Waterfront Lodge Tavern and
For Sale
Contact for pricing
157 Main Street, Belgrade, ME 04918
Turnkey waterfront tavern with a furnished restaurant, commercial kitchen, and eight renovated suites with private bathrooms.
Property Size14,179 SF
Price / SF$186.90
Days on Market61
Property Features for 157 Main Street
General Information
Standard status
Active
Size
14,179 SF
Class
B
Property subtype
Mixed Use, Hospitality, Retail
Zoning
Shoreland General Development; Mixed Use Commercial
Lease Type
Modified Gross
Investment Type
Value Add
Additional Details
Business Included
Yes
Building Details
Year Built
1899
Stories
2
Units
14
Listing Agency:
Portside Real Estate Group
Listed By:
Emily Theriault · License #021427
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 8 at 3:34PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
A lodge-style waterfront tavern anchors this property, with a restaurant portion described as fully furnished and equipped. Included are a commercial-grade kitchen, bar infrastructure, dining furnishings, and operational fixtures designed to support a ready-to-operate setup. The offering also includes eight renovated hospitality suites with a camp-style design and private bathrooms, along with spacious owner’s quarters suitable for an on-site owner or caretaker.
The property is situated on a waterfront parcel with frontage on both Long Pond and Great Pond, part of the Belgrade Lakes Region. The waterfront setting supports direct enjoyment of boating, fishing, and recreation, along with access to a village dining atmosphere.
For operators seeking a hospitality property with food-and-beverage and lodging components, the existing layout and furnished nature of the restaurant portion may reduce the work required to reopen or reposition the concept. The combination of a waterfront tavern and multiple lodging suites can support a dual-use operating model, while the owner’s quarters provide space for on-site management support.
The property is situated on a waterfront parcel with frontage on both Long Pond and Great Pond, part of the Belgrade Lakes Region. The waterfront setting supports direct enjoyment of boating, fishing, and recreation, along with access to a village dining atmosphere.
For operators seeking a hospitality property with food-and-beverage and lodging components, the existing layout and furnished nature of the restaurant portion may reduce the work required to reopen or reposition the concept. The combination of a waterfront tavern and multiple lodging suites can support a dual-use operating model, while the owner’s quarters provide space for on-site management support.
Key Highlights
- Year built 1899 waterfront property featuring a 5,700+/- SF lodge‑style tavern and waterfront facilities.
- Restaurant portion is furnished and equipped, including a commercial‑grade kitchen, bar infrastructure, dining furnishings, and operational fixtures.
- Includes eight renovated hospitality suites, each with a private bathroom.
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
$158,876
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
6.00%
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%
$3,177,520
$3.2M
Cap Rate 7%
$2,269,657
$2.3M
Cap Rate 9%
$1,765,289
$1.8M
Market Conditions
NOI Build-Up for 14,179 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
$255.2K $18.00/SF
− Vacancy
−$43.4K −$3.06/SF
EGI
$211.8K $14.94/SF
− OpEx
−$53.0K −$3.74/SF
NOI
$158.9K $11.21/SF
Area
Kennebec County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,177,520
Cap Rate 7%
$2,269,657
Cap Rate 9%
$1,765,289
Alternative Uses
Best Use
Specialty Retail
$2.27M
$1.99M – $2.65M
NOI $158,876 @ 7.0% cap · market cap 6.00%
Second Best
Hotel Hospitality
$1.23M
$1.07M – $1.43M
NOI $85,872 @ 7.0% cap · market cap 3.24%
Theoretical Best
Warehouse
$21.15M
$18.51M – $24.68M
NOI $1,480,758 @ 7.0% cap · market cap 55.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 04918, ME
11
Population
66
Households
0.2
Avg Household Size
45
Median Age
0.6 sq mi
ZIP Area
18
Density / Sq Mi
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Turnkey waterfront tavern with a furnished restaurant, commercial kitchen, and eight renovated suites with private bathrooms.
Where is this hotel located?
The property is located at 157 Main Street Belgrade, ME.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Year built 1899 waterfront property featuring a 5,700+/- SF lodge‑style tavern and waterfront facilities.; Restaurant portion is furnished and equipped, including a commercial‑grade kitchen, bar infrastructure, dining furnishings, and operational fixtures.; Includes eight renovated hospitality suites, each with a private bathroom.
