Waterfront
New
For Sale
$649,900
1276 PEKIN Rd, Pasadena, MD 21122
Three separately configured residential units include kitchens, living areas, bedrooms, and bathrooms.
Property Size1,680 SF
Days on Market2
Property Features for 1276 PEKIN Rd
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Investment
Property Condition
Severity
Minor
Evidence
HOUSE NEEDS WORK
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,799
Building Details
Building Size
1,680 SF
Year Built
1952
Units
1
Listing Agency:
Douglas Realty LLC
(410) 375-3177
Listed By:
Sharon G Burkhardt · License #628280
(410) 375-3177
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 3:57AM
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 waterfront triplex, built in 1952, is arranged as three separate residential units and requires work. The side unit includes a living room, kitchen, laundry area, two bedrooms, and one bathroom. The upstairs unit provides a living room, kitchen, one bedroom, and one bathroom. The front unit also features a living room, kitchen, one bedroom, and one bathroom.
The property is located on Pekin Road in Pasadena, Maryland. Walkability is limited, with a walk score of 24 and a bike score of 33. The existing three-unit configuration provides a defined multifamily layout within a waterfront residential property.
The property is located on Pekin Road in Pasadena, Maryland. Walkability is limited, with a walk score of 24 and a bike score of 33. The existing three-unit configuration provides a defined multifamily layout within a waterfront residential property.
Key Highlights
- Waterfront property configured as three separate residential units
- Side unit includes 2 bedrooms, 1 bathroom, kitchen, living room, and laundry
- Upstairs unit includes 1 bedroom, 1 bathroom, kitchen, and living room
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
$24,410
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
3.76%
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%
$488,200
$488.2K
Cap Rate 7%
$348,714
$348.7K
Cap Rate 9%
$271,222
$271.2K
Market Conditions
NOI Build-Up for 1,680 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
$37.3K $22.20/SF
− Vacancy
−$2.4K −$1.44/SF
EGI
$34.9K $20.76/SF
− OpEx
−$10.5K −$6.23/SF
NOI
$24.4K $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%
$488,200
Cap Rate 7%
$348,714
Cap Rate 9%
$271,222
Alternative Uses
Best Use
Multifamily LT 5
$348.7K
$305.1K – $406.8K
NOI $24,410 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$323.9K
$283.4K – $377.9K
NOI $22,673 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$491.4K
$430.0K – $573.4K
NOI $34,401 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 21122, MD
62,368
Population
23,624
Households
2.6
Avg Household Size
40
Median Age
32%
College-Educated
93%
High-School Grad
31.4 sq mi
ZIP Area
1,986
Density / Sq Mi
$121,732
Median Household Income
$63,687
Median Earnings
$2,077
Median Rent
$412,100
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 separately configured residential units include kitchens, living areas, bedrooms, and bathrooms.
Where is this triplex located?
The property is located at 1276 PEKIN Rd Pasadena, MD.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Waterfront property configured as three separate residential units; Side unit includes 2 bedrooms, 1 bathroom, kitchen, living room, and laundry; Upstairs unit includes 1 bedroom, 1 bathroom, kitchen, and living room
