Five-Unit Apartment
New
For Sale
$399,999
203 Main St, Elkton, MD 21921
Fully occupied property with consistent one-bedroom, one-bath layouts and month-to-month tenancy.
Property Size3,740 SF
Price / SF$106.95
Days on Market6
Property Features for 203 Main St
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Additional Details
Average Monthly Rent
$700
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Alberti Realty, LLC
(443) 981-8000
Listed By:
Joseph Warren Avampato · License #5002497
Source:
Viewmarylandhomesforsale
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 5:36PM
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
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.
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 = 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
$32,773
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
8.19%
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%
$655,460
$655.5K
Cap Rate 7%
$468,186
$468.2K
Cap Rate 9%
$364,144
$364.1K
Market Conditions
NOI Build-Up for 3,740 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
$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 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%
$655,460
Cap Rate 7%
$468,186
Cap Rate 9%
$364,144
Alternative Uses
Best Use
Apartment 5plus
$468.2K
$409.7K – $546.2K
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
NOI $97,089 @ 7.0% cap · market cap 24.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
