Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Flex/Warehouse Pad Site Available Title is generated by Realmo AI

    189 Belle Hill Road, Elkton, MD 21921

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    40,000 SF flex/warehouse pad site on 13.51 acres.

    Type:Industrial
    Added:
    Nov 22, 2025
    Days on Market:
    181
    Last Refresh:
    Apr 5 at 8:17 pm

    Property Features for 189 Belle Hill Road

    General Information

    Standard status
    Active
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Dan Rattay
    Dan Rattay

    Listing agent Dan Rattay License #RS-0039298

    Listing office CBRE | Wilmington

    Listing date Nov 22, 2025

    Source Cbre

    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 CBRE | Wilmington

    HighLights

    • 40,000 SF Flex/Warehouse Pad Site Available
    • Located immediately off I‑95
    • 13.51 Acres More Less

    Overview

    A 40,000 square foot flex/warehouse pad site is available on a 13.51 acre parcel. The property is located immediately off I-95.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Freightliner Western Star ... Car Dealership

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Gym & Fitness Center Auto Parts Store Hotel & Motel Skin Care Clinic Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Belle Hill Self Storage — 6 Warner Rd, Elkton, MD 21921

    Location Insight

    • Map
    • Local Demand
    City
    Elkton
    County
    Cecil
    State
    Maryland
    Longitude
    -75.8111
    Latitude
    39.6369

    Nearby Similar for Sale

    • $299,000
      3,464 SF

      Mixed-Use Property with Rental Income

      Mixed-use property with renovation potential and immediate rental income.
      202 E MAIN Street, ELKTON, MD 21921
      View Details
    • $299,000

      Mixed-Use Property with Renovation Potential

      Mixed-use property with rental income and renovation potential.
      202 E MAIN Street, ELKTON, MD 21921
      View Details
    • $329,000
      4,558 SF

      Former Medical Office in Elkton

      Former medical office with detached garage and parking lot.
      223 MAIN W STREET, ELKTON, MD 21921
      View Details
    • $310,000

      Office Building Near Courts

      Office building near courts with potential rental income.
      212 E MAIN STREET, ELKTON, MD 21921
      View Details
    • $179,000
      936 SF

      Prime Office Building in Elkton

      Commercial office building in downtown Elkton, Maryland with adaptable space.
      128 MAIN St, Elkton, MD 21921
      View Details
    • $2,000,000
      25,800 SF

      Former Elk Lanes Bowling Alley

      Iconic property in downtown Elkton with renovation potential.
      406 Bow St, Elkton, MD 21921
      View Details
    • $410,000

      Mixed-Use Building in Downtown Elkton

      Large mixed-use building with office space and apartment.
      212 W MAIN St, Elkton, MD 21921
      View Details
    • $699,000

      Elkton Heights 6-Unit Apartment Building

      Well-maintained 6-unit apartment building in desirable Elkton Heights neighborhood.
      202 PARKWAY, Elkton, MD 21921
      View Details
    • $159,000

      Commercial Property Near North East

      Commercial property suitable for business, contractors, or offices.
      790 E Old Philadelphia Rd, ELKTON, MD 21921
      View Details
    • $575,000

      Downtown Auto Business Opportunity

      Profitable car dealership and auto repair shop in downtown.
      218 S Bridge St, ELKTON, MD 21921
      View Details
    • $410,000

      Mixed-Use Building in Downtown Elkton

      Large mixed-use building with office space and apartment in Elkton.
      212 W Main St, ELKTON, MD 21921
      View Details
    • $2,000,000
      5,498 SF

      228 Acre Preserved Farm

      228-acre preserved farm with tillable land and wooded areas.
      192 Rock Church Rd, ELKTON, MD 21921
      View Details

    FAQs

    What type of property is this?
    Warehouse - 40,000 SF flex/warehouse pad site on 13.51 acres.
    Where is this warehouse located?
    The property is located at 189 Belle Hill Road Elkton, MD.
    What are key features of this property?
    This property features: 40,000 SF Flex/Warehouse Pad Site Available; Located immediately off I‑95; 13.51 Acres More Less
    (302) 299-3597
    We can help!
    Listing Contact
    Dan Rattay
    Dan Rattay
    Real Estate License ID: RS-0039298
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    189 Belle Hill Road, Elkton, MD, 21921
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!