Conowingo Commercial Building with
For Sale
$299,000
372 Conowingo Rd, Conowingo, MD 21918
Commercial building with garage and residential apartment for sale.
Property Size2,576 SF
Lot Size0.47 Acres
Price / SF$116.07
Days on Market168
Property Features for 372 Conowingo Rd
General Information
Standard status
Active
Size
2,576 SF
Lot size
0.47 Acres
Property subtype
Garage / Storage / Apartment
Building Details
Year Built
1945
Listing Agency:
SB Real Estate
(302) 275-5566
Listed By:
Jeff Sellers · License #RS0023229
Source:
Sbrealtyco
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 21 at 4:32AM
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 SB Real Estate
Investment Insights
Based on property information with market context.
This free-standing commercial building is located directly off Route 1 in Conowingo, Maryland. The property, situated on approximately 0.47 acres, is suitable for both investors and owner-users. The building has a total area of approximately 2,576 square feet. The main floor features two half-baths, potential office or storage space, and a large garage bay with an overhead door in the rear. The second floor contains a 3-bedroom, 2-bathroom residential apartment. The roof and upstairs windows were replaced in 2022. The property is zoned BG - Business General. It operates with a private well and septic system. The environmental condition of the property is unknown.
Key Highlights
- Free‑standing commercial building directly off Rt. 1, ideal for investors or owner‑users.
- Includes a 3 BD / 2 BA residential apartment on the 2nd floor.
- Large garage bay with OH door on the first floor.
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
$22,573
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
7.55%
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%
$451,460
$451.5K
Cap Rate 7%
$322,471
$322.5K
Cap Rate 9%
$250,811
$250.8K
Market Conditions
NOI Build-Up for 2,576 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
$43.9K $17.04/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$41.0K $15.93/SF
− OpEx
−$18.5K −$7.17/SF
NOI
$22.6K $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%
$451,460
Cap Rate 7%
$322,471
Cap Rate 9%
$250,811
Alternative Uses
Best Use
Retail
$490.4K
$429.1K – $572.1K
NOI $34,327 @ 7.0% cap · market cap 11.48%
Second Best
Mixed Use
$458.9K
$401.5K – $535.3K
NOI $32,120 @ 7.0% cap · market cap 10.74%
Theoretical Best
Office A
$955.3K
$835.9K – $1.11M
NOI $66,872 @ 7.0% cap · market cap 22.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 21918, MD
4,269
Population
1,645
Households
2.6
Avg Household Size
45
Median Age
15%
College-Educated
90%
High-School Grad
17.6 sq mi
ZIP Area
243
Density / Sq Mi
$81,026
Median Household Income
$68,021
Median Earnings
$1,008
Median Rent
$293,800
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?
Mixed-use property - Commercial building with garage and residential apartment for sale.
Where is this mixed-use property located?
The property is located at 372 Conowingo Rd Conowingo, MD.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Free‑standing commercial building directly off Rt. 1, ideal for investors or owner‑users.; Includes a 3 BD / 2 BA residential apartment on the 2nd floor.; Large garage bay with OH door on the first floor.
