Mixed-Use Property with
New
For Sale
$1,673,000
8-10 South Street, Freeport, ME 04032
Multi-Family, Freeport, ME
Property Size7,193 SF
Lot Size0.77 Acres
Price / SF$232.59
Days on Market5
Property Features for 8-10 South Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
VMU-2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Basement, Bathroom 3
Basement
Unfinished
Lot features
Open, Level, Near Turnpike/ Interstate, Near Town, Near Railroad
Standard status
Active
Size
7,193 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10255
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Wood, Concrete, Tile
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Additional Structures
Outbuilding
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 22 at 8:06AM
MLS# 1676649
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property brings together office space, a workshop or industrial area, and a three-unit residential component on a 0.77-acre parcel. The 7,193-square-foot property includes a conference room, multiple office rooms, a second-floor office or client area, and nearly 6,000 square feet of shop space suited to construction, light manufacturing, or storage. Wood, concrete, and tile flooring are complemented by wood-frame construction and wood siding. The building dates to 1900 and includes a basement, three bathrooms, natural-gas heating, and a shingle roof.
Situated at 8-10 South Street in Freeport, the property is within the village setting while facing a quieter residential area. Public water and public sewer serve the site. VMU-2 zoning is identified for the property, and the existing configuration supports a combination of office, industrial, and residential uses.
Situated at 8-10 South Street in Freeport, the property is within the village setting while facing a quieter residential area. Public water and public sewer serve the site. VMU-2 zoning is identified for the property, and the existing configuration supports a combination of office, industrial, and residential uses.
Key Highlights
- 7,193‑square‑foot mixed‑use property on 0.77 acres
- Nearly 6,000 SF of shop/industrial space
- Three‑unit residential component included
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
$127,111
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
7.60%
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%
$2,542,220
$2.5M
Cap Rate 7%
$1,815,871
$1.8M
Cap Rate 9%
$1,412,344
$1.4M
Market Conditions
NOI Build-Up for 7,193 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
$194.2K $27.00/SF
− Vacancy
−$12.6K −$1.76/SF
EGI
$181.6K $25.25/SF
− OpEx
−$54.5K −$7.57/SF
NOI
$127.1K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,542,220
Cap Rate 7%
$1,815,871
Cap Rate 9%
$1,412,344
Alternative Uses
Best Use
Multifamily LT 5
$1.82M
$1.59M – $2.12M
NOI $127,111 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,257 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,390 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36
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 - Office, light industrial, and residential components occupy a village setting with public water and sewer service.
Where is this mixed-use property located?
The property is located at 8-10 South Street Freeport, ME.
What is the asking price?
The asking price for this property is $1,673,000.
What are key features of this property?
This property features: 7,193‑square‑foot mixed‑use property on 0.77 acres; Nearly 6,000 SF of shop/industrial space; Three‑unit residential component included
