Renovated Residential Raised
157 Justice Way Elkton, MD 21921
157 Justice Way, Elkton, MD, 21921
$350,000
Pending
For Sale
$350,000
Pending
Renovated 3-bedroom, 2-bath raised ranch with updated kitchen and baths, new flooring, and a detached 24x34 garage.
Property Size1,515 SF
Lot Size0.57 Acres
Days on Market1101
Property Features for 157 Justice Way
General Information
- Standard status
- Pending
- Size
- 1,515 SF
- Lot size
- 0.57 Acres
- Property subtype
- Triplex
Building Details
- Year Built
- 1985
Listing agency
Brokers Realty Group, LLC
(855) 687-2765
Listed by
Stephen Marcus · License #585410
(302) 376-0880
Source
Xome
Added: Jul 18, 2023 Updated: Jul 21 at 1:14AM Checked: Jul 21 at 3:00AM
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 Brokers Realty Group, LLC
Investment Insights
Based on property information with market context.
Renovations have just been completed on this raised ranch-style home featuring 3 bedrooms and 2 bathrooms. Improvements include all new flooring and updated kitchen and baths. A 12x20 deck at the rear provides outdoor space, and an oversized detached 24x34 garage offers room to park and potential for a workshop.
The property sits on a 0.57-acre lot with mature trees, providing a private setting within the convenient Arundel neighborhood.
Offered for sale as a residential income property, the home’s layout and recent updates support immediate occupancy with a refreshed interior and functional outdoor and garage space.
The property sits on a 0.57-acre lot with mature trees, providing a private setting within the convenient Arundel neighborhood.
Offered for sale as a residential income property, the home’s layout and recent updates support immediate occupancy with a refreshed interior and functional outdoor and garage space.
Key Highlights
- Renovated 3‑bedroom, 2‑bath raised ranch with updated kitchen and baths and new flooring
- 12x20 rear deck for outdoor dining and coffee
- 0.57‑acre lot with mature trees
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 | $23.3k | $15.36 |
| − Vacancy | −$1.7k | −$1.15 |
| EGI | $21.5k | $14.21 |
| − OpEx | −$6.5k | −$4.26 |
| NOI | $15.1k | $9.95 |
1,515 SF · lease $15.36/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$215.3K
$188.4K – $251.1K
NOI $15,068 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$189.7K
$166.0K – $221.3K
NOI $13,276 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$561.8K
$491.6K – $655.5K
NOI $39,329 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Renovated 3-bedroom, 2-bath raised ranch with updated kitchen and baths, new flooring, and a detached 24x34 garage.
Where is this triplex located?
The property is located at 157 Justice Way Elkton, MD.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Renovated 3‑bedroom, 2‑bath raised ranch with updated kitchen and baths and new flooring; 12x20 rear deck for outdoor dining and coffee; 0.57‑acre lot with mature trees
