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James Place Inn in freeport, maine

Stately in size, casual in attitude...
Appealing Outdoor Space
Beautifully Decorated Guest Rooms
Ready to Relax?
Guest Gathering Areas
Dine Inside or Al Fresco

property facts

  • Square footage: 5,237 inn plus Owner’s Quarters is about 2,000 sf
  • Lot size: .3 acres
  • 7 guest rooms total with en suite baths (4 with Jacuzzi tubs), 1 with wood burning fireplace
  • Public water/sewer
  • Parking: paved drive and parking for 9 vehicles
  • Siding: clapboard
  • Roof: composition shingle (replaced in 2006, 2012, 2016)
  • Flooring: hardwood, tile, carpet
  • Air conditioning: window units
  • Heating: natural gas, radiant (in OQ), hot water baseboard, forced hot water (2 systems)
  • Water heater: natural gas
  • Cooking: gas
  • Laundry: one set in owner's house and two sets on main level of inn (both dryers are gas)
  • Flat screen TVs in all rooms; wireless internet throughout
  • Zoning: V1 (village)
  • Taxes: $10,100 (2016)
  • Rates: 1 room @$179, 2@ $189, 3@ $199, 1 @ $229 (1 king, 6 queen plus 1 twin)

owner's quarters

Owner’s quarters is a 3 story attached townhouse built around 2001, with first floor living room with fireplace, dining room, kitchen, half bath and private deck. Second level with 2 bedrooms, 1 full bath, laundry room. Third level owner’s master suite open floor plan with picture windows, large master bath with walk in tiled shower, walk-in closet. Fabulous private space. A wine cellar is a nice bonus here! This is not the average owner's quarters, rather a prime offering.

2,000 sq.ft. built in 2001 to blend with the historic inn
The house and private deck

Freeport History/Data

Freeport is a town in Cumberland County, Maine, United States. The population was 7,879 at the 2010 census. Known for its numerous outlet stores, Freeport is home to L.L. Bean, Wolfe's Neck Woods State Park, and the Desert of Maine.

Freeport is part of the Portland–South Portland–Biddeford, Maine metropolitan statistical area. The town was once a part of North Yarmouth called Harraseeket, after the Harraseeket River. First settled about 1700, it was set off and incorporated on February 14, 1789 as Freeport. It is probably named "from the openness of its harbor" (free from ice). Freeport developed as four villages—Mast Landing, Porter's Landing, South Freeport and Freeport Corner—all of which are now part of the Harraseeket Historic District, listed on the National Register of Historic Places.At the head of tide on the Harraseeket River is Mast Landing, from which timber was shipped, particularly for use as masts. The estuary was dammed to provide water power for a gristmill, sawmill and fulling mill, with modest manufacturing and woodworking. Porter's Landing was involved in shipbuilding, important in Freeport following the Revolutionary War. The industry reached its peak in the decade between 1850 and 1860, but declined with the Civil War. South Freeport, the largest of the waterfront villages, once had four shipyards. Other businesses included fishing, canning and farming. In 1903, the Casco Castle and Amusement Park was built here by Amos Gerald to encourage travel by trolley cars. The hotel burned in 1914, but its tower still stands. Freeport Corner was an inland village for farming and trade, but the 1849 entrance of the railroad helped it develop into the town's commercial center, which it remains. In the 1800s, fabric was sent from New York and Boston to be made into clothing by local piece workers. Businessman E. B. Mallet established here a sawmill, brickyard, granite quarry and large shoe factory.

In 1912, Leon Leonwood Bean opened a store in the basement of his brother's apparel shop at Freeport Corner, selling the "Bean Boot" (or Maine Hunting Shoe). This store, L. L. Bean, became so popular that in 1951 it started remaining open 24 hours a day. Its retail and mail order catalog facilities expanded into Freeport's principal business, and a worldwide company with annual sales of over a billion dollars.

In 1982, McDonald's made plans to tear down an 1850s Greek Revival house to build one of its standard stores. Outcry from residents caused the town to adopt new ordinances concerning what businesses could and couldn't do with their buildings, and McDonald's built the restaurant inside the house, maintaining the exterior appearance. This was one of the first times that McDonald's had been forced to change its restaurant design to fit local requirements.

area location

In 2011 Yankee Magazine Readers' Best of New England Choice Survey identified Freeport Maine as the favorite shopping town in all of New England-out of 70+ choices.

Freeport is located along the shores of upper Casco Bay, approximately 20 minutes north of Portland. It is best known for its upscale outlet shopping and as home to the world-famous L.L. Bean stores. Locally owned shops offering Maine-made items can also be found throughout the downtown area. However, Freeport isn’t all about shopping. The historical town is often credited as being the birthplace of the State of Maine. Many of the meetings leading up to the state’s separation from Massachusetts in 1820 took place in Freeport’s Jameson Tavern, which is still in operation today. A good number of the town’s original schools, homes, and churches have been preserved and refurbished, thanks to a very active historical society. The town’s dedication to historic preservation has also ensured that the old blends nicely with the new. Even the local fast food restaurants have a distinctively New England feel. Freeport offers a wide variety of dining options that suit every taste from haute cuisine to some of Maine’s best street food.

If visitors travel a bit off of the beaten path, they’ll be pleasantly surprised at the amount of green space that has been preserved in this bustling town. Wolfe’s Neck Woods is one of several well-maintained parks and sanctuaries ideal for bird watching and hiking along the coast and Bradbury Mountain State Park, with more challenging trails and magnificent views. A short 20 minute drive brings you to Portland, with its Old Port, museums, shops and galleries, theatre and concerts as well as an impressive number and variety of top-notch restaurants.

