136-Unit Garden-Style Apartment
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For Sale
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1500 Sharen Dr, Salisbury, MD 21804
Established garden-style community with unit upgrades, resident amenities, and individually metered electric utilities.
Property Size123,877 SF
Price / SF$163.47
Days on Market6
Property Features for 1500 Sharen Dr
General Information
Standard status
Active
Size
123,877 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
48 x 1BR, 56 x 2BR, 32 x 3BR
Multifamily Units
136
Additional Details
Average Monthly Rent
$1,599
Amenities
resort-style swimming pool
fitness center
clubhouse
gazebo
lighted dog park
basketball court
in-unit laundry
Building Details
Year Built
1990
Buildings
15
Stories
2
Construction
garden-style
Listing Agency:
Horvath & Tremblay
Listed By:
Zeke Rotter · License #PA RS347618
Source:
Crexi
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 13 at 4:47AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Island Club Apartments is a 136-unit garden-style community comprising 15 two-story residential buildings built in 1990. The property contains 123,877 square feet on approximately 12+ acres, with apartment homes averaging approximately 919 square feet. The unit mix includes 48 one-bedroom, 56 two-bedroom, and 32 three-bedroom residences.
Apartment interiors are arranged across traditional, designer, and upgraded finish packages. Upgrades completed in 2025 include shaker-style cabinetry, faux marble laminate countertops, stainless steel appliances, and LVP flooring. Residences feature central heating and cooling, in-unit laundry, electric ranges, individual electric hot water tanks, and individually metered electric utilities. Water is billed back based on unit occupancy, and 50 units have fireplaces that were recently cleaned.
Community amenities include a swimming pool, fitness center with weight training, clubhouse, surface parking, gazebo, lighted dog park, basketball court, and recreational area. The property is near Salisbury University, Tidal Health Peninsula Regional, and U.S. Route 13 in the Chesapeake Bay / Salisbury submarket.
Apartment interiors are arranged across traditional, designer, and upgraded finish packages. Upgrades completed in 2025 include shaker-style cabinetry, faux marble laminate countertops, stainless steel appliances, and LVP flooring. Residences feature central heating and cooling, in-unit laundry, electric ranges, individual electric hot water tanks, and individually metered electric utilities. Water is billed back based on unit occupancy, and 50 units have fireplaces that were recently cleaned.
Community amenities include a swimming pool, fitness center with weight training, clubhouse, surface parking, gazebo, lighted dog park, basketball court, and recreational area. The property is near Salisbury University, Tidal Health Peninsula Regional, and U.S. Route 13 in the Chesapeake Bay / Salisbury submarket.
Key Highlights
- 136‑unit community across 15 two‑story residential buildings totaling 123,877 square feet
- Approximately 12+ acres with a unit mix of 48 one‑bedroom, 56 two‑bedroom, and 32 three‑bedroom apartments
- 2025 interior upgrades include shaker cabinets, faux marble laminate countertops, stainless steel appliances, and LVP flooring
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
$1,459,885
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
7.21%
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%
$29,197,700
$29.2M
Cap Rate 7%
$20,855,500
$20.9M
Cap Rate 9%
$16,220,944
$16.2M
Market Conditions
NOI Build-Up for 123,877 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
$2.76M $22.32/SF
− Vacancy
−$110.6K −$0.89/SF
EGI
$2.65M $21.43/SF
− OpEx
−$1.19M −$9.64/SF
NOI
$1.46M $11.78/SF
Area
Wicomico County, MD
Vacancy
4.00%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
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%
$29,197,700
Cap Rate 7%
$20,855,500
Cap Rate 9%
$16,220,944
Alternative Uses
Best Use
Apartment 5plus
$20.86M
$18.25M – $24.33M
NOI $1,459,885 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$43.33M
$37.92M – $50.56M
NOI $3,033,318 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
136
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
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Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Established garden-style community with unit upgrades, resident amenities, and individually metered electric utilities.
Where is this apartment building located?
The property is located at 1500 Sharen Dr Salisbury, MD.
What is the asking price?
The asking price for this property is $20,250,000.
What are key features of this property?
This property features: 136‑unit community across 15 two‑story residential buildings totaling 123,877 square feet; Approximately 12+ acres with a unit mix of 48 one‑bedroom, 56 two‑bedroom, and 32 three‑bedroom apartments; 2025 interior upgrades include shaker cabinets, faux marble laminate countertops, stainless steel appliances, and LVP flooring
