Historic Multifamily
For Sale
$750,000
40 Main St, Limerick, ME 04048
Historic residence with a separate carriage house containing three rental units and established hospitality and residential income uses.
Property Size3,770 SF
Price / SF$198.94
Days on Market73
Property Features for 40 Main St
General Information
Standard status
Active
Size
3,770 SF
Additional Details
Gross Income
$138,000
Multifamily Units
4
Amenities
chicken and duck coop
Building Details
Year Built
1859
Buildings
2
Listing Agency:
Portside Real Estate Group
Listed By:
Alexcia Smith
Source:
Soldbymichaelthomas
Added: Aug 4
Changed: Oct 8
Last Checked: Oct 7 at 1:23PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1859, this 3,770-square-foot multifamily property combines a 10-bedroom main residence with a separate carriage house configured as three rental units. The existing operation includes hospitality and residential rentals, creating multiple revenue channels within one property. The main residence also provides substantial space for continued lodging, owner occupancy, or other residential income uses subject to applicable approvals.
The property sits on a maintained lot with mature landscaping, substantial outdoor space, and a chicken and duck coop. It is approximately 40 minutes from the Maine coast and Portsmouth, New Hampshire, and under an hour from Portland. The asset is located in York County and offers an established blend of lodging and rental accommodations in a historic residential setting.
The property sits on a maintained lot with mature landscaping, substantial outdoor space, and a chicken and duck coop. It is approximately 40 minutes from the Maine coast and Portsmouth, New Hampshire, and under an hour from Portland. The asset is located in York County and offers an established blend of lodging and rental accommodations in a historic residential setting.
Key Highlights
- 3,770‑square‑foot multifamily property built in 1859
- 10‑bedroom main residence
- Carriage house configured with three rental units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,263
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,260
$1.2M
Cap Rate 7%
$832,329
$832.3K
Cap Rate 9%
$647,367
$647.4K
Market Conditions
NOI Build-Up for 3,770 SF
Gross rent
$111.7K $29.64/SF
− Vacancy
−$5.8K −$1.54/SF
EGI
$105.9K $28.10/SF
− OpEx
−$47.7K −$12.64/SF
NOI
$58.3K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,260
Cap Rate 7%
$832,329
Cap Rate 9%
$647,367
Alternative Uses
Best Use
Apartment 5plus
$832.3K
$728.3K – $971.1K
NOI $58,263 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.39M
NOI $83,655 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 04048, ME
3,188
Population
1,565
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
94%
High-School Grad
27.1 sq mi
ZIP Area
118
Density / Sq Mi
$90,125
Median Household Income
$45,791
Median Earnings
$1,153
Median Rent
$264,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Historic residence with a separate carriage house containing three rental units and established hospitality and residential income uses.
Where is this multifamily property located?
The property is located at 40 Main St Limerick, ME.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,770‑square‑foot multifamily property built in 1859; 10‑bedroom main residence; Carriage house configured with three rental units
