Ground-Floor Residential Income
For Sale
$285,000
118 NICHOLS STREET Unit 3D, Bel Air, MD 21014
A two-bedroom home in a 55+ community offers private entry, a den, and a patio.
Property Size1,335 SF
Price / SF$213.48
Days on Market28
Property Features for 118 NICHOLS STREET Unit 3D
General Information
Standard status
Active
Size
1,335 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,708
Building Details
Building Size
1,335 SF
Year Built
2005
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Kimberly R Letschin · License #592456
(410) 456-7983
Source:
Ghimirehomes
Added: Oct 2
Changed: Oct 27
Last Checked: Oct 27 at 3:28AM
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 Long & Foster Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This 1,335-square-foot, ground-floor residence in a 55+ community has two bedrooms arranged on opposite sides of the unit, two full baths, and a separate den. The primary suite includes two closets and a private bath with dual vanity and walk-in shower. The open living area features a floor-to-ceiling stone gas fireplace, while the kitchen has 42-inch cabinetry, a pantry, and gas cooking. Other details include 9-foot ceilings, LVP flooring in the main living areas, a foyer with two large closets, and a patio. Built in 2005, the building has an elevator; the unit can be entered through the main building or a private front entrance. Natural gas heating and a 2025 hot water heater are also noted.
The building is one block from Independent Brewery, with downtown Bel Air shops, restaurants, community events, and daily conveniences nearby. The Ma & Pa Heritage Trail runs directly behind the building.
The building is one block from Independent Brewery, with downtown Bel Air shops, restaurants, community events, and daily conveniences nearby. The Ma & Pa Heritage Trail runs directly behind the building.
Key Highlights
- 1,335 square feet in a 55+ community
- Two bedrooms, two full baths, and a separate den
- Ground‑floor unit with a private front entrance and patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,877
Cap Rate
6.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$357,540
$357.5K
Cap Rate 7%
$255,386
$255.4K
Cap Rate 9%
$198,633
$198.6K
Market Conditions
NOI Build-Up for 1,335 SF
Gross rent
$34.8K $26.04/SF
− Vacancy
−$2.3K −$1.69/SF
EGI
$32.5K $24.35/SF
− OpEx
−$14.6K −$10.96/SF
NOI
$17.9K $13.39/SF
Area
Harford County, MD
Vacancy
6.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$357,540
Cap Rate 7%
$255,386
Cap Rate 9%
$198,633
Alternative Uses
Best Use
Apartment 5plus
$255.4K
$223.5K – $298.0K
NOI $17,877 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.7K
$411.0K – $548.0K
NOI $32,881 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 21014, MD
38,395
Population
14,975
Households
2.6
Avg Household Size
41
Median Age
45%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$113,825
Median Household Income
$59,656
Median Earnings
$1,571
Median Rent
$407,800
Median Home Value
Frequently Asked Questions
What type of property is this?
Residential income property - A two-bedroom home in a 55+ community offers private entry, a den, and a patio.
Where is this residential income property located?
The property is located at 118 NICHOLS STREET Unit 3D Bel Air, MD.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,335 square feet in a 55+ community; Two bedrooms, two full baths, and a separate den; Ground‑floor unit with a private front entrance and patio
