Flex Building in Historic
For Sale
$950,000
311 Union Avenue, Havre de Grace, MD 21078
Flex building in Havre de Grace's Historic Business District.
Property Size7,444 SF
Lot Size0.40 Acres
Price / SF$127.62
Days on Market133
Property Features for 311 Union Avenue
General Information
Standard status
Active
Size
7,444 SF
Lot size
0.40 Acres
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$9,335
Amenities
Central Air
3
Concrete, Carpet
Built Up, Flat
RB
Parking. Corner Lot.
Lot.
Level
Corner, Asphalt, Level.
Building Details
Year Built
1974
Listing Agency:
O'Neill Enterprises Realty
(410) 459-7220
Listed By:
Aimee O'Neill · License #00921
(410) 459-7220
Source:
Xome
Added: Apr 14
Changed: Aug 23
Last Checked: Aug 24 at 5:11AM
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 O'Neill Enterprises Realty
Investment Insights
Based on property information with market context.
Located in the heart of the Historic Havre de Grace Business District, this property features a 7,444 sq. ft. flex-use building, currently operating as an Office Centre. The building is situated on two adjoining RB Zoned parcels, totaling 0.40 acres, at the corner of Union Avenue and Green Street. The site offers a view of the Susquehanna River and is located less than 3 blocks from the waterfront. The property is located in an area with a bike score of 54, indicating it is bikeable, and a walk score of 67, indicating it is somewhat walkable. The building will be cleared of personal property at settlement.
Key Highlights
- Located in the heart of the Historic Havre de Grace Business District.
- 0.40 acres improved with a 7,444 sq. ft. flex use building.
- RB Zoned parcels offering flexible use potential.
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
$45,256
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
4.76%
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%
$905,120
$905.1K
Cap Rate 7%
$646,514
$646.5K
Cap Rate 9%
$502,844
$502.8K
Market Conditions
NOI Build-Up for 7,444 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
$67.0K $9.00/SF
− Vacancy
−$2.3K −$0.32/SF
EGI
$64.7K $8.69/SF
− OpEx
−$19.4K −$2.61/SF
NOI
$45.3K $6.08/SF
Area
Harford County, MD
Vacancy
3.50%
Lease Rate
$9.00 /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%
$905,120
Cap Rate 7%
$646,514
Cap Rate 9%
$502,844
Alternative Uses
Best Use
Flex RnD
$1.44M
$1.26M – $1.68M
NOI $100,563 @ 7.0% cap · market cap 10.59%
Second Best
Industrial
$646.5K
$565.7K – $754.3K
NOI $45,256 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$2.62M
$2.29M – $3.06M
NOI $183,347 @ 7.0% cap · market cap 19.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21078, MD
20,321
Population
8,760
Households
2.3
Avg Household Size
46
Median Age
41%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
675
Density / Sq Mi
$109,451
Median Household Income
$53,942
Median Earnings
$1,331
Median Rent
$355,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Laughing Crab Catering — 100 S Washington St, Havre De Grace, MD 21078
Frequently Asked Questions
What type of property is this?
Flex space - Flex building in Havre de Grace's Historic Business District.
Where is this flex space located?
The property is located at 311 Union Avenue Havre de Grace, MD.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Located in the heart of the Historic Havre de Grace Business District.; 0.40 acres improved with a 7,444 sq. ft. flex use building.; RB Zoned parcels offering flexible use potential.
