Waterfront Triplex
For Sale
$825,000
13 & 16 Joyal Hill Lane, Casco, ME 04015
Three-unit waterfront compound with owned dock access, a 3-bedroom main chalet, and two additional 2-bedroom units.
Property Size2,304 SF
Lot Size7.50 Acres
Price / SF$358.07
Days on Market87
Property Features for 13 & 16 Joyal Hill Lane
General Information
Standard status
Active
Size
2,304 SF
Lot size
7.50 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Amenities
wrap-around porch
private dock
campfire pit
Building Details
Year Built
2004
Construction
chalet-style
Tenancy
Multi
Listing Agency:
Ocean Gate Realty,LLC.
Listed By:
Kathleen Phillips LaBombard
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 18
Changed: Sep 11
Last Checked: Sep 12 at 10:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ocean Gate Realty,LLC.
Investment Insights
Based on property information with market context.
Set at the end of a dead-end lane, this waterfront compound offers year-round living, a summer retreat, or income-producing multi-unit ownership with three total living units. The main chalet-style log-sided home includes three bedrooms and 1.5 bathrooms, along with a spacious wrap-around porch. Inside, the living room features a vaulted, beamed ceiling and wide pine flooring, and there is a generous kitchen plus a full bath with a jetted tub. The lake level is described as offering additional bedrooms, a half bath with stackable laundry, storage space, and walkout access to a patio overlooking the pond. Propane Rinnai heating is in place.
A separate, free-standing chalet contains two additional living units, each with 2 bedrooms and 1 bathroom, including its own kitchen and living room. The property is noted as currently having two long-term tenants. Owned waterfront spans 850 feet on approximately 7.5 acres, with private dock access reached via a gentle sloping trail of about 75 footsteps.
The Heath is described as restricting watercraft to canoes, kayaks, sail or paddle boats. The grounds include mature apple trees and berry plantings, and there are two included buildable lots that are perc tested.
A separate, free-standing chalet contains two additional living units, each with 2 bedrooms and 1 bathroom, including its own kitchen and living room. The property is noted as currently having two long-term tenants. Owned waterfront spans 850 feet on approximately 7.5 acres, with private dock access reached via a gentle sloping trail of about 75 footsteps.
The Heath is described as restricting watercraft to canoes, kayaks, sail or paddle boats. The grounds include mature apple trees and berry plantings, and there are two included buildable lots that are perc tested.
Key Highlights
- Private waterfront compound on 7.5 acres with 850' of owned waterfront on The Heath (connects to Thompson Lake).
- Main 3‑bedroom, 1.5‑bath chalet‑style log‑sided home built in 2004 with a wrap‑around porch and vaulted beamed ceiling.
- Lake‑level layout includes 2 additional bedrooms, 1 half bath with stackable laundry, storage, and walkout patio overlooking the pond.
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
$40,715
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
4.94%
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%
$814,300
$814.3K
Cap Rate 7%
$581,643
$581.6K
Cap Rate 9%
$452,389
$452.4K
Market Conditions
NOI Build-Up for 2,304 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
$62.2K $27.00/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$58.2K $25.25/SF
− OpEx
−$17.4K −$7.57/SF
NOI
$40.7K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$814,300
Cap Rate 7%
$581,643
Cap Rate 9%
$452,389
Alternative Uses
Best Use
Multifamily LT 5
$581.6K
$508.9K – $678.6K
NOI $40,715 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$541.1K
$473.5K – $631.3K
NOI $37,879 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$633.3K
$554.1K – $738.8K
NOI $44,328 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 04015, ME
3,646
Population
2,982
Households
1.2
Avg Household Size
48
Median Age
32%
College-Educated
91%
High-School Grad
31.3 sq mi
ZIP Area
116
Density / Sq Mi
$64,229
Median Household Income
$43,870
Median Earnings
$1,214
Median Rent
$285,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit waterfront compound with owned dock access, a 3-bedroom main chalet, and two additional 2-bedroom units.
Where is this triplex located?
The property is located at 13 & 16 Joyal Hill Lane Casco, ME.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Private waterfront compound on 7.5 acres with 850' of owned waterfront on The Heath (connects to Thompson Lake).; Main 3‑bedroom, 1.5‑bath chalet‑style log‑sided home built in 2004 with a wrap‑around porch and vaulted beamed ceiling.; Lake‑level layout includes 2 additional bedrooms, 1 half bath with stackable laundry, storage, and walkout patio overlooking the pond.
