Corner Retail Building with
New
For Sale
$1,300,333
703 PULASKI HIGHWAY, Elkton, MD 21921
Two retail units with separate utilities, walk-in coolers, and a fenced rear area support varied commercial operations.
Property Size3,612 SF
Lot Size0.78 Acres
Price / SF$360
Days on Market5
Property Features for 703 PULASKI HIGHWAY
General Information
Standard status
Active
Size
3,612 SF
Lot size
0.78 Acres
Property subtype
Retail
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$14,720
Amenities
fenced area
large canopy
walk in coolers
Central Air
Tile, Concrete
Parking.
Handicap Parking, Lighted, Lot.
Level
Back Yard. Level.
Building Details
Year Built
1955
Buildings
1
Construction
block
Tenancy
Multi
Listing Agency:
Weichert, Realtors - Diana Realty
(410) 893-1200
Listed By:
Steve Kuzma · License #29833
(410) 808-1010
Source:
Xome
Added: Sep 6
Changed: Sep 9
Last Checked: Sep 9 at 3:07PM
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 Weichert, Realtors - Diana Realty
Investment Insights
Based on property information with market context.
This 3,612-square-foot block retail building was constructed in 1955 and is configured as two units with separate utilities. Interior features include central air, tile and concrete finishes, and walk-in coolers. A large canopy extends the building’s functionality, while the rear of the property provides a fenced area. The property is being sold strictly AS-IS.
The 0.78-acre parcel occupies a signalized corner with 240 feet of frontage on US Route 40. Access includes two points from US Route 40 and one additional entrance from Delaware Ave. The site also includes parking, handicap parking, lighting, and level exterior areas.
The 0.78-acre parcel occupies a signalized corner with 240 feet of frontage on US Route 40. Access includes two points from US Route 40 and one additional entrance from Delaware Ave. The site also includes parking, handicap parking, lighting, and level exterior areas.
Key Highlights
- 0.78‑acre signalized corner parcel
- 3,612 sq ft block building constructed in 1955
- 240 ft of road frontage on US Route 40
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
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two retail units with separate utilities, walk-in coolers, and a fenced rear area support varied commercial operations.
Where is this retail space located?
The property is located at 703 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: 0.78‑acre signalized corner parcel; 3,612 sq ft block building constructed in 1955; 240 ft of road frontage on US Route 40
