Triplex with Residential Office
For Sale
$975,000
707 N HICKORY Ave, Bel Air, MD 21014
Standalone commercial and three-unit apartment building on 1.18 acres, with RO zoning and paved parking for 15.
Property Size3,687 SF
Days on Market48
Property Features for 707 N HICKORY Ave
General Information
Standard status
Active
Size
3,687 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,577
Building Details
Building Size
3,687 SF
Year Built
1920
Units
4
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 322-3670
Listed By:
Andrew Undem · License #646143
(410) 322-3670
Source:
Elliman
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 8 at 11:23AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This standalone commercial/multi-family building includes three spacious apartments configured as 2 bedrooms and 1.5 bathrooms. Two of the units have been completely renovated, and the property is positioned as a turnkey revenue asset with existing annual income reported at over $65,000. The site is served by an expansive, paved parking lot with 15 clearly lined spaces, including dedicated handicap-accessible parking and building access.
Located in the Town of Bel Air at a highly trafficked stoplight intersection of N. Hickory Ave and Moores Mill Road, the property benefits from strong day-to-day visibility for both tenants and customers. The lot size is 1.18 acres, providing a substantial platform for current operations and future planning. WalkScore is listed as 21 (car-dependent) and BikeScore as 37 (somewhat bikeable).
The property’s RO (Residential Office) zoning is described as flexible for professional uses, including medical, dental, and retail, supporting an owner-user or investor model. For tenants, the on-site parking and street-level prominence can support daily operations, while the three apartment layout offers a built-in residential component alongside the commercial/multi-family structure.
Located in the Town of Bel Air at a highly trafficked stoplight intersection of N. Hickory Ave and Moores Mill Road, the property benefits from strong day-to-day visibility for both tenants and customers. The lot size is 1.18 acres, providing a substantial platform for current operations and future planning. WalkScore is listed as 21 (car-dependent) and BikeScore as 37 (somewhat bikeable).
The property’s RO (Residential Office) zoning is described as flexible for professional uses, including medical, dental, and retail, supporting an owner-user or investor model. For tenants, the on-site parking and street-level prominence can support daily operations, while the three apartment layout offers a built-in residential component alongside the commercial/multi-family structure.
Key Highlights
- 1.18‑acre standalone commercial/multi‑family property in Downtown Bel Air
- Generates over $65,000 annually; residential component has three 2‑bed, 1.5‑bath apartments
- Two apartments have been completely renovated
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
$52,999
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
5.44%
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%
$1,059,980
$1.1M
Cap Rate 7%
$757,129
$757.1K
Cap Rate 9%
$588,878
$588.9K
Market Conditions
NOI Build-Up for 3,687 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
$81.9K $22.20/SF
− Vacancy
−$6.1K −$1.67/SF
EGI
$75.7K $20.54/SF
− OpEx
−$22.7K −$6.16/SF
NOI
$53.0K $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%
$1,059,980
Cap Rate 7%
$757,129
Cap Rate 9%
$588,878
Alternative Uses
Best Use
Multifamily LT 5
$757.1K
$662.5K – $883.3K
NOI $52,999 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$705.3K
$617.2K – $822.9K
NOI $49,373 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.30M
$1.14M – $1.51M
NOI $90,811 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,372
Businesses Nearby
Explore this area
Business Placement
Demographics for 21014, MD
38,395
Population
14,975
Households
2.6
Avg Household Size
41
Median Age
45%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$113,825
Median Household Income
$59,656
Median Earnings
$1,571
Median Rent
$407,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Standalone commercial and three-unit apartment building on 1.18 acres, with RO zoning and paved parking for 15.
Where is this triplex located?
The property is located at 707 N HICKORY Ave Bel Air, MD.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 1.18‑acre standalone commercial/multi‑family property in Downtown Bel Air; Generates over $65,000 annually; residential component has three 2‑bed, 1.5‑bath apartments; Two apartments have been completely renovated
