Historic Bed And Breakfast With Carriage
For Sale
$750,000
40 Main Street, Limerick, ME 04048
Commercial Sale, Limerick, ME
Property Size3,770 SF
Lot Size1.20 Acres
Price / SF$198.94
Days on Market52
Property Features for 40 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B
Rooms
Basement
Parking features
Off Street
Basement
Unfinished, Walk-Out Access, Full
Lot features
Downtown, Business District, Rural
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
Wood, Forced Air, Zoned, Oil, Kerosene, Propane (Heating)
Water source
Public, Well
Amenities
common areas
breakfast service
peaceful grounds
Building Details
Year built
1859
Flooring type
Wood, Carpet, Vinyl
Building materials
Masonry, Wood Frame, Brick, Clapboard
Roof type
Membrane, Metal, Shingle, Slate
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 22 at 2:06PM
MLS# 1674464
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.
The Jeremiah Mason House is an operating bed and breakfast established in 1859, with 3,770 square feet of building area, eight guest bedrooms, common areas, and breakfast-service space. A converted carriage house adds three income-producing units, while the 1.2-acre property also includes space that can support owner living quarters, extended-stay use, or additional guest services subject to applicable approvals. Construction includes masonry, wood frame, brick, and clapboard elements, with wood, vinyl, and carpet flooring. Heating is provided through zoned systems using kerosene, propane, oil, forced air, and wood. The property has public sewer, public and well water sources, and off-street parking.
Located at 40 Main Street in Limerick, Maine, the inn is under an hour from Portland, 40 minutes from Portsmouth, New Hampshire, and approximately 20 minutes from western New Hampshire. The business remains open and is accepting future reservations during the sale process. Zoning is B.
Located at 40 Main Street in Limerick, Maine, the inn is under an hour from Portland, 40 minutes from Portsmouth, New Hampshire, and approximately 20 minutes from western New Hampshire. The business remains open and is accepting future reservations during the sale process. Zoning is B.
Key Highlights
- 1859‑built bed and breakfast with 3,770 square feet of building area
- Eight guest bedrooms supported by common areas and breakfast‑service space
- Converted carriage house contains three income‑producing 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
Hotel Hospitality
$652.3K
$570.8K – $761.1K
NOI $45,664 @ 7.0% cap · market cap 6.09%
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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Current Use
Lease Details
3
Residential units
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 eight guest bedrooms and additional income-producing units in a converted carriage house.
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: 1859‑built bed and breakfast with 3,770 square feet of building area; Eight guest bedrooms supported by common areas and breakfast‑service space; Converted carriage house contains three income‑producing units
