Retail Building with Long-Term
For Sale
Contact for pricing
Pending
404 Eastern Blvd, Essex, MD 21221
Retail building for sale, 95% leased with value-add potential.
Property Size8,360 SF
Days on Market204
Property Features for 404 Eastern Blvd
General Information
Standard status
Pending
Size
8,360 SF
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
BLCCC
Occupancy
95%
Building Details
Year Built
1950
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Keller Williams Legacy
(443) 864-2466
Listed By:
Austin Carroll · License #660906
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Jul 25 at 1:59PM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This retail building is available for sale and is currently 95% leased. The property features two long-term tenants, an insurance agency and a pharmacy, along with a new daycare tenant. The building provides 22 parking spaces. There is a large lower level available for storage or similar uses to generate additional income. The property size is 8360 square feet.
Key Highlights
- 95% Leased with Long‑Term Tenants (Insurance Agency and Pharmacy)
- Stabilized Asset with Income Potential
- 22 Available Parking Spaces** (Rare for Eastern Blvd)
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
$120,494
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
8.93%
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%
$2,409,880
$2.4M
Cap Rate 7%
$1,721,343
$1.7M
Cap Rate 9%
$1,338,822
$1.3M
Market Conditions
NOI Build-Up for 8,360 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
$173.6K $20.76/SF
− Vacancy
−$12.9K −$1.54/SF
EGI
$160.7K $19.22/SF
− OpEx
−$40.2K −$4.80/SF
NOI
$120.5K $14.41/SF
Area
Baltimore County, MD
Vacancy
7.43%
Lease Rate
$20.76 /SF/Yr
Expense Ratio
25.00%
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%
$2,409,880
Cap Rate 7%
$1,721,343
Cap Rate 9%
$1,338,822
Alternative Uses
Best Use
Specialty Retail
$1.72M
$1.51M – $2.01M
NOI $120,494 @ 7.0% cap · market cap 8.93%
Second Best
Retail
$1.69M
$1.48M – $1.97M
NOI $118,326 @ 7.0% cap · market cap 8.76%
Theoretical Best
Multifamily LT 5
$81.11M
$70.97M – $94.63M
NOI $5,677,591 @ 7.0% cap · market cap 420.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 21221, MD
43,381
Population
18,364
Households
2.4
Avg Household Size
39
Median Age
20%
College-Educated
86%
High-School Grad
15.0 sq mi
ZIP Area
2,892
Density / Sq Mi
$67,368
Median Household Income
$44,416
Median Earnings
$1,305
Median Rent
$266,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - Retail building for sale, 95% leased with value-add potential.
Where is this retail property located?
The property is located at 404 Eastern Blvd Essex, MD.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 95% Leased with Long‑Term Tenants (Insurance Agency and Pharmacy); Stabilized Asset with Income Potential; 22 Available Parking Spaces** (Rare for Eastern Blvd)
