Occupied Quadplex with Month-to-Month
For Sale
$349,000
35 N Main St, Port Deposit, MD 21904
Four-unit residential property with all apartments occupied under month-to-month arrangements.
Property Size3,270 SF
Price / SF$106.73
Days on Market104
Property Features for 35 N Main St
General Information
Standard status
Active
Size
3,270 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,667
Building Details
Tenancy
Multi
Listing Agency:
Alberti Realty, LLC
(410) 652-2848
Listed By:
Joseph Warren Avampato · License #5002497
(410) 652-2848
Source:
Exprealty
Added: May 20
Changed: Aug 30
Last Checked: Jul 4 at 3:42PM
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.
Built in 1900, this four-unit residential property offers an established multifamily configuration in Port Deposit. Every apartment is currently occupied, and the property will not be delivered with vacant units. Tenancies are month to month, providing an existing occupancy profile for review.
Residents are responsible for their own electric service, while ownership covers water and trash. Showings require at least three days’ advance notice and must be coordinated around tenant schedules. The property is located at 35 N Main St in Port Deposit, Maryland, with a Walk Score of 31 and a Bike Score of 7.
Residents are responsible for their own electric service, while ownership covers water and trash. Showings require at least three days’ advance notice and must be coordinated around tenant schedules. The property is located at 35 N Main St in Port Deposit, Maryland, with a Walk Score of 31 and a Bike Score of 7.
Key Highlights
- Four‑unit multifamily property built in 1900
- All units occupied by month‑to‑month tenants
- No units delivered vacant
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
$28,654
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
8.21%
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%
$573,080
$573.1K
Cap Rate 7%
$409,343
$409.3K
Cap Rate 9%
$318,378
$318.4K
Market Conditions
NOI Build-Up for 3,270 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
$55.7K $17.04/SF
− Vacancy
−$3.6K −$1.11/SF
EGI
$52.1K $15.93/SF
− OpEx
−$23.4K −$7.17/SF
NOI
$28.7K $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%
$573,080
Cap Rate 7%
$409,343
Cap Rate 9%
$318,378
Alternative Uses
Best Use
Multifamily LT 5
$464.6K
$406.5K – $542.0K
NOI $32,522 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$409.3K
$358.2K – $477.6K
NOI $28,654 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,888 @ 7.0% cap · market cap 24.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 21904, MD
6,689
Population
2,787
Households
2.4
Avg Household Size
43
Median Age
25%
College-Educated
91%
High-School Grad
23.6 sq mi
ZIP Area
283
Density / Sq Mi
$84,375
Median Household Income
$52,247
Median Earnings
$1,245
Median Rent
$318,800
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?
Quadplex - Four-unit residential property with all apartments occupied under month-to-month arrangements.
Where is this quadplex located?
The property is located at 35 N Main St Port Deposit, MD.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1900; All units occupied by month‑to‑month tenants; No units delivered vacant
