Renovated Residential Raised
For Sale
$350,000
Pending
157 Justice Way, Elkton, MD 21921
Renovated 3-bedroom, 2-bath raised ranch with updated kitchen and baths, new flooring, and a detached 24x34 garage.
Property Size1,515 SF
Lot Size0.57 Acres
Days on Market736
Property Features for 157 Justice Way
General Information
Standard status
Pending
Size
1,515 SF
Lot size
0.57 Acres
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$2,330
Amenities
Central Air
3
Dishwasher, Electric Oven
Attic Storage, Window Treatment, Unfurnished
Pool
Asphalt
LDR
Parking. Spa.
4 Garage Spaces. Off Street, Garage.
Brick
No Pool
Building Details
Year Built
1985
Stories
2
Listing Agency:
Brokers Realty Group, LLC
(855) 687-2765
Listed By:
Stephen Marcus · License #585410
(302) 299-8711
Source:
Xome
Added: Aug 31, 2024
Changed: Sep 1
Last Checked: Sep 4 at 3:37AM
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 Brokers Realty Group, LLC
Investment Insights
Based on property information with market context.
Renovations have just been completed on this raised ranch-style home featuring 3 bedrooms and 2 bathrooms. Improvements include all new flooring and updated kitchen and baths. A 12x20 deck at the rear provides outdoor space, and an oversized detached 24x34 garage offers room to park and potential for a workshop.
The property sits on a 0.57-acre lot with mature trees, providing a private setting within the convenient Arundel neighborhood.
Offered for sale as a residential income property, the home’s layout and recent updates support immediate occupancy with a refreshed interior and functional outdoor and garage space.
The property sits on a 0.57-acre lot with mature trees, providing a private setting within the convenient Arundel neighborhood.
Offered for sale as a residential income property, the home’s layout and recent updates support immediate occupancy with a refreshed interior and functional outdoor and garage space.
Key Highlights
- Renovated 3‑bedroom, 2‑bath raised ranch with updated kitchen and baths and new flooring
- 12x20 rear deck for outdoor dining and coffee
- 0.57‑acre lot with mature trees
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
$15,068
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
4.31%
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%
$301,360
$301.4K
Cap Rate 7%
$215,257
$215.3K
Cap Rate 9%
$167,422
$167.4K
Market Conditions
NOI Build-Up for 1,515 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
$23.3K $15.36/SF
− Vacancy
−$1.7K −$1.15/SF
EGI
$21.5K $14.21/SF
− OpEx
−$6.5K −$4.26/SF
NOI
$15.1K $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%
$301,360
Cap Rate 7%
$215,257
Cap Rate 9%
$167,422
Alternative Uses
Best Use
Multifamily LT 5
$215.3K
$188.4K – $251.1K
NOI $15,068 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$189.7K
$166.0K – $221.3K
NOI $13,276 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$561.8K
$491.6K – $655.5K
NOI $39,329 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 21921, MD
44,983
Population
18,782
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
92%
High-School Grad
94.7 sq mi
ZIP Area
475
Density / Sq Mi
$84,608
Median Household Income
$48,300
Median Earnings
$1,413
Median Rent
$296,000
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?
Triplex - Renovated 3-bedroom, 2-bath raised ranch with updated kitchen and baths, new flooring, and a detached 24x34 garage.
Where is this triplex located?
The property is located at 157 Justice Way Elkton, MD.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Renovated 3‑bedroom, 2‑bath raised ranch with updated kitchen and baths and new flooring; 12x20 rear deck for outdoor dining and coffee; 0.57‑acre lot with mature trees
