Residential Income Property with Stone
For Sale
$360,000
3700 COLLEGE AVENUE Unit 302, Ellicott City, MD 21043
Third-level condominium residence with elevated ceilings in a building dating to the 1840s.
Property Size1,102 SF
Days on Market9
Property Features for 3700 COLLEGE AVENUE Unit 302
General Information
Standard status
Active
Size
1,102 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,257
Building Details
Building Size
1,102 SF
Year Built
1992
Listing Agency:
Northrop Realty
(410) 997-9099
Listed By:
Stefan Holtz · License #532202
(410) 997-9099
Source:
Thehulsmangroup
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 13 at 11:14AM
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 Northrop Realty
Investment Insights
Based on property information with market context.
Unit 302 is a third-level condominium residence at 3700 College Avenue in Ellicott City’s historic district. The property is part of Greystone, a building originally constructed in the 1840s and defined by 18-inch stone walls.
Condominium units were built within the building in 1992. This residence features 10-foot-8-inch ceilings and is positioned on the third level. The address places the property in Ellicott City, Maryland.
Condominium units were built within the building in 1992. This residence features 10-foot-8-inch ceilings and is positioned on the third level. The address places the property in Ellicott City, Maryland.
Key Highlights
- Unit 302 at 3700 College Avenue, Ellicott City, MD 21043
- Condominium units built in 1992
- Third‑level residence
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
$15,025
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
4.17%
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%
$300,500
$300.5K
Cap Rate 7%
$214,643
$214.6K
Cap Rate 9%
$166,944
$166.9K
Market Conditions
NOI Build-Up for 1,102 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
$28.7K $26.04/SF
− Vacancy
−$1.4K −$1.25/SF
EGI
$27.3K $24.79/SF
− OpEx
−$12.3K −$11.16/SF
NOI
$15.0K $13.63/SF
Area
Howard County, MD
Vacancy
4.80%
Lease Rate
$26.04 /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%
$300,500
Cap Rate 7%
$214,643
Cap Rate 9%
$166,944
Alternative Uses
Best Use
Apartment 5plus
$214.6K
$187.8K – $250.4K
NOI $15,025 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.7K
$357.6K – $476.8K
NOI $28,608 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Explore this area
Business Placement
Demographics for 21043, MD
48,775
Population
17,978
Households
2.7
Avg Household Size
39
Median Age
64%
College-Educated
95%
High-School Grad
17.1 sq mi
ZIP Area
2,852
Density / Sq Mi
$141,846
Median Household Income
$77,574
Median Earnings
$1,964
Median Rent
$607,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-level condominium residence with elevated ceilings in a building dating to the 1840s.
Where is this residential income property located?
The property is located at 3700 COLLEGE AVENUE Unit 302 Ellicott City, MD.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Unit 302 at 3700 College Avenue, Ellicott City, MD 21043; Condominium units built in 1992; Third‑level residence