Driving north there are wonderful coastal islands, lighthouses towering from rocky bluffs, more state parks with sand and rock beaches, views of offshore islands, boat rides, tours, puffin cruises, lighthouse cruises, and more! All these are easy day trips from your base in Freeport, Maine.

With all that Freeport and the surrounding areas have to offer it is interesting to note that there are just over 56 million people living within a 500 mile radius from James Place Inn and about 15 million within a 250 mile radius. All in all, James Place Inn is ideally located for guests and new owners to enjoy a true coastal Maine experience.

location and visibility

There are few things more important to the success of any business than its access and visibility. In the case of James Place Inn, it is superlatively accessible given its Maine’s coastal location. The Inn is easily accessed via the interstate highway system, I-95 and I-295. Freeport is about 2 hours from Boston and is 3 hours south of Bar Harbor. The nearest airport is Portland International Jetport (PWM) which is served by six major commercial airlines. Rental cars are readily available and from there a short drive to Freeport. Visitors may also fly into Boston or Manchester NH. Bus lines travel from Boston’s Logan Airport to Portland. Amtrak DownEaster travels from Boston’s North Station with a stop in Freeport.

Freeport is considered by many the number one tourist destination in Maine, for Maine residents and out-of-state tourists. There are over 3.5 million visitors to the state spending $300,000,000 annually.

Commercial shopping for the business is readily available. The big box stores are all nearby and easily accessible. Maine has a strong farm to table economy. The availability of fresh produce and products are readily available at local stores throughout the year. The many open air farmers markets in the warmer months are plentiful and a great source for innkeepers featuring local foods. Laughing Stock Farm in Freeport offers fresh vegetables year round. The major food and supply delivery companies also deliver regularly to the area.

market position and competition

Tourism is the number one industry in the state so the lodging choices in this area are wide-ranging, from small inns, bed and breakfasts and rental cottages to a few larger motels and hotels. James Place Inn is one of 8 B&Bs in Freeport, and enjoys in the #1 position on Tripadvisor (and has for some time).

With Freeport being one of the most popular destination locations in Maine and the country there are a variety of lodging properties to choose from. Besides the larger hotel chains and Inns the bed and breakfasts are also represented. James Place Inn has established itself over the years as a good choice for travelers seeking a quality Maine bed and breakfast experience. It is at the top for tourists seeking a quality bed and breakfast lodging choice in a prime coastal Maine destination. Under new ownership the Inn is well positioned to establish as a strong lodging force in a dominant location.

market potential

When looking at any business, determining market potential is at times an exercise in creative imagination. A study of the revenue trends at James Place Inn demonstrates it has enjoyed a steady and profitable business under current ownership.

It is a well-established operation but one that can continue to grow under new stewardship and in the right hands. A review of the marketing indicates that ongoing aggressive marketing initiatives could continue to drive up occupancy and ADR...all contributing to an even healthier bottom line for new ownership. Judicious rate increases over time will also help grow future business.

Current owners recognize there are opportunities for continued growth and profitability of the business, but now it is time for new owners to infuse this gracious property with their own plans and take over this lovely and inviting property.

With a continued disciplined approach to the business, judicious expenditures for controlled expenses and continued marketing, James Place Inn can generate a comfortable ROI with a wonderful business and lifestyle for new owners.

investment considerations

The process for assessing and valuing the business is multi-layered. The first step is to look at an actual profit and loss statement.

The second step is to consider fixed and variable costs. How can you manage things more affordably? How will you increase revenue without increasing expenses? What can you do more efficiently? Can you market more aggressively? Based on your cash down, how will your net operating income work for you?

The most important part of the investment analysis is the debt coverage ratio. This is important in assessing whether a lender would consider the cash flow to be adequate to support a loan. They are generally looking for a number of at least 1.25 to 1.3. With the appropriate down payment, the numbers work.

Additional Sources of Information

The inn's website

The broker's listing info

Link to additional property photos

Maine Tourism Association

Maine Innkeepers Association

Other Documents Available

  • Deed
  • Supporting Financial Statements
  • Inventory of Personal Property
  • Seller’s Property Disclosures
  • Improvements List
  • Advertising List
  • Additional Photos of Owner’s Quarters

James Place Inn is offered at $1,195,000 and is proudly brought to you by

Inn Brokers and Consultants Since 1993

Dana Moos, Lodging, Inn/Bed and Breakfast and Motel Broker

Lafayette Center - 2 Storer Street, Suite 404, Kennebunk, ME 04043

iPhone 207.266.5604 efax 207.669.8326 dana@danamoos.com www.danamoos.com www.bbteam.com

Innkeeping: a home, a job, an investment and a lifestyle

Broker/Consultant Disclaimer

The B&B Team® and its representatives believe that the information contained herein is accurate and has been obtained from sources it believes reliable, including the owners of the property and business, but it has not been independently verified, is not guaranteed and is submitted subject to errors, omissions, change of price, prior sale, or withdrawal without notice. There may be additional information available to a purchaser from other sources. Purchasers should exercise whatever due diligence they feel is necessary and should not rely upon the information contained herein. Neither The B&B Team nor its representatives warrant the suitability of the property for any particular purpose and do not assure the success of any future or contemplated business venture. If you have received this from anyone other than The B&B Team or someone authorized by The B&B Team, its use is strictly prohibited.

Non-Disclosure of Material

This buyer’s offering report contains information of a sensitive nature. The owners of the property and business herein described do not want this information shared with anyone other than your legal and tax advisors; therefore, this information is released on the understanding that it will not be reproduced or disseminated without written permission of the Broker or Consultant and only after agreeing, in writing, to maintain the confidentiality of the information.

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