Building Details

Year Built 1930

Buildings 1

Listing Agency: Alberti Realty, LLC

Listed By: Joseph Warren Avampato · License #5002497 Show Phone

Source: Viewmarylandhomesforsale

Added: Jul 29 Changed: Oct 1 Last Checked: Oct 16 at 9:09AM

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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 Alberti Realty, LLC

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Investment Insights

Based on property information with market context.

This 3,740-square-foot apartment building contains five residential units, each configured with one bedroom and one bathroom. Constructed in 1930, the property is certified lead free and currently fully occupied. All tenancies are month to month, providing a uniform operating structure across the building.

Located at 203 Main St in downtown Elkton, the property includes an expense arrangement in which residents pay their own Delmarva utility costs while ownership covers water and trash. The five-unit configuration and consistent floor plans offer a straightforward multifamily setup.

Key Highlights

• Five apartment units, each with 1 bedroom and 1 bathroom
• 3,740 SF building constructed in 1930
• Fully occupied with month‑to‑month tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,773

Cap Rate

8.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$655,460 $655.5K

Cap Rate 7%

$468,186 $468.2K

Cap Rate 9%

$364,144 $364.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,740 SF

Gross rent

$63.7K $17.04/SF

− Vacancy

−$4.1K −$1.11/SF

EGI

$59.6K $15.93/SF

− OpEx

−$26.8K −$7.17/SF

NOI

$32.8K $8.76/SF

Area

Cecil County, MD

Vacancy

6.50%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$655,460

Cap Rate 7%

$468,186

Cap Rate 9%

$364,144

Alternative Uses

Best Use

Apartment 5plus

$468.2K

$409.7K – $546.2K (±1% cap)

NOI $32,773 @ 7.0% cap · market cap 8.19%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.39M

$1.21M – $1.62M (±1% cap)

NOI $97,089 @ 7.0% cap · market cap 24.27%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Locksmith Furniture & Home Goods Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Grooming Service Florist

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

Lease Details

5

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,415

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied property with consistent one-bedroom, one-bath layouts and month-to-month tenancy.

Where is this apartment building located?

The property is located at 203 Main St Elkton, MD.

What is the asking price?

The asking price for this property is $399,999.

What are key features of this property?

This property features: Five apartment units, each with 1 bedroom and 1 bathroom; 3,740 SF building constructed in 1930; Fully occupied with month‑to‑month tenants