Saco motel receives multiple offers over list price
Courtesy / Benchmark Real Estate
Multiple offers, some above the asking price, came in for the Blue Haven Motor Court in Saco.
As evidence that lodging properties are increasing in popularity, a motel in Saco received multiple offers, including some above the list price.
Floyd Jacques sold Blue Haven Motor Court at 1015 Portland St. to NK's Group LLC for $2.2 million.
Tom Landry of Benchmark Real Estate brokered the transaction.
The property comprises a 16,168-square-foot, 33-unit motel on 5.1 acres, with 21-plus parking spaces. It was marketed as an investment and/or redevelopment opportunity in a location that has excellent visibility and traffic counts.
Blue Haven Motor Court has been in operation for over 40 years and has long-term and stable rental history.
“We had multiple offers, over asking offers, back-up offers and sold at asking,” Landry said.
The demand, he continued, might be due to opportunities seen in real estate trends such as conversions of lodging properties to condominiums or upgrades to glamping.
The persistence of the pandemic might continue that demand, he said.
“We are seeing investors eye these assets for long-term and short-term rental,” he said.
1900s farmhouse
The original, roadfront structure dates back to the 1900s, when it was a farmhouse surrounded by farmland, he said.
“It had many lives, from a diner to mixed-use to a sandwich shop, over the 100-year period,” he said.
The building has been run as a motor court for over 40 years. At one point during that time, the seller also installed individual cottages on the property.
Units rentals have also been part of the business model, with some rentals lasting for perhaps a week and others for years, said Landry.
“Short- and long-term rentals have been part of their model for years,” he said. “In the past year, they converted all of it to that. They’ve been very busy with people from greater Portland, and also seasonal workers and construction workers.”
The seller is in his late 80s and was ready for a change, Landry said.
Landry arranged to hold group showings over two days. The response was huge, he said.
“I figured maybe we’d have one or two people,” he said. “We had 10 people there the first day, 12 the second day. We had people writing offers on the hood of their cars. Multiple full-price offers, a couple over, a couple a little bit under. The demand was shocking.”
In the end, it went for the list price.
“I had no idea it would be received like this. I was floored,” he said.
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