Four-Unit Multifamily
For Sale
$789,000
14 Lakeshore Drive, Belgrade, ME 04917
Multi-Family, Belgrade, ME
Property Size4,500 SF
Lot Size3.28 Acres
Price / SF$175.33
Days on Market39
Property Features for 14 Lakeshore Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 2, Basement, Bathroom 3, Bathroom 4, Bathroom 1
Parking features
Offsite, Open, Off Street
Interior features
In-Law Apartment, 1st Floor Bedroom, Bathtub, Shower
Basement
Unfinished, Full, Sump Pump
Lot features
Open, Level, Historic District, Near Golf Course, Near Shopping, Near Town, Rural
Standard status
Active
Size
4,500 SF
Lot size
3.28 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
5832
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Oil, Baseboard, Forced Air, Natural Gas, Hot Water(Heating)
Water source
Well, Private
Water front features
Waterfront
Water front
1
Building Details
Year built
1973
Floors in Building
2
Number of units
4
Flooring type
Tile, Concrete, Laminate, Wood, Carpet, Vinyl
Building materials
Mobile, Wood Frame, Aluminum Siding, Wood Siding, Other Exterior
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Century 21 Nason Realty · Century 21 Real Estate
(207) 873-2119
Listed By:
Kim Moxcey
(207) 242-2674
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 22 at 5:06PM
MLS# 1657697
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit mixed-use property combines three separate residential apartments and a storefront commercial space. The three apartments are currently rented, while the storefront is kept vacant by the sellers. The owner also has an older, well-kept mobile home on the property that is rented out. The home was built by the current owners’ family in 1973, and includes features such as in-law apartment space and multiple bathrooms. Heating is provided via a mix of natural gas and oil, with baseboard, forced air, and hot water systems. Flooring includes concrete, wood, carpet, vinyl, laminate, and tile.
The property is located at 14 Lakeshore Drive and 1184 West Road in Belgrade and sits on a 3.28-acre lot with waterfront access and shared frontage on Long Pond. Water service is provided through private well, and wastewater is handled by a private septic system.
This configuration can support an owner-occupant scenario or a multi-unit investment approach with lake access and on-site commercial space.
The property is located at 14 Lakeshore Drive and 1184 West Road in Belgrade and sits on a 3.28-acre lot with waterfront access and shared frontage on Long Pond. Water service is provided through private well, and wastewater is handled by a private septic system.
This configuration can support an owner-occupant scenario or a multi-unit investment approach with lake access and on-site commercial space.
Key Highlights
- 3.28‑acre lot with waterfront access and shared frontage on Long Pond
- Built in 1973; home configured as 3 separate rented apartments plus a storefront space
- Four‑unit setup: three apartments rented, storefront kept vacant
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
$50,254
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
6.37%
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%
$1,005,080
$1.0M
Cap Rate 7%
$717,914
$717.9K
Cap Rate 9%
$558,378
$558.4K
Market Conditions
NOI Build-Up for 4,500 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
$72.9K $16.20/SF
− Vacancy
−$1.1K −$0.25/SF
EGI
$71.8K $15.95/SF
− OpEx
−$21.5K −$4.79/SF
NOI
$50.3K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$1,005,080
Cap Rate 7%
$717,914
Cap Rate 9%
$558,378
Alternative Uses
Best Use
Multifamily LT 5
$717.9K
$628.2K – $837.6K
NOI $50,254 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$626.2K
$548.0K – $730.6K
NOI $43,837 @ 7.0% cap · market cap 5.56%
Theoretical Best
Warehouse
$6.71M
$5.87M – $7.83M
NOI $469,949 @ 7.0% cap · market cap 59.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 04917, ME
3,259
Population
2,261
Households
1.4
Avg Household Size
49
Median Age
46%
College-Educated
98%
High-School Grad
42.7 sq mi
ZIP Area
76
Density / Sq Mi
$86,021
Median Household Income
$41,846
Median Earnings
$868
Median Rent
$304,600
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?
Quadplex - Three residential apartments are currently rented, alongside a vacant storefront, on a Long Pond waterfront parcel.
Where is this quadplex located?
The property is located at 14 Lakeshore Drive Belgrade, ME.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: 3.28‑acre lot with waterfront access and shared frontage on Long Pond; Built in 1973; home configured as 3 separate rented apartments plus a storefront space; Four‑unit setup: three apartments rented, storefront kept vacant
