Licensed Three-Unit
For Sale
$599,000
151 Riviera Drive, Pasadena, MD 21122
R5-zoned triplex on a fenced corner lot with separate occupancy and lead inspection certifications.
Property Size4,020 SF
Price / SF$199.67
Days on Market320
Property Features for 151 Riviera Drive
General Information
Standard status
Active
Size
4,020 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
R5
Taxes and HOA fees
Annual Taxes
$4,008
Amenities
Outside Entrance,Unfinished
Engineered Wood
Electric
Yes
No
3
Replacement,Screens,Bay/Bow,Double Hung
Estimated
2nd Kitchen,Bathroom - Soaking Tub,Breakfast Area,Carpet,Ceiling Fan(s),Combination Dining/Living,Combination Kitchen/Dining,Combination Kitchen/Living,Dining Area,Bathroom - Tub Shower,Built-Ins,Ent
No Pool
Corner,Cleared,Front Yard,Private,Rear Yard,Road Frontage,SideYard(s),Other
Public
Storm,Six Panel
R
0.21
Garage - Rear Entry
Assessor
1
Detached Garage
Creek
Brick Driveway
Approved,Paved
Exterior Lighting,Sidewalks,Street Lights
Brick/Mortar
161500.00
City/County,Public
Boat - Powered,Canoe/Kayak,Personal Watercraft (PWC),Private Access,Public Beach,Sail,Swimming Allowed,Waterski/Wakeboard
Private,Ramp,Pier (Perpendicular)
Building Details
Building Size
4,020 SF
Year Built
1952
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty - OP
(856) 222-0077
Listed By:
Tyler Mecca
Source:
Thetristaterealestategroup
Added: Oct 15, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:43PM
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 Berkshire Hathaway HomeServices PenFed Realty - OP
Investment Insights
Based on property information with market context.
This licensed triplex contains three separately occupied units within a 3,000-square-foot structure. Unit A offers two bedrooms, a kitchen, living room, dining room, full bath, and private laundry. Units B and C each provide one bedroom, a kitchen, living area, and full bath, with Unit C combining its kitchen and dining spaces. All units have air conditioning and ceiling fans, and each maintains separate occupancy and lead inspection certifications. A detached garage and paved brick driveway are also included.
The property occupies a 0.21-acre fenced corner lot in Riviera Beach, two blocks from a bus stop and within walking distance of grocery stores, convenience shops, and restaurants. The community includes a sandy beach, boat ramp, pier, parks, walking paths, schools, and churches. The R5 zoning and county-permitting path may allow conversion of the existing structure to a single-family residence with an attached in-law suite.
The property occupies a 0.21-acre fenced corner lot in Riviera Beach, two blocks from a bus stop and within walking distance of grocery stores, convenience shops, and restaurants. The community includes a sandy beach, boat ramp, pier, parks, walking paths, schools, and churches. The R5 zoning and county-permitting path may allow conversion of the existing structure to a single-family residence with an attached in-law suite.
Key Highlights
- Licensed three‑unit property with 3,000 square feet of building area
- Unit A includes 2 bedrooms and private laundry; Units B and C each have 1 bedroom
- Separate occupancy and lead inspection certifications for all 3 units
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
$43,590
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
7.28%
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%
$871,800
$871.8K
Cap Rate 7%
$622,714
$622.7K
Cap Rate 9%
$484,333
$484.3K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$4.3K −$1.44/SF
EGI
$62.3K $20.76/SF
− OpEx
−$18.7K −$6.23/SF
NOI
$43.6K $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%
$871,800
Cap Rate 7%
$622,714
Cap Rate 9%
$484,333
Alternative Uses
Best Use
Multifamily LT 5
$622.7K
$544.9K – $726.5K
NOI $43,590 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$578.4K
$506.1K – $674.8K
NOI $40,488 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$877.6K
$767.9K – $1.02M
NOI $61,430 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R5-zoned triplex on a fenced corner lot with separate occupancy and lead inspection certifications.
Where is this triplex located?
The property is located at 151 Riviera Drive Pasadena, MD.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Licensed three‑unit property with 3,000 square feet of building area; Unit A includes 2 bedrooms and private laundry; Units B and C each have 1 bedroom; Separate occupancy and lead inspection certifications for all 3 units
