The Limerock Inn
Rockland, Maine
Offered at $1,595,000
At a Glance
Inn’s Website
Google Photo Album
Download a Property Offering
- Built in 1893
- .73 acre lot
- Map 21 Lot 7
- 5,200 square feet (finished)
- large, full unfinished basement and large attic
- 8 guest rooms with en-suite baths
- 2 parlors, dining room and guest pantry
- 2021 real estate taxes: $19,224
- New Viesmann propane boiler in 2017
- Tankless on demand propane water heater
- slate and copper roof restoration
- onsite paved parking lot
- clapboard exterior
- new gutters and soffits
- separate owner’s cottage with open concept living room, kitchen and loft, and one bedroom and bath
- the inn was the first bed and breakfast business in 1994 and has been going strong ever since
- zoning – residential A
- public water & sewer
- beautifully landscaped, level lawn, ideal for tented events and weddings
There is a separate, private owner’s cottage on the property with There is one bedroom and one bath, and an open concept kitchen, spacious living room with gas fireplace and loft. French doors open up to a private deck in the back. Scroll down to see more details!
Location
- 1.5 hours from Portland
- 2 hours from Kennebunkport
- 15 minutes from Camden
- 2 hours from Bar Harbor
- 1 hour from Boothbay Harbor
- 5o minutes from Augusta
The Owner's Cottage
This darling cottage is painted to match the inn and offers innkeepers the privacy they desire, but yet the commute remains a few steps to the inn and can’t be beat! There aren’t many inns that have separate, detached living quarters.
This cottage offers an open floor plan with living room, kitchen, one bedroom, bath, loft (that can accommodate a queen or two twin beds), propane fireplace/stove, and French doors that lead to a private deck, with a pergola that fills in with blooming vines in the summer. The high ceiling and natural light make this cottage feel larger than it appears from the outside.
A Bit of History
LimeRock Inn was built in 1892 by architect/builder E.E. Lewis of Gardiner, Maine for Congressman Charles E. Littlefield.
Charles Littlefield was a Maine State representative from 1885-1887, Speaker of the House in 1887, Maine Attorney General from 1889-1893 and a US Representative from 1899 to 1908.
According to the 1892 tax assessments, the house was valued at $4,500 and the 3/4 acre lot at $400. The large mirror in the foyer is original to the house and was a gift from Charles Littlefield to his wife. The house was originally built without the turret, which was added at a later date. In addition, there was an octagonal shaped barn attached to the rear of the house at the Island Cottage room which was originally the “ell” to the house. For those not from New England, the “ell” is the part of the house that connects the main house to the barn. In and around Rockland, LimeRock Inn is still known as Dr. Lawry’s house. In 1950, Dr. Oren Lawry Jr. purchased the house.. For almost 50 years, he operated his medical practice out of the house and also served as the physician for the former Maine State Prison in Thomaston. Today’s Parlor served as a waiting room; the foyer was the reception area; and the Grand Manan room served as Dr. Lawry’s examination room.
Dr. Lawry sold the home in 1994 to a New Hampshire couple that vacationed in Rockland every summer and wanted to save the house from what they believed was an uncertain future of demolition or worse, conversion to apartments. It was in that year that Rockland’s first bed & breakfast, The LimeRock Inn, was established.
This is a financially viable business. Financial data shared with qualified buyer and signed NDA.
Why the New Improved price adjustment?
After the last time the bookkeeper made profit and loss adjustments, we revised the list price. But recently, we realized there was an income entry that was coded incorrectly, and in turn, affected the net operating income again. So the new price is based on final bookkeeping adjustments, and where it should be priced.
P&L adjustments are not unusual. I often find when going through a seller’s financials, and after asking questions about the income and expenses, there are some errors found in how things were coded, to what income or expense account. It’s typical. And it’s not an indication of sloppy bookkeeping, but there are a lot of very specific expense accounts. Often we see expenses for capital improvements in a category labeled “ask accountant”. And sometimes adjustments are made on how those expenses were categorized, whether as an operating expense or as a capital improvement. During and after Covid, there were a lot of income entries that were Covid grants. But they weren’t actually room income, grant revenue has to be shown separately from room revenue. And all of this affects the bottom line in terms of value.
So in this case, it just took a few steps to get to a final adjusted profit and loss and a new price based on the adjusted net income.
