Senior Housing Assisted Living
For Sale
$1,500,000
41 E Bel Air Ave, Aberdeen, MD 21001
Assisted living facility with recent elevator and roof replacements, plus expansion plans for eight additional beds.
Property Size6,423 SF
Days on Market55
Property Features for 41 E Bel Air Ave
General Information
Standard status
Active
Size
6,423 SF
Property subtype
Assisted Living Care
Occupancy
65%
Financials
Cap Rate
9.74%
Business Included
Yes
Amenities
Stable Private-Pay Revenue Stream Provides Predictable Cash Flow
Significant Recent Capital Improvements Reduce Near-Term Expenses
Expansion Opportunity Offers Potential to Double Facility Income
Strong Operational History Supports Long-Term Investment Stability
Building Details
Building Size
6,423 SF
Year Built
1895
Listing Agency:
Washington, D.C. Office
(202) 536-3765
Listed By:
Isaiah Hazward · License #License(s): MD: 660573, DC: SP200200750
(202) 536-3765
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 21 at 4:10AM
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 Washington, D.C. Office
Investment Insights
Based on property information with market context.
The property is a senior housing assisted living facility offering private-pay senior housing as part of its operating revenue profile. The building has undergone substantial recent capital improvements, including a new elevator installed in 2022 and a complete roof replacement in 2023, reducing near-term maintenance obligations. The facility is positioned to add capacity through previously approved plans and permits, with the ability to add eight additional beds.
The offering is presented as a healthcare real estate investment opportunity. Based on the information provided, approximately 80 percent of the facility’s revenue is generated through private pay residents, which the remarks describe as helping insulate the asset from government reimbursement fluctuations.
For investors or operators seeking a healthcare-focused asset with documented capital refreshes, this facility provides an established senior housing platform and a clearly identified path to increase capacity. The previously approved expansion plans would add eight beds, with an estimated expansion cost of approximately $400,000, offering a basis for evaluating growth through improved unit count while maintaining the benefit of the recent elevator and roof improvements.
The offering is presented as a healthcare real estate investment opportunity. Based on the information provided, approximately 80 percent of the facility’s revenue is generated through private pay residents, which the remarks describe as helping insulate the asset from government reimbursement fluctuations.
For investors or operators seeking a healthcare-focused asset with documented capital refreshes, this facility provides an established senior housing platform and a clearly identified path to increase capacity. The previously approved expansion plans would add eight beds, with an estimated expansion cost of approximately $400,000, offering a basis for evaluating growth through improved unit count while maintaining the benefit of the recent elevator and roof improvements.
Key Highlights
- Senior housing/assisted living facility built in 1895
- Approximately 80% of revenue from private pay residents
- New elevator installed in 2022
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
$86,011
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
5.73%
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%
$1,720,220
$1.7M
Cap Rate 7%
$1,228,729
$1.2M
Cap Rate 9%
$955,678
$955.7K
Market Conditions
NOI Build-Up for 6,423 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
$167.3K $26.04/SF
− Vacancy
−$10.9K −$1.69/SF
EGI
$156.4K $24.35/SF
− OpEx
−$70.4K −$10.96/SF
NOI
$86.0K $13.39/SF
Area
Harford County, MD
Vacancy
6.50%
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%
$1,720,220
Cap Rate 7%
$1,228,729
Cap Rate 9%
$955,678
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.43M
NOI $86,011 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,199 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21001, MD
25,714
Population
11,010
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
30.0 sq mi
ZIP Area
857
Density / Sq Mi
$81,778
Median Household Income
$49,765
Median Earnings
$1,391
Median Rent
$267,400
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Senior Life Styles — Aberdeen, MD 21001
- Dacota Assisted Living — 468 W Bel Air Ave, Aberdeen, MD 21001
- Four Seasons Assisted Living — 52 e b, bel air, md 21014
Frequently Asked Questions
What type of property is this?
Assisted living facility - Assisted living facility with recent elevator and roof replacements, plus expansion plans for eight additional beds.
Where is this assisted living facility located?
The property is located at 41 E Bel Air Ave Aberdeen, MD.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Senior housing/assisted living facility built in 1895; Approximately 80% of revenue from private pay residents; New elevator installed in 2022
