Renovated Triplex with Separate
For Sale
$899,500
322 E CECIL Avenue, North East, MD 21901
Multi-Family, NORTH EAST, MD
Property Size2,984 SF
Lot Size0.38 Acres
Price / SF$301.44
Days on Market55
Property Features for 322 E CECIL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
10
Parking features
Parking Lot
Subdivision
NONE AVAILABLE
Elementary school
NORTH EAST
Middle school
NORTH EAST
High school
NORTH EAST
Elementary school district
CECIL COUNTY PUBLIC SCHOOLS
Middle school district
CECIL COUNTY PUBLIC SCHOOLS
High school district
CECIL COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,984 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Annual Amount
4735
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
in-unit laundry
Building Details
Year built
1920
Number of units
1
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Integrity Real Estate
(410) 287-8080
Listed By:
Carolyn Quelly · License #675768
(267) 374-6963
Added: Jul 10
Changed: Sep 1
Last Checked: Sep 2 at 5:06AM
MLS# MDCC2021684
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.
Investment Insights
Based on property information with market context.
Positioned at 322 E. Cecil Avenue in North East, this renovated triplex contains 2,984 square feet across three independent apartments. The two lower-level residences each include two bedrooms, 1.5 bathrooms, a full kitchen, dining space, and living room. One has step-free ramp access, wider doorways, and 36-inch hallways. The upper apartment is reached by a private rear exterior stair and provides four bedrooms, two full bathrooms, an eat-in kitchen, and a large living room.
Each residence has its own laundry equipment, electrical meter and panel, water heater, and HVAC system. Property improvements include updated mechanical systems, appliances, utilities, and interior finishes, along with tile and quartz materials. A property-wide fire sprinkler system and Maryland Lead-Free Certificate are also in place. The 0.3817-acre property was built in 1920 and includes a parking lot. Heating is provided by heat pumps, with central air conditioning for cooling.
Each residence has its own laundry equipment, electrical meter and panel, water heater, and HVAC system. Property improvements include updated mechanical systems, appliances, utilities, and interior finishes, along with tile and quartz materials. A property-wide fire sprinkler system and Maryland Lead-Free Certificate are also in place. The 0.3817-acre property was built in 1920 and includes a parking lot. Heating is provided by heat pumps, with central air conditioning for cooling.
Key Highlights
- Three‑unit multifamily property with 2,984 square feet
- Two lower apartments with 2 bedrooms and 1.5 bathrooms each
- Upper apartment includes 4 bedrooms and 2 full bathrooms
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
$29,678
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
3.30%
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%
$593,560
$593.6K
Cap Rate 7%
$423,971
$424.0K
Cap Rate 9%
$329,756
$329.8K
Market Conditions
NOI Build-Up for 2,984 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
$45.8K $15.36/SF
− Vacancy
−$3.4K −$1.15/SF
EGI
$42.4K $14.21/SF
− OpEx
−$12.7K −$4.26/SF
NOI
$29.7K $9.95/SF
Area
Cecil County, MD
Vacancy
7.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$593,560
Cap Rate 7%
$423,971
Cap Rate 9%
$329,756
Alternative Uses
Best Use
Multifamily LT 5
$424.0K
$371.0K – $494.6K
NOI $29,678 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$373.5K
$326.9K – $435.8K
NOI $26,148 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.11M
$968.3K – $1.29M
NOI $77,464 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 21901, MD
18,517
Population
7,952
Households
2.3
Avg Household Size
38
Median Age
33%
College-Educated
93%
High-School Grad
48.5 sq mi
ZIP Area
382
Density / Sq Mi
$113,107
Median Household Income
$61,293
Median Earnings
$1,418
Median Rent
$342,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer individual laundry, electrical service, water heating, and HVAC for streamlined occupancy management.
Where is this triplex located?
The property is located at 322 E CECIL Avenue North East, MD.
What is the asking price?
The asking price for this property is $899,500.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,984 square feet; Two lower apartments with 2 bedrooms and 1.5 bathrooms each; Upper apartment includes 4 bedrooms and 2 full bathrooms
