15 South St - Apartments FOR SALE


Freeport, ME 04032
$1,195,000 USD
603-431-1111
15 South St, Freeport, ME for Sale
$1,195,000 USD
Apartments - FOR SALE
1/92
null | 9% Cap Rate

15 South St
Freeport, ME 04032


HIGHLIGHTS

  • Potential 9.85% Cap Rate
  • More value as condo conversions as the sum of the parts

OVERVIEW

SELLER FINANCING AVAILABLE & PREFERRED*.Look no further -- this is the quadplex everyone has been waiting for with a potential cap rate above 9.85%. Meticulously maintained with 3,900+ SF in desirable Freeport, this property features spacious units and potential for condo conversion, offering more value in the sum of the parts. Step inside and tour the units, each one fully updated throughout. The kitchens feature granite countertops in some units, stainless steel appliances, and recessed lighting. Flooring has been refreshed throughout, including hardwood floors in select units. Bathrooms are also updated with newer tubs, vanities, and flooring, and the pine hallway walls add character and warmth. Some units also offer porch access, a great spot to enjoy the spring and summer months with family and friends. Major improvements include 4 newer heating systems (with some mini-splits), paved driveways, updated plumbing, insulated windows, and repointed chimneys and foundations. Owners benefit from low expenses with separate utilities for each unit, while tenants enjoy off-street parking, washer/dryer access, storage, and a spacious backyard. All of this is just a short walk to downtown Freeport -- known for its shops, restaurants, and coastal village charm -- while still maintaining privacy and a residential feel. Ideal for either short-term rentals, owner occupants or strong long-term income for investors.

FOR SALE DETAILS

PRICE

$1,195,000 USD

PRICE/SF

$306 USD /SF

# OF UNITS

4

PRICE/UNIT

$298,750

CAP RATE

9%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

15 South St, Freeport, ME

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1950

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,846 SF

ZONING

multi

APN/PARCEL ID

FPRT-000013-000100

ASK ABOUT THIS PROPERTY

Andy YauRE/MAX ShorelineMore Info
603-431-1111

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Andy YauRE/MAX ShorelineMore Info
603-431-1111

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.