Renovated Triplex with Multiple
For Sale
$899,500
322 E CECIL AVENUE, North East, MD 21901
Turnkey renovated triplex with five total bedrooms across units, independent utilities, and a property-wide fire sprinkler system.
Property Size2,984 SF
Price / SF$301.44
Days on Market51
Property Features for 322 E CECIL AVENUE
General Information
Standard status
Active
Size
2,984 SF
Property subtype
Triplex
Additional Details
Sprinkler System
Yes
Multifamily Units
3
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Integrity Real Estate
(267) 374-6963
Listed By:
Carolyn Quelly · License #SL-3583372
(267) 374-6963
Source:
Cummingsrealtors
Added: Jul 8
Changed: Aug 24
Last Checked: Aug 26 at 8:40AM
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 Integrity Real Estate
Investment Insights
Based on property information with market context.
This beautifully renovated triplex offers a turnkey setup with major system and finish updates throughout, including interior finishes, appliances, and mechanicals. The property includes a brand-new, property-wide fire sprinkler system and a Maryland Lead-Free Certificate. All units are independently equipped with in-unit laundry, dedicated electrical meter/panel, and separate water heater and HVAC systems, supporting straightforward day-to-day management.
The lower level contains two separate units, each with 2 bedrooms, 1.5 bathrooms, a full kitchen, dining area, and living room. One of the lower units includes accessibility features such as a step-free entry ramp, wider doorways, and 36-inch hallways. The upper unit is accessed by a private exterior rear staircase and features 4 bedrooms, 2 full bathrooms, an eat-in kitchen, and a generous living room.
Projected market rents are approximately $2,000 per month for each lower unit and $2,500 per month for the upper unit, for an estimated gross monthly rental income of $6,500.
The lower level contains two separate units, each with 2 bedrooms, 1.5 bathrooms, a full kitchen, dining area, and living room. One of the lower units includes accessibility features such as a step-free entry ramp, wider doorways, and 36-inch hallways. The upper unit is accessed by a private exterior rear staircase and features 4 bedrooms, 2 full bathrooms, an eat-in kitchen, and a generous living room.
Projected market rents are approximately $2,000 per month for each lower unit and $2,500 per month for the upper unit, for an estimated gross monthly rental income of $6,500.
Key Highlights
- Renovated triplex (Year Built 1920) with property‑wide fire sprinkler system and Maryland Lead‑Free Certificate
- Lower level: two separate 2‑bedroom, 1.5‑bath units with full kitchens, dining areas, and living rooms
- One lower unit includes accessibility features: step‑free entry ramp, wider doorways, and 36‑inch hallways
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
$29,678
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
3.30%
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%
$593,560
$593.6K
Cap Rate 7%
$423,971
$424.0K
Cap Rate 9%
$329,756
$329.8K
Market Conditions
NOI Build-Up for 2,984 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
$45.8K $15.36/SF
− Vacancy
−$3.4K −$1.15/SF
EGI
$42.4K $14.21/SF
− OpEx
−$12.7K −$4.26/SF
NOI
$29.7K $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%
$593,560
Cap Rate 7%
$423,971
Cap Rate 9%
$329,756
Alternative Uses
Best Use
Multifamily LT 5
$424.0K
$371.0K – $494.6K
NOI $29,678 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$373.5K
$326.9K – $435.8K
NOI $26,148 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.11M
$968.3K – $1.29M
NOI $77,464 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 21901, MD
18,517
Population
7,952
Households
2.3
Avg Household Size
38
Median Age
33%
College-Educated
93%
High-School Grad
48.5 sq mi
ZIP Area
382
Density / Sq Mi
$113,107
Median Household Income
$61,293
Median Earnings
$1,418
Median Rent
$342,800
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?
Triplex - Turnkey renovated triplex with five total bedrooms across units, independent utilities, and a property-wide fire sprinkler system.
Where is this triplex located?
The property is located at 322 E CECIL AVENUE North East, MD.
What is the asking price?
The asking price for this property is $899,500.
What are key features of this property?
This property features: Renovated triplex (Year Built 1920) with property‑wide fire sprinkler system and Maryland Lead‑Free Certificate; Lower level: two separate 2‑bedroom, 1.5‑bath units with full kitchens, dining areas, and living rooms; One lower unit includes accessibility features: step‑free entry ramp, wider doorways, and 36‑inch hallways
