Multi-Tenant Retail
For Sale
$1,100,000
175 Fletchwood Rd, Elkton, MD 21921
Fletchwood Square offers multiple retail suites, including a full-service restaurant, with recent building and utility updates.
Property Size5,181 SF
Days on Market45
Property Features for 175 Fletchwood Rd
General Information
Standard status
Active
Size
5,181 SF
Property subtype
Retail/Office Space
Building Details
Building Size
5,181 SF
Year Built
1998
Listing Agency:
SB Real Estate
Listed By:
Jeff Sellers · License #RS0023229
(302) 275-5566
Source:
Sbrealtyco
Added: Jul 23
Changed: Aug 31
Last Checked: Sep 5 at 6:37AM
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 SB Real Estate
Investment Insights
Based on property information with market context.
Fletchwood Square is a multi-tenant retail center featuring four retail/fitness-oriented suites and one conventional restaurant space. Suite A is 1,650 SF for Stay Fit, Suite B is 1,200 SF for Olivia’s Pack, Suite C is 1,200 SF for Smoq-N-Meat, and Suite D is 1,700 SF for Dolces Pizzeria. The center was built in 1998, with roof replacement completed in 2011 and HVAC replacement in 2018, along with updated hot water heaters. Siding and sidewalks were also replaced in 2025, and the property has public water and sewer with natural gas.
The center is located at 175 Fletchwood Rd in Elkton, Maryland, about 1 mile from Interstate 95. It is near the DE/MD state line and is contiguous to a busy Wawa C-Store.
The property presents an established retail configuration with five separate tenant spaces positioned in a retail node anchored by a Wawa convenience store.
The center is located at 175 Fletchwood Rd in Elkton, Maryland, about 1 mile from Interstate 95. It is near the DE/MD state line and is contiguous to a busy Wawa C-Store.
The property presents an established retail configuration with five separate tenant spaces positioned in a retail node anchored by a Wawa convenience store.
Key Highlights
- Fletchwood Square retail center built in 1998 at 175 Fletchwood Rd, Elkton, MD 21921
- Suite mix includes 1,650 SF (Stay Fit), 1,200 SF (Olivia’s Pack), 1,200 SF (Smoq‑N‑Meat), and 1,700 SF (Dolces Pizzeria)
- Roof replaced in 2011
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
$90,833
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
8.26%
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%
$1,816,660
$1.8M
Cap Rate 7%
$1,297,614
$1.3M
Cap Rate 9%
$1,009,256
$1.0M
Market Conditions
NOI Build-Up for 5,181 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
$124.3K $24.00/SF
− Vacancy
−$3.2K −$0.62/SF
EGI
$121.1K $23.38/SF
− OpEx
−$30.3K −$5.84/SF
NOI
$90.8K $17.53/SF
Area
Cecil County, MD
Vacancy
2.60%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,816,660
Cap Rate 7%
$1,297,614
Cap Rate 9%
$1,009,256
Alternative Uses
Best Use
Specialty Retail
$1.30M
$1.14M – $1.51M
NOI $90,833 @ 7.0% cap · market cap 8.26%
Second Best
Retail
$986.3K
$863.0K – $1.15M
NOI $69,041 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,497 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
77k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Dining 9%
Hotels & Casinos 3%
Wawa
Shops & Services
63,147 visits/mo
0.1 miles
Dunkin' Donuts
Dining
7,007 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,131 visits/mo
0.5 miles
Holiday Inn Express & Suites Elkton - University Area
Hotels & Casinos
2,172 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Interchange Plaza — 1653 Elkton Rd, Elkton, MD 21921
Frequently Asked Questions
What type of property is this?
Shopping center - Fletchwood Square offers multiple retail suites, including a full-service restaurant, with recent building and utility updates.
Where is this shopping center located?
The property is located at 175 Fletchwood Rd Elkton, MD.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fletchwood Square retail center built in 1998 at 175 Fletchwood Rd, Elkton, MD 21921; Suite mix includes 1,650 SF (Stay Fit), 1,200 SF (Olivia’s Pack), 1,200 SF (Smoq‑N‑Meat), and 1,700 SF (Dolces Pizzeria); Roof replaced in 2011
