Wooded Acreage with Fixer-Upper
For Sale
$425,000
Pending
28403 Old Eden Rd, Eden, MD 21822
Land, Eden, MD
Property Size2,124 SF
Lot Size41.42 Acres
Days on Market131
Property Features for 28403 Old Eden Rd
General Information
Property type
Land
Property subtype
Other
High school district
000000
Directions
From Rt 13, turn east onto Old Eden Rd for 1 mile. Turn right into the driveway.
Standard status
Pending
APN
16-008583
Lot size
41.42 Acres
Listing Agency:
National Land Realty, Hebron, MD
(855) 384-5263
Listed By:
Sue Hudson · License #679944
(302) 448-9727
Added: Apr 26
Changed: Aug 20
Last Checked: Sep 3 at 9:06AM
MLS# 11735901
Copyright © 2026 My State MLS. 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.
Set on 41.42 acres of mature, wooded land, this property includes a 2,124 sq ft home that is ready for renovation. The residence is described as having solid bones and several appealing characteristics, and the property is being sold as-is. Additional improvements include a barn/workshop with a lean-to.
The woodland setting is highlighted as a natural habitat for deer, turkey, and other native wildlife, with the property positioned for outdoor use and privacy. An adjoining 3.93+/- acre parcel with a 1,008 sq ft log cabin home is also for sale.
For buyers seeking a larger, wooded site with an existing residence and outbuilding, this property offers an existing layout and improvements that can be tailored to a new plan.
The woodland setting is highlighted as a natural habitat for deer, turkey, and other native wildlife, with the property positioned for outdoor use and privacy. An adjoining 3.93+/- acre parcel with a 1,008 sq ft log cabin home is also for sale.
For buyers seeking a larger, wooded site with an existing residence and outbuilding, this property offers an existing layout and improvements that can be tailored to a new plan.
Key Highlights
- 41.42 acres of mature, wooded land with a mix of hardwoods and pines
- 2,124 sq ft home on the property, sold As‑Is and ready for renovation
- Barn/workshop with lean‑to included on‑site
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
$19,990
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
4.70%
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%
$399,800
$399.8K
Cap Rate 7%
$285,571
$285.6K
Cap Rate 9%
$222,111
$222.1K
Market Conditions
NOI Build-Up for 2,124 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
$39.0K $18.36/SF
− Vacancy
−$2.7K −$1.25/SF
EGI
$36.3K $17.11/SF
− OpEx
−$16.4K −$7.70/SF
NOI
$20.0K $9.41/SF
Area
Worcester County, MD
Vacancy
6.80%
Lease Rate
$18.36 /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%
$399,800
Cap Rate 7%
$285,571
Cap Rate 9%
$222,111
Alternative Uses
Best Use
Apartment 5plus
$285.6K
$249.9K – $333.2K
NOI $19,990 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$510.4K
$446.6K – $595.5K
NOI $35,729 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 21822, MD
2,548
Population
1,056
Households
2.4
Avg Household Size
46
Median Age
22%
College-Educated
85%
High-School Grad
38.3 sq mi
ZIP Area
67
Density / Sq Mi
$51,500
Median Household Income
$39,684
Median Earnings
$877
Median Rent
$220,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hunting land - 41.42 acres of mature wooded land with a 2,124 sq ft home and barn/workshop, sold as-is.
Where is this hunting land located?
The property is located at 28403 Old Eden Rd Eden, MD.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 41.42 acres of mature, wooded land with a mix of hardwoods and pines; 2,124 sq ft home on the property, sold As‑Is and ready for renovation; Barn/workshop with lean‑to included on‑site
