Four-Unit Mixed-Use
For Sale
$375,000
Pending
162 West Main Street, Elkton, MD 21921
C1-zoned property combines residential units with a dedicated commercial office and separate utilities.
Property Size3,265 SF
Days on Market236
Property Features for 162 West Main Street
General Information
Standard status
Pending
Size
3,265 SF
Property subtype
Multi-Family / Fee Simple
Zoning
C1
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$4,241
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1935
Buildings
1
Listing Agency:
RE/MAX Associates-Hockessin
(302) 588-9320
Listed By:
Gina McCollum Crowder
(302) 588-9320
Source:
Compass
Added: Jan 7
Changed: Aug 31
Last Checked: Aug 31 at 4:50AM
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 RE/MAX Associates-Hockessin
Investment Insights
Based on property information with market context.
This 3,265-square-foot, four-unit property, built in 1935, includes two two-bedroom units, one three-bedroom unit, and a commercial office with a full bath and small sink area. Two units are occupied and generating rental income. The building also offers a large yard, basement access from outside for storage, and separate utility units. The roof was replaced seven years ago.
Located at 162 West Main Street in Elkton, the property sits directly across from the post office and is surrounded by other commercial establishments. It is within city limits, zoned C1, and positioned along West Main Street with access to both residential and commercial surroundings.
Located at 162 West Main Street in Elkton, the property sits directly across from the post office and is surrounded by other commercial establishments. It is within city limits, zoned C1, and positioned along West Main Street with access to both residential and commercial surroundings.
Key Highlights
- Four‑unit, 3,265‑square‑foot building with two 2‑bedroom units, one 3‑bedroom unit, and a commercial office
- Commercial office includes a full bath and small sink area
- Two units are occupied and generating rental income
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
$32,472
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
8.66%
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%
$649,440
$649.4K
Cap Rate 7%
$463,886
$463.9K
Cap Rate 9%
$360,800
$360.8K
Market Conditions
NOI Build-Up for 3,265 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
$50.2K $15.36/SF
− Vacancy
−$3.8K −$1.15/SF
EGI
$46.4K $14.21/SF
− OpEx
−$13.9K −$4.26/SF
NOI
$32.5K $9.95/SF
Area
Cecil County, MD
Vacancy
7.50%
Lease Rate
$15.36 /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%
$649,440
Cap Rate 7%
$463,886
Cap Rate 9%
$360,800
Alternative Uses
Best Use
Office B
$712.5K
$623.5K – $831.3K
NOI $49,878 @ 7.0% cap · market cap 13.30%
Second Best
Mixed Use
$581.6K
$508.9K – $678.5K
NOI $40,712 @ 7.0% cap · market cap 10.86%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,758 @ 7.0% cap · market cap 22.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - C1-zoned property combines residential units with a dedicated commercial office and separate utilities.
Where is this quadplex located?
The property is located at 162 West Main Street Elkton, MD.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit, 3,265‑square‑foot building with two 2‑bedroom units, one 3‑bedroom unit, and a commercial office; Commercial office includes a full bath and small sink area; Two units are occupied and generating rental income
