Rehabilitated Two-Unit
For Sale
$415,000
104 New Jersey Ave NW, Glen Burnie, MD 21061
Licensed duplex with updated interiors, separate two-bedroom layouts, and convenient access to light rail and BWI.
Property Size1,088 SF
Price / SF$381.43
Days on Market53
Property Features for 104 New Jersey Ave NW
General Information
Standard status
Active
Size
1,088 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$37,800
Public Transit
Yes
Building Details
Year Built
1953
Listing Agency:
Douglas Realty LLC
(410) 491-5222
Listed By:
Jeffrey D Adlington · License #521623
Source:
Fulcrum-residential
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 25 at 4:41AM
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 Douglas Realty LLC
Investment Insights
Based on property information with market context.
This licensed duplex contains two two-bedroom, one-bath residences totaling 1,088 SF. Both units were rehabilitated within the past 2 years. The lower apartment includes a living room, dining room, and kitchen, while the upper apartment offers a living room and kitchen. The property was built in 1953.
The building is near light rail and provides access to BWI. One residence is occupied under a month-to-month lease, and the other has a one-year lease running through 9/26. Current permits and licenses are in place. The property has also been designated as part of a 1031 exchange.
The building is near light rail and provides access to BWI. One residence is occupied under a month-to-month lease, and the other has a one-year lease running through 9/26. Current permits and licenses are in place. The property has also been designated as part of a 1031 exchange.
Key Highlights
- Licensed two‑unit duplex with 1,088 SF
- Both units rehabilitated within the past 2 years
- Each residence offers 2 bedrooms and 1 bath
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
$15,809
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
3.81%
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%
$316,180
$316.2K
Cap Rate 7%
$225,843
$225.8K
Cap Rate 9%
$175,656
$175.7K
Market Conditions
NOI Build-Up for 1,088 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
$24.2K $22.20/SF
− Vacancy
−$1.6K −$1.44/SF
EGI
$22.6K $20.76/SF
− OpEx
−$6.8K −$6.23/SF
NOI
$15.8K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
Lease Rate
$22.20 /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%
$316,180
Cap Rate 7%
$225,843
Cap Rate 9%
$175,656
Alternative Uses
Best Use
Multifamily LT 5
$225.8K
$197.6K – $263.5K
NOI $15,809 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$209.8K
$183.6K – $244.7K
NOI $14,684 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$318.3K
$278.5K – $371.3K
NOI $22,279 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,498
Businesses Nearby
Explore this area
Business Placement
Demographics for 21061, MD
57,352
Population
23,196
Households
2.5
Avg Household Size
36
Median Age
26%
College-Educated
90%
High-School Grad
12.2 sq mi
ZIP Area
4,701
Density / Sq Mi
$86,081
Median Household Income
$48,429
Median Earnings
$1,661
Median Rent
$326,000
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?
Duplex - Licensed duplex with updated interiors, separate two-bedroom layouts, and convenient access to light rail and BWI.
Where is this duplex located?
The property is located at 104 New Jersey Ave NW Glen Burnie, MD.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Licensed two‑unit duplex with 1,088 SF; Both units rehabilitated within the past 2 years; Each residence offers 2 bedrooms and 1 bath
