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 Market26
Property Features for 40 Main St
General Information
Standard status
Active
Size
3,770 SF
Property subtype
Multi-Family
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
(207) 436-8889
Listed By:
Alexcia Smith
Source:
Samonasgroup
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 25 at 5:25AM
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 = 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
$58,263
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
7.77%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
