Pasadena Multi-Unit Investment
151 RIVIERA Drive, Pasadena, MD 21122
MULTI_FAMILY - Cape Cod - PASADENA, MD
Property size:
3,000 SFLot size:
0.21 AcresPrice / SF:
$199/SF- Added:
- Oct 16, 2025
- Days on Market:
- 243
- Last Refresh:
- Jun 15 at 2:06 am
Property Features for 151 RIVIERA Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement, Dining Room
- Parking
- 1
- Parking features
- Driveway, Garage - Detached
- Interior features
- 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, Entry Level Bedroom, Kitchen - Efficiency, Pantry, Recessed Lighting, Studio, Upgraded Countertops, Walk-in Closet(s)
- Appliances
- Dryer - Electric, Washer, Stove, Range Hood, Built-In Microwave, Dishwasher, Exhaust Fan, Icemaker, Microwave, Oven - Single, Refrigerator, Stainless Steel Appliances, WaterHeater
- Standard status
- Active
- Size
- 3,000 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4008
Utilities
- Heating system
- Zoned, Heat Pump (Heating), Electric (Heating), Other (Heating), Baseboard
- Cooling system
- Multi Units, Ceiling Fan(s), Window Unit(s), Ductless, Central Air
- Water front features
- Navigable Water
Building Details
- Year built
- 1952
- Number of units
- 3
- Building materials
- Stucco
- Architectural style
- Cape Cod
Listing agent Beverly E Harkum Locantore License #621875 (443) 463-2501
Listing office RE/MAX Executive 8432 VETERANS Highway unit: A, MILLERSVILLE, MD (443) 274-1900
Listing date Oct 16, 2025
MLS# MDAA2128774
Listing URL
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Licensed three‑unit property in a water‑privileged community of Riviera Beach, on a fenced corner lot just off the main street
- Unit A: 2BR with kitchen, living room, dining room, full bath, and private laundry; rent is $1,500/month (month‑to‑month)
- Unit B: 1BR with kitchen and living room; rent is $1,150/month with a lease through end of 2026
- Unit C: 1BR with kitchen/dining combination and living room; rent is $750/month (month‑to‑month)
- Each unit has separate occupancy with ceiling fans and air conditioning, plus separate lead inspection certifications
- Detached garage on the property; unit C currently uses the garage and it could potentially be income‑producing
Overview
Located in the water privilege community of Riviera Beach, this licensed three-unit property offers a versatile investment opportunity. Situated on a fenced corner lot just off the main street, the property is within walking distance of a bus stop, grocery stores, convenience shops, and restaurants. The existing structure may be converted into a single-family home with an attached in-law suite, offering flexibility for multi-generational living or continued income potential, subject to county permitting. The property includes a detached garage, currently used by Unit C, which could potentially be income producing. Unit A features 2 bedrooms, a kitchen, living room, dining room, a full bath, and private laundry. Unit B includes 1 bedroom, a kitchen, and a living room with a full bath. Unit C, located on the upper level, offers 1 bedroom, a kitchen/dining combination, a living room, and a full bath. Each unit is equipped with ceiling fans and air conditioning and maintains separate occupancy and lead inspection certifications. The property is located in a desirable community featuring a sandy beach, boat ramp, pier, community parks, walking paths, schools, and churches. The lot size is 0.2101 acres, and the property size is 3000 square feet. Two of the existing tenants are on month-to-month leases and are prepared to vacate.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.6k | $22.20 |
| − Vacancy | −$4.3k | −$1.44 |
| EGI | $62.3k | $20.76 |
| − OpEx | −$18.7k | −$6.23 |
| NOI | $43.6k | $14.53 |
3,000 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Pasadena
- County
- Anne Arundel
- State
- Maryland
- Longitude
- -76.51402825
- Latitude
- 39.1610603
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Three-unit property in Riviera Beach with income potential.
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 in a water‑privileged community of Riviera Beach, on a fenced corner lot just off the main street; Unit A: 2BR with kitchen, living room, dining room, full bath, and private laundry; rent is $1,500/month (month‑to‑month); Unit B: 1BR with kitchen and living room; rent is $1,150/month with a lease through end of 2026
