Fully Updated Quadplex with Updated
15 South Street Freeport, ME 04032
15 South Street, Freeport, ME, 04032
$1,195,000
For Sale
$1,195,000
Four fully updated units include separate utilities, off-street parking, and washer/dryer access with a spacious backyard.
Property Size3,900 SF
Price / SF$306.41
Days on Market81
Property Features for 15 South Street
General Information
- Standard status
- Active
- Size
- 3,900 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1950
Listing agency
RE/MAX Shoreline
Listed by
Andy Yau
(603) 866-2942
Source
Profoundrealestate
Added: May 2 Updated: Jul 21 at 5:48AM Checked: Jul 21 at 5:48AM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This quadplex offers four fully updated units with refreshed flooring and updated bathrooms, including newer tubs, vanities, and flooring. Kitchen features described include granite countertops in some units, stainless steel appliances, and recessed lighting, with hardwood floors in select units. Several units have porch access. Major improvements include four newer heating systems (with some mini-splits), updated plumbing, insulated windows, repointed chimneys, and repointed foundations, along with paved driveways.
The property is in Freeport, with access described as a short walk to downtown Freeport. The configuration also supports practical day-to-day living, with separate utilities for each unit, off-street parking, washer/dryer access, storage, and a spacious backyard.
The seller notes seller financing is available and preferred, and highlights a potential cap rate of 9.05% alongside the possibility of a condo conversion.
The property is in Freeport, with access described as a short walk to downtown Freeport. The configuration also supports practical day-to-day living, with separate utilities for each unit, off-street parking, washer/dryer access, storage, and a spacious backyard.
The seller notes seller financing is available and preferred, and highlights a potential cap rate of 9.05% alongside the possibility of a condo conversion.
Key Highlights
- Quadplex built in 1950 with four fully updated units and separate utilities for each unit
- 3,900+ SF total with spacious, updated interiors including kitchens with stainless appliances and recessed lighting
- Four newer heating systems, including some mini‑splits, plus insulated windows
Local Financial Insights For Multifamily LT 5
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 | $105.3k | $27.00 |
| − Vacancy | −$6.8k | −$1.76 |
| EGI | $98.5k | $25.25 |
| − OpEx | −$29.5k | −$7.57 |
| NOI | $68.9k | $17.67 |
3,900 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$984.6K
$861.5K – $1.15M
NOI $68,919 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$916.0K
$801.5K – $1.07M
NOI $64,118 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$1.07M
$937.9K – $1.25M
NOI $75,034 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Four fully updated units include separate utilities, off-street parking, and washer/dryer access with a spacious backyard.
Where is this quadplex located?
The property is located at 15 South Street Freeport, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Quadplex built in 1950 with four fully updated units and separate utilities for each unit; 3,900+ SF total with spacious, updated interiors including kitchens with stainless appliances and recessed lighting; Four newer heating systems, including some mini‑splits, plus insulated windows
