Corner Convenience Store
New
For Sale
$1,300,333
703 E PULASKI Highway, Elkton, MD 21921
Commercial Sale, ELKTON, MD
Property Size3,612 SF
Lot Size0.77 Acres
Price / SF$360
Days on Market2
Property Features for 703 E PULASKI Highway
General Information
Property type
Other
Property subtype
Retail
Parking
40
Parking features
Parking Lot, Special Needs
Elementary school district
CECIL COUNTY PUBLIC SCHOOLS
Middle school district
CECIL COUNTY PUBLIC SCHOOLS
High school district
CECIL COUNTY PUBLIC SCHOOLS
Standard status
Active
Lot size
0.77 Acres
Taxes and HOA fees
Tax Annual Amount
14720
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
large canopy
walk-in coolers
separate utilities
Building Details
Year built
1955
Building materials
Block
Listing Agency:
Weichert, Realtors - Diana Realty
(410) 893-1200
Listed By:
Steve R Kuzma · License #29833
(410) 808-1010
Added: Sep 8
Last Checked: Sep 9 at 12:06AM
MLS# MDCC2023016
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This convenience-store property includes a 3612 sq ft block building configured as two units with separate utilities. Walk-in coolers, a large canopy, central air, forced-air heating, and a fenced area behind the building are in place. The building was constructed in 1955 and is being sold strictly AS-IS.
The property occupies a red light-controlled corner with two access points on US Route 40 and an additional access point on Delaware Ave. It provides 240 ft of road frontage along US Route 40, plus an on-site parking lot. The existing layout and access pattern support consideration for convenience retail and other drive-through-oriented commercial uses identified in the property information.
The property occupies a red light-controlled corner with two access points on US Route 40 and an additional access point on Delaware Ave. It provides 240 ft of road frontage along US Route 40, plus an on-site parking lot. The existing layout and access pattern support consideration for convenience retail and other drive-through-oriented commercial uses identified in the property information.
Key Highlights
- 3612 sq ft block building configured as 2 units
- 240 ft of road frontage on US Route 40
- 2 access points on US Route 40 plus 1 on Delaware Ave
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
$63,326
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
4.87%
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%
$1,266,520
$1.3M
Cap Rate 7%
$904,657
$904.7K
Cap Rate 9%
$703,622
$703.6K
Market Conditions
NOI Build-Up for 3,612 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
$86.7K $24.00/SF
− Vacancy
−$2.3K −$0.62/SF
EGI
$84.4K $23.38/SF
− OpEx
−$21.1K −$5.84/SF
NOI
$63.3K $17.53/SF
Area
Cecil County, MD
Vacancy
2.60%
Lease Rate
$24.00 /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%
$1,266,520
Cap Rate 7%
$904,657
Cap Rate 9%
$703,622
Alternative Uses
Best Use
Specialty Retail
$904.7K
$791.6K – $1.06M
NOI $63,326 @ 7.0% cap · market cap 4.87%
Second Best
Retail
$687.6K
$601.7K – $802.2K
NOI $48,133 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,766 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
116k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 25%
Shops & Services 23%
Superstores 15%
Home Improvements & Furnishings 14%
Food Lion Grocery Store
Groceries
21,979 visits/mo
0.3 miles
Big Lots
Superstores
16,962 visits/mo
0.1 miles
Sheetz
Shops & Services
16,263 visits/mo
0.2 miles
Tractor Supply Co.
Home Improvements & Furnishings
16,116 visits/mo
0.5 miles
Staples
Office Supplies
12,768 visits/mo
0.1 miles
Demographics for 21921, MD
44,983
Population
18,782
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
92%
High-School Grad
94.7 sq mi
ZIP Area
475
Density / Sq Mi
$84,608
Median Household Income
$48,300
Median Earnings
$1,413
Median Rent
$296,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Grocery Outlet — 801 E Pulaski Hwy, Elkton, MD 21921
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Two-unit commercial building with walk-in coolers, separate utilities, a large canopy, and fenced rear area.
Where is this grocery and convenience store located?
The property is located at 703 E PULASKI Highway Elkton, MD.
What is the asking price?
The asking price for this property is $1,300,333.
What are key features of this property?
This property features: 3612 sq ft block building configured as 2 units; 240 ft of road frontage on US Route 40; 2 access points on US Route 40 plus 1 on Delaware Ave
