Waterfront Multifamily
For Sale
$825,000
1316 13 & 16 Joyal Hill Ln, Casco, ME 04015
Multi-unit compound with a separate chalet, private dock, wooded acreage, and additional buildable lots.
Property Size2,304 SF
Lot Size7.50 Acres
Price / SF$358.07
Days on Market79
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Property Features for 1316 13 & 16 Joyal Hill Ln
General Information
Standard status
Active
Size
2,304 SF
Lot size
7.50 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
dock
campfire pit
gardens
fruit trees and berry bushes
Building Details
Year Built
2004
Buildings
2
Construction
chalet-style
Listing Agency:
Ocean Gate Realty, LLC.
Listed By:
Kathleen Phillips LaBombard
Source:
603luxury
Added: Jul 29
Changed: Oct 8
Last Checked: Oct 15 at 2:46AM
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 on 7.5 acres, this multifamily property includes a 2,304-square-foot chalet-style log-sided home built in 2004. The main residence offers three bedrooms, one full bathroom, one half bathroom, a vaulted living room with beamed ceiling, wide pine flooring, a generous kitchen, jetted tub, propane Rinnai heating, and a wrap-around porch. The lower level adds three bedrooms, a half bathroom with stackable laundry, storage, and walkout access to a water-facing patio.
A separate chalet contains two living units, each with two bedrooms, one bathroom, a kitchen, and a living room. Two long-term tenants currently occupy the units. The property has 850 feet of owned waterfront on The Heath, which connects to Thompson Lake, along with a private dock reached by a gently sloping trail. The grounds include mature fruit and berry plantings, garden areas, a campfire pit, and two buildable lots that have already been perc tested.
A separate chalet contains two living units, each with two bedrooms, one bathroom, a kitchen, and a living room. Two long-term tenants currently occupy the units. The property has 850 feet of owned waterfront on The Heath, which connects to Thompson Lake, along with a private dock reached by a gently sloping trail. The grounds include mature fruit and berry plantings, garden areas, a campfire pit, and two buildable lots that have already been perc tested.
Key Highlights
- 7.5 acres with 850' of owned waterfront on The Heath, connected to Thompson Lake
- Separate chalet includes two living units, each with 2 bedrooms and 1 bathroom
- Main residence contains 3 bedrooms, 1.5 bathrooms, and 2304 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,715
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Multi-unit compound with a separate chalet, private dock, wooded acreage, and additional buildable lots.
Where is this multifamily property located?
The property is located at 1316 13 & 16 Joyal Hill Ln 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: 7.5 acres with 850' of owned waterfront on The Heath, connected to Thompson Lake; Separate chalet includes two living units, each with 2 bedrooms and 1 bathroom; Main residence contains 3 bedrooms, 1.5 bathrooms, and 2304 square feet
