Building Details

Building Size 8,712 SF

Year Built 1960

Listing Agency: Berkshire Hathaway HomeServices PenFed Realty

Listed By: Thomas F. McKay · License #MD3354499 Show Phone

Source: Barnesrealestatecompany

Added: Mar 27 Changed: Sep 8 Last Checked: Jul 30 at 6:42AM

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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

Investment Insights

Based on property information with market context.

This waterfront property features a restaurant and marina on Neal Sound, near the Wicomico and Potomac Rivers in Charles County. The property includes an approximately 8,712-square-foot restaurant building with outdoor waterfront dining, a convenience store, and fuel pumps for vehicles and boats. The marina has over 40 slips equipped for daily and overnight docking, many with electric and water hookups. The property holds licenses for on-sale and off-sale beer, wine, and spirits, as well as Maryland Lottery sales. The sale includes the real estate and one additional residential parcel. The property is located a short drive from the Washington, D.C. metropolitan area and Northern Virginia, benefiting from marina traffic, seasonal visitors, and a loyal customer base. This property is suited for an owner-operator or investor seeking a waterfront hospitality asset.

Key Highlights

• Rare waterfront property with established restaurant and marina on Neal Sound, offering direct access to the Wicomico and Potomac Rivers.
• Includes a ~8,712 sq ft restaurant with outdoor waterfront dining, convenience store, take‑out area, and fuel pumps.
• Marina with over 40 slips equipped for daily/overnight docking, many with electric and water hookups.

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

$167,156

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

5.67%

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%

$3,343,120 $3.3M

Cap Rate 7%

$2,387,943 $2.4M

Cap Rate 9%

$1,857,289 $1.9M

Market Conditions

NOI Build-Up for 8,712 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

$233.1K $26.76/SF

− Vacancy

−$10.3K −$1.18/SF

EGI

$222.9K $25.58/SF

− OpEx

−$55.7K −$6.40/SF

NOI

$167.2K $19.19/SF

Area

Charles County, MD

Vacancy

4.40%

Lease Rate

$26.76 /SF/Yr

Expense Ratio

25.00%

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%

$3,343,120

Cap Rate 7%

$2,387,943

Cap Rate 9%

$1,857,289

Alternative Uses

Best Use

Specialty Retail

$2.39M

$2.09M – $2.79M (±1% cap)

NOI $167,156 @ 7.0% cap · market cap 5.67%

Second Best

Retail

$1.41M

$1.23M – $1.65M (±1% cap)

NOI $98,794 @ 7.0% cap · market cap 3.35%

Theoretical Best

Multifamily LT 5

$122.33M

$107.04M – $142.72M (±1% cap)

NOI $8,563,109 @ 7.0% cap · market cap 290.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Captain John’s Crab ... Restaurant

Suggested Use

Top Pick Building Supply Auto Repair Shop Cafe & Coffee Shop Law Firm Wine and Liquor Store Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

40

Businesses Nearby

Explore this area Business Placement

Demographics for 20664, MD

2,940

Population

1,524

Households

1.9

Avg Household Size

43

Median Age

21%

College-Educated

94%

High-School Grad

40.9 sq mi

ZIP Area

72

Density / Sq Mi

$82,083

Median Household Income

$68,631

Median Earnings

$1,660

Median Rent

$433,100

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this marinas located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Marina - Established waterfront restaurant and marina with diverse income streams.

Where is this marina located?

The property is located at 16215 COBB ISLAND ROAD Newburg, MD.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: Rare waterfront property with established restaurant and marina on Neal Sound, offering direct access to the Wicomico and Potomac Rivers.; Includes a ~8,712 sq ft restaurant with outdoor **waterfront dining**, convenience store, take‑out area, and fuel pumps.; Marina with over 40 slips equipped for daily/overnight docking, many with electric and water hookups.