15 South Street, Freeport, ME 04032

$1,195,000
Property Type: Multi-Family Baths: 4 Square Footage: 3,900 Lot Size (sq. ft.): 10,890 Status: Active Under Contract
Current Price: $1,195,000 List Date: 5/17/2026 Last Modified: 7/13/2026

Description

SELLER FINANCING AVAILABLE & PREFERRED*. Look no further -- this is the quadplex everyone has been waiting for with a potential cap rate of 9.05%. 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.

Supplements: ********

More Information MLS# 1661934

Location Information

Street #: 15 Street Name: South Street Type: Street County: Cumberland Town: Freeport State/Province: ME Zip Code: 04032 Zip +4: 1513 Leased Land: No Book: 38809 Page: 148 Map: 13 Lot: 100 Zoning: Multifamily Zoning Overlay: Yes Association: No Full Tax Amount $: 9264 Tax Year: 2025 Tree Growth Y/N: No Geo Lat: 43.854495 Geo Lon: -70.099877

Contract Information

Status: Active Under Contract Original List Price: 1195000 List Price: $1,195,000 Current Price: $1,195,000

Property Information

Surveyed: Unknown Seasonal: No Number of Units: 4 Total Baths: 4 Total Full Baths: 4 Year Built: 1950 SqFt Finished Above Grade: 3900 SqFt Finished Total: 3900 SqFt Source: Other Other Source of Square Footage: MLS Garage: No Lot Size Acres +/-: 0.25 Source of Acreage: Public Records

Water Info

Water Frontage: No Water View: No

Units

# of 2 BD Units: 4

Unit 1

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1975 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 2

Lease: Yes Level: First Security Deposit: Yes Monthly Rent: 1800 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 3

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1800 # Full Baths: 1 # of Rooms: 5 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: Yes Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Sewer: Yes Water: Yes

Unit 4

Lease: Yes Level: Second Security Deposit: Yes Monthly Rent: 1950 # Full Baths: 1 # of Rooms: 4 # of Bedrooms: 2 Dedicated Electric Meter: Yes Dedicated Gas Meter: Yes Dedicated Water Heater: No Electric: Yes Heat: Yes Range: Yes Refrigerator: Yes Water: Yes

Property Features

Site: Level; Open Location: Near Shopping; Near Turnpike/Interstate; Neighborhood Roads: Paved; Public Style: Contemporary Construction: Wood Frame Basement: None Basement Entry: Not Applicable Exterior: Shingle Siding Roof: Flat Heat System: Hot Water Heat Fuel: Gas Natural Water Heater: Electric Cooling: Window Unit(s) Floors: Hardwood; Luxury Vinyl; Vinyl Driveway: Paved Parking: 5 - 10 Spaces Vehicle Storage: 4+ Car Electric: Circuit Breakers Gas: Natural - On Site Sewer: Public Sewer Water: Public
Listing Office: RE/MAX Shoreline
Last Updated: July - 13 - 2026
15 South Street, Freeport, ME 04032- MLS# 1661934
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