Waterfront Lodge Resort
For Sale
$755,000
300 Wapiti Road, Patten, ME 04765
Multi-building hospitality property with lodging, event, dining, and outdoor recreation facilities beside a deep-water pond.
Property Size7,397 SF
Days on Market498
Property Features for 300 Wapiti Road
General Information
Standard status
Active
Size
7,397 SF
Property subtype
Commercial
Building Details
Building Size
7,397 SF
Year Built
1985
Listing Agency:
Midcoast Realty Group
(207) 701-1230
Listed By:
Penney Read
(207) 701-1230
Source:
Startpoint
Added: Apr 1, 2025
Changed: Aug 9
Last Checked: Aug 11 at 1:39PM
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 Midcoast Realty Group
Investment Insights
Based on property information with market context.
Camp Wapiti Lodge is a waterfront resort property established in 1985 on Davis Pond in T5 R7 Wels, Maine. The compound includes a primary lodge, six cabins, a three-bay garage and barn, an in-ground pool, a gazebo with fire pit, and a separate recreational hall. The lodge features a spacious dining room, stone fireplace, pond and Mount Katahdin views, a commercial kitchen, and an upstairs staff residence. The cabins and lodge can accommodate approximately 20 to 25 people.
Set at 300 Wapiti Road, the property occupies a secluded pondside setting with private access for swimming and boating, along with opportunities for hiking, snowmobiling, and hunting. Mount Katahdin is visible looking southwest across the water. The buildings require upgrades and repairs, including work to connect the cabins to the existing septic system, creating a redevelopment component for a hospitality, retreat, or compound use.
Set at 300 Wapiti Road, the property occupies a secluded pondside setting with private access for swimming and boating, along with opportunities for hiking, snowmobiling, and hunting. Mount Katahdin is visible looking southwest across the water. The buildings require upgrades and repairs, including work to connect the cabins to the existing septic system, creating a redevelopment component for a hospitality, retreat, or compound use.
Key Highlights
- Six cabins plus a main lodge with capacity for 20 to 25 people
- Waterfront setting on secluded, deep‑water Davis Pond
- Main lodge includes commercial kitchen, stone fireplace, dining area, and staff residence
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
$44,524
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
5.90%
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%
$890,480
$890.5K
Cap Rate 7%
$636,057
$636.1K
Cap Rate 9%
$494,711
$494.7K
Market Conditions
NOI Build-Up for 7,397 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
$106.5K $14.40/SF
− Vacancy
−$12.8K −$1.73/SF
EGI
$93.7K $12.67/SF
− OpEx
−$49.2K −$6.65/SF
NOI
$44.5K $6.02/SF
Area
Penobscot County, ME
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$890,480
Cap Rate 7%
$636,057
Cap Rate 9%
$494,711
Alternative Uses
Best Use
Hotel Hospitality
$636.1K
$556.6K – $742.1K
NOI $44,524 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,231 @ 7.0% cap · market cap 22.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 04765, ME
1,122
Population
1,073
Households
1
Avg Household Size
52
Median Age
25%
College-Educated
90%
High-School Grad
750.6 sq mi
ZIP Area
1
Density / Sq Mi
$47,269
Median Household Income
$33,631
Median Earnings
$347
Median Rent
$120,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Resort - Multi-building hospitality property with lodging, event, dining, and outdoor recreation facilities beside a deep-water pond.
Where is this resort located?
The property is located at 300 Wapiti Road Patten, ME.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Six cabins plus a main lodge with capacity for 20 to 25 people; Waterfront setting on secluded, deep‑water Davis Pond; Main lodge includes commercial kitchen, stone fireplace, dining area, and staff residence
