Four-Unit Apartment
New
For Sale
$399,999
550 BOURBON STREET, Havre de Grace, MD 21078
Four one-bedroom apartments offer an established multifamily configuration with month-to-month tenancies.
Property Size2,074 SF
Price / SF$192.86
Days on Market5
Property Features for 550 BOURBON STREET
General Information
Standard status
Active
Size
2,074 SF
Property subtype
Quadruplex
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1935
Listing Agency:
Alberti Realty, LLC
(410) 652-2848
Listed By:
Joseph Warren Avampato · License #RS-0037117
(410) 652-2848
Source:
Cummingsrealtors
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 4:23AM
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 Alberti Realty, LLC
Investment Insights
Based on property information with market context.
This 2,074-square-foot quadplex, built in 1935, contains four separate apartments. Each unit is configured with one bedroom and one bathroom, creating a consistent layout across the property. The apartments are occupied under month-to-month tenancies, providing an existing rental profile without long fixed lease terms.
The property is located at 550 Bourbon Street in Havre de Grace, Maryland, within ZIP code 21078. Its four-unit design and uniform one-bedroom layouts provide a straightforward multifamily format for evaluating operations, occupancy, and unit-level performance.
The property is located at 550 Bourbon Street in Havre de Grace, Maryland, within ZIP code 21078. Its four-unit design and uniform one-bedroom layouts provide a straightforward multifamily format for evaluating operations, occupancy, and unit-level performance.
Key Highlights
- Four apartments, each with 1 bedroom and 1 bathroom
- 2,074 SF multifamily property
- Month‑to‑month tenancies across the units
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
$29,813
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
7.45%
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%
$596,260
$596.3K
Cap Rate 7%
$425,900
$425.9K
Cap Rate 9%
$331,256
$331.3K
Market Conditions
NOI Build-Up for 2,074 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
$46.0K $22.20/SF
− Vacancy
−$3.5K −$1.67/SF
EGI
$42.6K $20.54/SF
− OpEx
−$12.8K −$6.16/SF
NOI
$29.8K $14.37/SF
Area
Harford County, MD
Vacancy
7.50%
Lease Rate
$22.20 /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%
$596,260
Cap Rate 7%
$425,900
Cap Rate 9%
$331,256
Alternative Uses
Best Use
Multifamily LT 5
$425.9K
$372.7K – $496.9K
NOI $29,813 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$396.8K
$347.2K – $462.9K
NOI $27,773 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$729.8K
$638.5K – $851.4K
NOI $51,083 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
989
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments offer an established multifamily configuration with month-to-month tenancies.
Where is this quadplex located?
The property is located at 550 BOURBON STREET Havre de Grace, MD.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Four apartments, each with 1 bedroom and 1 bathroom; 2,074 SF multifamily property; Month‑to‑month tenancies across the units
