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 Market33
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: Aug 29
Last Checked: Aug 25 at 3:50AM
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 = 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
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
Questions? Ask Rey
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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
