Historic Bed And Breakfast With Carriage
For Sale
$750,000
40 Main Street, Limerick, ME 04048
Multi-Family, Limerick, ME
Property Size3,770 SF
Lot Size1.20 Acres
Price / SF$198.94
Days on Market47
Property Features for 40 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 11, Bathroom 3, Basement, Bathroom 4, Bathroom 1, Bathroom 7, Bathroom 8, Bathroom 2, Bathroom 9, Bathroom 10, Bathroom 6, Bathroom 5
Parking features
Off Street
Patio and Porch features
Deck, Porch
Interior features
In-Law Apartment, 1st Floor Bedroom, Bathtub, Pantry, Primary Bedroom w/Bath
Basement
Unfinished, Walk-Out Access, Full
Accessibility
Accessible Approach with Ramp
Lot features
Level, Sidewalks, Intown
Standard status
Active
Size
3,770 SF
Lot size
1.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6418
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Oil, Wood, Forced Air, Kerosene, Propane (Heating)
Cooling system
Heat Pump, Window Unit(s)
Water source
Well, Public
Building Details
Year built
1859
Floors in Building
3
Number of units
4
Flooring type
Carpet, Wood, Vinyl
Building materials
Masonry, Wood Frame, Brick, Clapboard
Roof type
Slate, Shingle, Metal
Architectural style
Greek Revival
Listing Agency:
Portside Real Estate Group
(207) 536-4222
Listed By:
Alexcia Smith
(207) 227-6959
Added: Aug 2
Changed: Sep 12
Last Checked: Sep 17 at 11:06AM
MLS# 1674467
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 bed and breakfast property includes a 3,770-square-foot main residence with 10 bedrooms and 7 bathrooms, plus a carriage house configured as three rental units. Built in 1859 in the Greek Revival style, the property combines masonry, wood frame, brick, and clapboard construction with wood, vinyl, and carpet flooring. Interior features include an in-law apartment, a first-floor bedroom, pantry, and primary bedroom with bath. The property is currently operating as a guest accommodation and accepting future reservations.
Set on 1.2 acres, the grounds include mature landscaping, generous outdoor areas, a chicken and duck coop, porch, deck, and off-street parking. The property has B zoning, public sewer, and both public and well water sources. Heating systems include zoned, forced-air, propane, oil, kerosene, and wood options, while cooling is provided by heat pumps and window units.
Set on 1.2 acres, the grounds include mature landscaping, generous outdoor areas, a chicken and duck coop, porch, deck, and off-street parking. The property has B zoning, public sewer, and both public and well water sources. Heating systems include zoned, forced-air, propane, oil, kerosene, and wood options, while cooling is provided by heat pumps and window units.
Key Highlights
- 10‑bedroom, 7‑bathroom main residence with a 3,770‑square‑foot property size
- Carriage house arranged as three rental units
- Operating bed and breakfast accepting future reservations
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
$63,820
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
8.51%
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%
$1,276,400
$1.3M
Cap Rate 7%
$911,714
$911.7K
Cap Rate 9%
$709,111
$709.1K
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
$95.9K $25.44/SF
− Vacancy
−$4.7K −$1.26/SF
EGI
$91.2K $24.18/SF
− OpEx
−$27.4K −$7.25/SF
NOI
$63.8K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$1,276,400
Cap Rate 7%
$911,714
Cap Rate 9%
$709,111
Alternative Uses
Best Use
Multifamily LT 5
$911.7K
$797.8K – $1.06M
NOI $63,820 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$832.3K
$728.3K – $971.1K
NOI $58,263 @ 7.0% cap · market cap 7.77%
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
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Similar Off Market Nearby
- Jeremiah Mason House Bed and Breakfast — 40 Main St, Limerick, ME 04048
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Operating hospitality property with a substantial residence, separate rental units, and outdoor grounds on a 1.2-acre parcel.
Where is this bed & breakfast located?
The property is located at 40 Main Street 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: 10‑bedroom, 7‑bathroom main residence with a 3,770‑square‑foot property size; Carriage house arranged as three rental units; Operating bed and breakfast accepting future reservations
