Lakefront Short-Term Rental
For Sale
$499,900
18 Belgrade Road, Oakland, ME 04963
Multi-level lakefront home with an in-law apartment, landscaped grounds, and direct access to Messalonskee Lake.
Property Size3,413 SF
Price / SF$146.47
Days on Market334
Property Features for 18 Belgrade Road
General Information
Standard status
Active
Size
3,413 SF
Property subtype
Multi-Family
Zoning
Shoreland
Taxes and HOA fees
Annual Taxes
$3,961
Amenities
laundry room
lake access
landscaped yard
Window Unit(s)
Zoned, Wood Stove, Hot Water, Baseboard
Interior, Bulkhead, Dirt Floor, Full, Unfinished
Wood, Vinyl, Tile, Carpet
Yes
Upper Level
In-Law Apartment, Bathtub, Shower
Concrete Perimeter, Brick/Mortar
3.50
4
3.10
Metal
Shed(s)
Vinyl Siding, Wood Frame
Building Details
Year Built
1900
Units
3
Construction
farmhouse
Listing Agency:
Keller Williams Realty
(207) 873-9013
Listed By:
Francois Rodrigue
(207) 873-9013
Source:
Compass
Added: Oct 2, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:11AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 3,413-square-foot farmhouse includes 6 bedrooms and 3.5 baths across multiple levels, with an in-law apartment and a second-floor laundry room. Interior finishes include wood, vinyl, tile, and carpet, while heating is provided by zoned baseboard and wood stove systems. A bulkhead, unfinished full basement, shed, and wood-frame construction add functional support to the property. Built in 1900, the home is located in the Shoreland zoning district.
The property sits directly on Messalonskee Lake at 18 Belgrade Road in Oakland, Maine. Lake views extend from the front of the home, and the grounds include landscaped plantings and mature vegetation. Current use as an Airbnb supports continued short-term rental operation, while the multi-level layout also accommodates residential use. Downtown Oakland, the Belgrade Lakes region, and Waterville are within the surrounding travel area described for the property.
The property sits directly on Messalonskee Lake at 18 Belgrade Road in Oakland, Maine. Lake views extend from the front of the home, and the grounds include landscaped plantings and mature vegetation. Current use as an Airbnb supports continued short-term rental operation, while the multi-level layout also accommodates residential use. Downtown Oakland, the Belgrade Lakes region, and Waterville are within the surrounding travel area described for the property.
Key Highlights
- 6‑bedroom, 3.5‑bath farmhouse with 3,413 square feet
- Direct access to Messalonskee Lake with lake views from the front of the property
- Currently operated as an Airbnb
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
$33,248
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
6.65%
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%
$664,960
$665.0K
Cap Rate 7%
$474,971
$475.0K
Cap Rate 9%
$369,422
$369.4K
Market Conditions
NOI Build-Up for 3,413 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
$61.4K $18.00/SF
− Vacancy
−$983 −$0.29/SF
EGI
$60.5K $17.71/SF
− OpEx
−$27.2K −$7.97/SF
NOI
$33.2K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$664,960
Cap Rate 7%
$474,971
Cap Rate 9%
$369,422
Alternative Uses
Best Use
Apartment 5plus
$475.0K
$415.6K – $554.1K
NOI $33,248 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.09M
$4.46M – $5.94M
NOI $356,431 @ 7.0% cap · market cap 71.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 04963, ME
7,358
Population
4,279
Households
1.7
Avg Household Size
45
Median Age
24%
College-Educated
95%
High-School Grad
51.1 sq mi
ZIP Area
144
Density / Sq Mi
$73,611
Median Household Income
$49,913
Median Earnings
$885
Median Rent
$228,200
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?
Short term rental property - Multi-level lakefront home with an in-law apartment, landscaped grounds, and direct access to Messalonskee Lake.
Where is this short term rental property located?
The property is located at 18 Belgrade Road Oakland, ME.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 6‑bedroom, 3.5‑bath farmhouse with 3,413 square feet; Direct access to Messalonskee Lake with lake views from the front of the property; Currently operated as an Airbnb
