Former Bowling Alley For
For Sale
Contact for pricing
406 Bow St, Elkton, MD
25,800 SF former bowling alley suitable for redevelopment.
Property Size25,800 SF
Lot Size1.69 Acres
Price / SF$77.52
Days on Market274
Property Features for 406 Bow St
General Information
Standard status
Active
Size
25,800 SF
Lot size
1.69 Acres
Listing Agency:
SB Real Estate
(302) 275-5566
Listed By:
Jeff Sellers · License #RS0023229
(302) 275-5566
Source:
Moodyscre
Added: Nov 10, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:03AM
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 25,800 square foot property, formerly the Elk Lanes Bowling Alley, is located approximately 3 miles from Interstate 95, Exit 109. The site is serviced by public water and sewer. Potential uses for the property include an event center, recreation facility, or flex space. The property includes locker rooms, two restrooms, and a small kitchen.
Key Highlights
- Potential uses: Event Center / Recreation / Flex Space
- Former Elk Lanes Bowling Alley
- Just 3 miles from Interstate 95, Exit 109
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
$132,860
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
6.64%
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%
$2,657,200
$2.7M
Cap Rate 7%
$1,898,000
$1.9M
Cap Rate 9%
$1,476,222
$1.5M
Market Conditions
NOI Build-Up for 25,800 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
$207.4K $8.04/SF
− Vacancy
−$17.6K −$0.68/SF
EGI
$189.8K $7.36/SF
− OpEx
−$56.9K −$2.21/SF
NOI
$132.9K $5.15/SF
Area
Cecil County, MD
Vacancy
8.50%
Lease Rate
$8.04 /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%
$2,657,200
Cap Rate 7%
$1,898,000
Cap Rate 9%
$1,476,222
Alternative Uses
Best Use
Flex RnD
$4.83M
$4.23M – $5.64M
NOI $338,284 @ 7.0% cap · market cap 16.91%
Second Best
Industrial
$1.90M
$1.66M – $2.21M
NOI $132,860 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$9.57M
$8.37M – $11.16M
NOI $669,759 @ 7.0% cap · market cap 33.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bowling alley - 25,800 SF former bowling alley suitable for redevelopment.
Where is this bowling alley located?
The property is located at 406 Bow St Elkton, MD.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Potential uses: Event Center / Recreation / Flex Space; Former Elk Lanes Bowling Alley; Just 3 miles from Interstate 95, Exit 109
