Waterfront Commercial Industrial
For Sale
$1,900,000
1923 Old Eastern Avenue, Essex, MD 21221
Commercial Industrial waterfront site with direct water access and a warehouse featuring multiple oversized bay doors.
Property Size6,936 SF
Lot Size2.02 Acres
Price / SF$273.93
Days on Market303
Property Features for 1923 Old Eastern Avenue
General Information
Standard status
Active
Size
6,936 SF
Lot size
2.02 Acres
Property subtype
Commercial
Zoning
Commercial Industrial
Additional Details
Business Included
Yes
Drive-In Doors
7
Building Details
Year Built
1940
Listing Agency:
Samson Properties
Listed By:
Jorge L Pimentel
Source:
Deepcreeklake
Added: Oct 10, 2025
Changed: Jul 10
Last Checked: Jul 19 at 6:24AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This for-sale waterfront commercial industrial parcel includes a 6,936 sq. ft. warehouse on approximately 2.024 acres with 148 feet of direct waterfront. The facility is served by seven oversized bay doors, and improvements include a recently replaced roof. The site also features a newly paved blacktop lot designed to support parking and straightforward movement of vehicles and equipment.
The property sits at the tip of the shore of Middle River and is zoned Commercial Industrial. Site conditions include mean water depths of 5 feet, with 3 feet at low tide, which can support waterfront-oriented operations requiring marine access or storage. The configuration is oriented toward practical use of both the building and the water-adjacent site.
This asset is well suited for tenants and operators looking for a warehouse with robust loading capacity and direct waterfront access within a Commercial Industrial zoning framework. The combination of multiple oversized bay doors, paved vehicle area, and measurable water depth can support a range of marine-based and waterfront access businesses, including storage and boat service applications. Purchase also allows flexibility for buyers considering continued use of the existing improvements or redevelopment aligned with the site’s Commercial Industrial zoning.
The property sits at the tip of the shore of Middle River and is zoned Commercial Industrial. Site conditions include mean water depths of 5 feet, with 3 feet at low tide, which can support waterfront-oriented operations requiring marine access or storage. The configuration is oriented toward practical use of both the building and the water-adjacent site.
This asset is well suited for tenants and operators looking for a warehouse with robust loading capacity and direct waterfront access within a Commercial Industrial zoning framework. The combination of multiple oversized bay doors, paved vehicle area, and measurable water depth can support a range of marine-based and waterfront access businesses, including storage and boat service applications. Purchase also allows flexibility for buyers considering continued use of the existing improvements or redevelopment aligned with the site’s Commercial Industrial zoning.
Key Highlights
- 2.024‑acre waterfront commercial‑industrial site with 148' of direct waterfront on Middle River
- 6,936 SF facility built in 1940, zoned Commercial Industrial
- Seven (7) oversized bay doors for loading and marine/industrial operations
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
$54,929
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
2.89%
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%
$1,098,580
$1.1M
Cap Rate 7%
$784,700
$784.7K
Cap Rate 9%
$610,322
$610.3K
Market Conditions
NOI Build-Up for 6,936 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
$83.9K $12.10/SF
− Vacancy
−$5.5K −$0.79/SF
EGI
$78.5K $11.31/SF
− OpEx
−$23.5K −$3.39/SF
NOI
$54.9K $7.92/SF
Area
Baltimore County, MD
Vacancy
6.50%
Lease Rate
$12.10 /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%
$1,098,580
Cap Rate 7%
$784,700
Cap Rate 9%
$610,322
Alternative Uses
Best Use
Industrial
$784.7K
$686.6K – $915.5K
NOI $54,929 @ 7.0% cap · market cap 2.89%
Second Best
Warehouse
$652.6K
$571.0K – $761.3K
NOI $45,680 @ 7.0% cap · market cap 2.40%
Theoretical Best
Multifamily LT 5
$67.29M
$58.88M – $78.51M
NOI $4,710,499 @ 7.0% cap · market cap 247.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Drive-in doors
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 21221, MD
43,381
Population
18,364
Households
2.4
Avg Household Size
39
Median Age
20%
College-Educated
86%
High-School Grad
15.0 sq mi
ZIP Area
2,892
Density / Sq Mi
$67,368
Median Household Income
$44,416
Median Earnings
$1,305
Median Rent
$266,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Waterfront Land - Commercial Industrial waterfront site with direct water access and a warehouse featuring multiple oversized bay doors.
Where is this waterfront land located?
The property is located at 1923 Old Eastern Avenue Essex, MD.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 2.024‑acre waterfront commercial‑industrial site with 148' of direct waterfront on Middle River; 6,936 SF facility built in 1940, zoned Commercial Industrial; Seven (7) oversized bay doors for loading and marine/industrial operations
