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    Pasadena Multi-Unit Investment Opportunity Title is generated by Realmo AI

    151 RIVIERA Drive, Pasadena, MD 21122

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    For Sale
    $599,000

    MULTI_FAMILY - Cape Cod - PASADENA, MD

    Property size:
    3,000 SF
    Lot size:
    0.21 Acres
    Price / SF:
    $199/SF
    Added:
    Oct 16, 2025
    Days on Market:
    214
    Last Refresh:
    May 17 at 12:06 pm

    Property Features for 151 RIVIERA Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Basement, Dining Room
    Parking
    1
    Parking features
    Driveway, Garage - Detached
    Interior features
    2nd Kitchen, Bathroom - Soaking Tub, Breakfast Area, Carpet, Ceiling Fan(s), Combination Dining/Living, Combination Kitchen/Dining, Combination Kitchen/Living, Dining Area, Bathroom - Tub Shower, Built-Ins, Entry Level Bedroom, Kitchen - Efficiency, Pantry, Recessed Lighting, Studio, Upgraded Countertops, Walk-in Closet(s)
    Appliances
    Dryer - Electric, Washer, Stove, Range Hood, Built-In Microwave, Dishwasher, Exhaust Fan, Icemaker, Microwave, Oven - Single, Refrigerator, Stainless Steel Appliances, WaterHeater
    Standard status
    Active
    Size
    3,000 SF
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4008

    Utilities

    Heating system
    Electric (Heating), Other (Heating), Zoned, Baseboard, Heat Pump (Heating)
    Cooling system
    Multi Units, Window Unit(s), Central Air, Ceiling Fan(s), Ductless
    Water front features
    Navigable Water

    Building Details

    Year built
    1952
    Number of units
    3
    Building materials
    Stucco
    Architectural style
    Cape Cod

    We can help!

    Listing Contact
    Beverly E Harkum Locantore
    Beverly E Harkum Locantore

    Listing agent Beverly E Harkum Locantore License #621875

    Listing office RE/MAX Executive 8432 VETERANS Highway unit: A, MILLERSVILLE, MD

    Listing date Oct 16, 2025

    MLS# MDAA2128774 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Water‑privileged community featuring a sandy beach, boat ramp, pier, community parks, and walking paths.
    • Licensed three‑unit property with strong income potential in a highly walkable location.
    • Opportunity to convert to a single‑family home with an attached in‑law suite (with county permitting).
    • Fenced corner lot with detached garage (potential income).
    • Each unit has separate occupancy and lead inspection certifications, ceiling fans, and air conditioning.
    • Two units are month‑to‑month with potential to increase rents to market value.

    Overview

    Located in the water privilege community of Riviera Beach, this licensed three-unit property offers a versatile investment opportunity. Situated on a fenced corner lot just off the main street, the property is within walking distance of a bus stop, grocery stores, convenience shops, and restaurants. The existing structure may be converted into a single-family home with an attached in-law suite, offering flexibility for multi-generational living or continued income potential, subject to county permitting. The property includes a detached garage, currently used by Unit C, which could potentially be income producing. Unit A features 2 bedrooms, a kitchen, living room, dining room, a full bath, and private laundry. Unit B includes 1 bedroom, a kitchen, and a living room with a full bath. Unit C, located on the upper level, offers 1 bedroom, a kitchen/dining combination, a living room, and a full bath. Each unit is equipped with ceiling fans and air conditioning and maintains separate occupancy and lead inspection certifications. The property is located in a desirable community featuring a sandy beach, boat ramp, pier, community parks, walking paths, schools, and churches. The lot size is 0.2101 acres, and the property size is 3000 square feet. Two of the existing tenants are on month-to-month leases and are prepared to vacate.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $484.3K
    NOI $43,590 @ 9.00% cap · cautious / downside scenario
    Moderate
    $622.7K
    NOI $43,590 @ 7.00% cap · market / base-case scenario
    Aggressive
    $871.8K
    NOI $43,590 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $66.6k $22.20
    − Vacancy −$4.3k −$1.44
    EGI $62.3k $20.76
    − OpEx −$18.7k −$6.23
    NOI $43.6k $14.53
    3,000 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $622.7K
    $544.9K – $726.5K (±1% cap)
    NOI $43,590 @ 7.0% cap · market cap 7.28%
    Second Best
    Apartment 5plus
    $578.4K
    $506.1K – $674.8K (±1% cap)
    NOI $40,488 @ 7.0% cap · market cap 6.76%
    Theoretical Best
    Office A
    $877.6K
    $767.9K – $1.02M (±1% cap)
    NOI $61,430 @ 7.0% cap · market cap 10.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5139228
    Latitude
    39.1610347

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    FAQs

    What type of property is this?
    Triplex - Three-unit property in Riviera Beach with income potential.
    Where is this triplex located?
    The property is located at 151 RIVIERA Drive Pasadena, MD.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Water‑privileged community featuring a sandy beach, boat ramp, pier, community parks, and walking paths.; **Licensed three‑unit property with strong income potential in a highly walkable location.**; Opportunity to convert to a single‑family home with an attached in‑law suite (with county permitting).
    (443) 463-2501
    We can help!
    Listing Contact
    Beverly E Harkum Locantore
    Beverly E Harkum Locantore
    Real Estate License ID: 621875
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    151 RIVIERA Drive, PASADENA, MD 21122
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