Building Details

Building Size 5,550 SF

Year Renovated 2018

Buildings 1

Listing Agency: SB Real Estate s***@sbrealtyco.com Show Phone

Listed By: Jeff Sellers · License #RS0023229

Source: Sbrealtyco

Added: Aug 8 Changed: Aug 10 Last Checked: Aug 11 at 5:31AM

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Investment Insights

Based on property information with market context.

This four-unit residential income property at 300 Market St. in Charlestown, MD, received a comprehensive renovation in 2018. Apartment improvements include stainless steel appliances, mini-split HVAC units, and stacked laundry centers, providing consistent in-unit functionality across the building.

The property is reported as 100% leased and includes a private paved parking lot. A new roof was installed in 2023. Public water, sewer, and trash service support the building’s ongoing residential use.

Key Highlights

• Four‑unit apartment building with 100% leased occupancy
• Renovated in 2018 with stainless steel appliances and mini‑split HVAC units
• Stacked laundry centers included in the apartment improvements

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

$55,198

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

8.01%

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%

$1,103,960 $1.1M

Cap Rate 7%

$788,543 $788.5K

Cap Rate 9%

$613,311 $613.3K

Market Conditions

NOI Build-Up for 5,550 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

$85.2K $15.36/SF

− Vacancy

−$6.4K −$1.15/SF

EGI

$78.9K $14.21/SF

− OpEx

−$23.7K −$4.26/SF

NOI

$55.2K $9.95/SF

Area

Cecil County, MD

Vacancy

7.50%

Lease Rate

$15.36 /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%

$1,103,960

Cap Rate 7%

$788,543

Cap Rate 9%

$613,311

Alternative Uses

Best Use

Multifamily LT 5

$788.5K

$690.0K – $920.0K (±1% cap)

NOI $55,198 @ 7.0% cap · market cap 8.01%

Second Best

Apartment 5plus

$694.8K

$607.9K – $810.6K (±1% cap)

NOI $48,634 @ 7.0% cap · market cap 7.06%

Theoretical Best

Office A

$2.06M

$1.80M – $2.40M (±1% cap)

NOI $144,076 @ 7.0% cap · market cap 20.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Dental Office Parking Lot & Garage HVAC Service Storage Facility

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

4

Residential units

100%

Occupancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

72

Businesses Nearby

Explore this area Business Placement

Demographics for 21914, MD

736

Population

394

Households

1.9

Avg Household Size

44

Median Age

30%

College-Educated

93%

High-School Grad

0.7 sq mi

ZIP Area

1,051

Density / Sq Mi

$57,167

Median Household Income

$46,979

Median Earnings

$1,490

Median Rent

$300,600

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?

Quadplex - Updated apartments include stainless steel appliances, mini-split HVAC, and stacked laundry centers.

Where is this quadplex located?

The property is located at 300 Market St. Charlestown, MD.

What is the asking price?

The asking price for this property is $689,000.

What are key features of this property?

This property features: Four‑unit apartment building with 100% leased occupancy; Renovated in 2018 with stainless steel appliances and mini‑split HVAC units; Stacked laundry centers included in the apartment improvements