Renovated Multi-Tenant Office
For Sale
$1,500,000
415 Pennington Ave, Havre de Grace, MD 21078
Two-level office property with a dedicated technology infrastructure suite and finished lower-level flex space.
Property Size10,752 SF
Price / SF$139.51
Days on Market47
Property Features for 415 Pennington Ave
General Information
Standard status
Active
Size
10,752 SF
Class
Class A
Additional Details
Three-Phase Power
Yes
Office Units
2
Building Details
Year Built
1967
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Streett Hopkins Real Estate, LLC
Listed By:
Christopher C Streett · License #17599
(410) 879-7466
Source:
Hargreaveshomesales
Added: Sep 1
Changed: Oct 1
Last Checked: Oct 7 at 4:33PM
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 Streett Hopkins Real Estate, LLC
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Investment Insights
Based on property information with market context.
This two-level office building combines renovated professional workspace with an upgraded lower level for storage and specialized operations. The first floor is occupied by a long-term dental tenant, while the approximately 3,610-square-foot second floor is vacant and configured for professional office use. Dedicated 200-amp electrical service and dedicated cooling support technology-intensive operations, including on-premise cloud or edge computing.
The 3,605-square-foot basement includes a fully epoxy-coated floor and 3-phase electrical service, providing a finished environment for maker-space or additive-manufacturing applications. The property is located at 415 Pennington Avenue in the downtown core of historic Havre de Grace, with water views and walking access to restaurants, waterfront parks, the library, and other community amenities. Built in 1967, the property offers multiple levels and distinct spaces for office, storage, and flex-oriented uses.
The 3,605-square-foot basement includes a fully epoxy-coated floor and 3-phase electrical service, providing a finished environment for maker-space or additive-manufacturing applications. The property is located at 415 Pennington Avenue in the downtown core of historic Havre de Grace, with water views and walking access to restaurants, waterfront parks, the library, and other community amenities. Built in 1967, the property offers multiple levels and distinct spaces for office, storage, and flex-oriented uses.
Key Highlights
- Approximately 3,610 SF vacant second‑floor office space
- 3,605 sqft basement maker space with fully epoxy floor
- Dedicated 200Amp service and cooling for technology‑intensive operations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$134,079
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,681,580
$2.7M
Cap Rate 7%
$1,915,414
$1.9M
Cap Rate 9%
$1,489,767
$1.5M
Market Conditions
NOI Build-Up for 10,752 SF
Gross rent
$263.2K $24.48/SF
− Vacancy
−$39.7K −$3.70/SF
EGI
$223.5K $20.78/SF
− OpEx
−$89.4K −$8.31/SF
NOI
$134.1K $12.47/SF
Area
Harford County, MD
Vacancy
15.10%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,681,580
Cap Rate 7%
$1,915,414
Cap Rate 9%
$1,489,767
Alternative Uses
Best Use
Flex RnD
$2.08M
$1.82M – $2.42M
NOI $145,252 @ 7.0% cap · market cap 9.68%
Second Best
Healthcare Medical
$1.92M
$1.68M – $2.23M
NOI $134,079 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,823 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
947
Businesses Nearby
Explore this area
Business Placement
Demographics for 21078, MD
20,321
Population
8,760
Households
2.3
Avg Household Size
46
Median Age
41%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
675
Density / Sq Mi
$109,451
Median Household Income
$53,942
Median Earnings
$1,331
Median Rent
$355,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two-level office property with a dedicated technology infrastructure suite and finished lower-level flex space.
Where is this office building located?
The property is located at 415 Pennington Ave Havre de Grace, 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: Approximately 3,610 SF vacant second‑floor office space; 3,605 sqft basement maker space with fully epoxy floor; Dedicated 200Amp service and cooling for technology‑intensive operations
