Mixed-Use Building with
For Sale
$650,000
15 School Street, Freeport, ME 04032
Two-level property combines ground-floor commercial space with a two-bedroom apartment above.
Property Size2,083 SF
Price / SF$312.05
Days on Market197
Property Features for 15 School Street
General Information
Standard status
Active
Size
2,083 SF
Property subtype
Commercial
Zoning
VC1
Taxes and HOA fees
Annual Taxes
$4,647
Amenities
shared parking
Building Details
Building Size
2,083 SF
Year Built
1880
Stories
2
Listing Agency:
Malone Commercial Brokers, Inc.
(207) 772-2422
Listed By:
Mark Malone · License #911380
(207) 772-2422
Source:
Startpoint
Added: Jan 30
Changed: Aug 12
Last Checked: Aug 12 at 12:40PM
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, Inc.
Investment Insights
Based on property information with market context.
Built in 1880, this 2,083± SF mixed-use building places retail or office space on the main level and a two-bedroom apartment upstairs. The residential component creates an owner-occupancy option within the same property, while the commercial floor offers a flexible storefront or office setting.
The property is at 15 School Street in Freeport, near the community’s downtown area, national and local retailers, dining, and other amenities. Shared parking is available behind the building.
The property is at 15 School Street in Freeport, near the community’s downtown area, national and local retailers, dining, and other amenities. Shared parking is available behind the building.
Key Highlights
- 2,083± SF mixed‑use building at 15 School Street
- Main level configured for retail or office use
- Second‑floor two‑bedroom apartment
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
$29,820
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
4.59%
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%
$596,400
$596.4K
Cap Rate 7%
$426,000
$426.0K
Cap Rate 9%
$331,333
$331.3K
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
$45.5K $21.84/SF
− Vacancy
−$5.7K −$2.75/SF
EGI
$39.8K $19.09/SF
− OpEx
−$9.9K −$4.77/SF
NOI
$29.8K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$596,400
Cap Rate 7%
$426,000
Cap Rate 9%
$331,333
Alternative Uses
Best Use
Office B
$426.0K
$372.8K – $497.0K
NOI $29,820 @ 7.0% cap · market cap 4.59%
Second Best
Mixed Use
$369.6K
$323.4K – $431.2K
NOI $25,871 @ 7.0% cap · market cap 3.98%
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
Current Use
Location Intelligence
Trade Area within ½ mile
510
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property combines ground-floor commercial space with a two-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 15 School Street 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 mixed‑use building at 15 School Street; Main level configured for retail or office use; Second‑floor two‑bedroom apartment
