Building Details

Building Size 3,770 SF

Year Built 1859

Buildings 2

Listing Agency: Portside Real Estate Group i***@portsidereg.com Show Phone

Listed By: Alexcia Smith Show Phone

Source: Amerorealty

Added: Aug 2 Changed: Oct 31 Last Checked: Oct 31 at 11:58AM

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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.

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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

NOI $83,655 @ 7.0% cap · market cap 11.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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 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: 3,770‑square‑foot multifamily property built in 1859; 10‑bedroom main residence; Carriage house configured with three rental units