best
Retail
$311.2K
$272.3K – $363.1K
NOI $21,784 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$572.5K
$501.0K – $667.9K
NOI $40,076 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
115k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 50%
Dining 41%
Shops & Services 5%
Hotels & Casinos 4%
McDonald's
Dining
27,911 visits/mo
0.3 miles
American Eagle Outfitters
Apparel
16,571 visits/mo
0.3 miles
Starbucks
Dining
11,519 visits/mo
0.3 miles
Coach
Apparel
7,454 visits/mo
0.2 miles
Domino's Pizza
Dining
5,170 visits/mo
0.1 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building offers main-level retail or office space and a two-bedroom apartment above, with shared rear parking.
Where is this mixed-use property located?
The property is located at 15 School St Freeport, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,083± SF commercial building with main‑level retail/office space and a two‑bedroom apartment on the second level; Main level offers retail or office space with high visibility in the heart of Freeport; Second‑level apartment is spacious with two bedrooms, offering potential owner‑occupancy
