Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    609 Eastern Blvd Essex, MD 21221-4908
    Back to Search
    Property profile & analytics

    609 Eastern Blvd Essex, MD 21221-4908

    View on Map
    • Investment properties
    • 1,365 SF
    • 0.17 lot acres
    Off-Market
    Last Sale Dec 14, 2024
    $195,900
    Property ID
    US40-0604036
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 609 Eastern Blvd

    Year built
    1930
    Lot size
    0.17 lot acres
    Property size
    1,365 SF
    Zone code
    BL
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    15-1514651710
    APU
    151514651710

    Description

    This exceptional 2,275 square foot office building presents a compelling redevelopment opportunity in the thriving business district of Essex, Maryland. Situated on a 0.17-acre lot at 609 Eastern Boulevard, this property offers significant potential for investors and developers seeking to capitalize on its prime location and flexible zoning. The existing structure provides a solid foundation for a variety of projects, allowing for creative adaptation to suit diverse business needs. The "BL" zoning designation within the business district opens doors to a wide range of commercial uses, making this an attractive investment for those seeking a versatile and strategically located asset. The property's size and location make it ideal for a variety of commercial ventures, from small businesses to larger enterprises. Its accessibility and proximity to local amenities further enhance its appeal. This is a rare chance to acquire a property with substantial upside in a dynamic and growing area. The asking price of $195,900 represents an excellent entry point into the Essex commercial real estate market. Serious inquiries are encouraged to explore the full potential of this exciting redevelopment opportunity. Don't miss this chance to acquire a valuable asset in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Essex
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.4725
    Latitude
    39.3094
    CBSA code
    12580
    CBSA name
    BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,264
    $92,200
    $78,100
    $170,300
    -
    $92,200
    $78,100
    $170,300

    Comparable in this City

    • Value Estimation by Request
      576 SF

      404 Marlyn Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 576 SF
      404 Marlyn Ave, Baltimore, MD 21221-5003
      View Details
    • Value Estimation by Request
      578 SF

      812 Race Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 578 SF
      812 Race Rd, Baltimore, MD 21221-3114
      View Details
    • Value Estimation by Request
      1,296 SF

      407 Maryland Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,296 SF
      407 Maryland Ave, Essex, MD 21221-6706
      View Details
    • Value Estimation by Request
      900 SF

      527 Eastern Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 900 SF
      527 Eastern Blvd, Essex, MD 21221-6703
      View Details
    • Value Estimation
      $535,000
      2,649 SF

      233 Nanticoke Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,649 SF
      233 Nanticoke Rd, Baltimore, MD 21221-1532
      View Details
    • Value Estimation by Request
      1,796 SF

      646 Rockaway Bch Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,796 SF
      646 Rockaway Bch Ave, Baltimore, MD 21221-1810
      View Details

    Similar Nearby for Sale

    • $325,000
      Pending

      Baltimore Mixed-Use Corner Property

      Corner property zoned for residential and commercial use.
      100 Margaret Ave, Baltimore, MD 21221
      View Details
    • Contact for pricing
      65,000 SF

      Former Church with Redevelopment Potential

      Essex property featuring three buildings, ample parking, and open grounds.
      714 Myrth Ave, Essex, MD 21221
      View Details
    • $3,750,000
      18,000 SF

      8502 Kelso Rd

      Free-standing, Industrial property for sale in Essex, MD
      8502 Kelso Rd, Baltimore, MD 21221
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo

      Office Building with Multiple Suites

      Office building with multiple suites available for rent.
      405 Stemmers Run Rd, Essex, MD 21221
      View Details
    • $12 SF/Yr

      Waterfront Commercial Opportunity on Middle River

      2.024-acre waterfront property with industrial zoning and redevelopment potential.
      1923 Old Eastern Ave, Essex, MD 21221
      View Details
    • $1,500 /Mo

      Office Building with Multiple Suites

      Office building featuring multiple suites suitable for small businesses.
      405 Stemmers Run Rd, Essex, MD 21221
      View Details
    • Contact for pricing
      2,500 SF

      Flex Space with Roll-Up Door

      Flex space available for sublease with existing office and restroom.
      2015 Turkey Point Rd, Essex, MD 21221
      View Details
    • Contact for pricing

      Retail and Restaurant Spaces Available

      Retail and restaurant spaces for lease with high traffic exposure.
      6036 Rossville Blvd, Essex, MD 21221
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    609 Eastern Blvd
    Essex, MD 21221-4908
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    609 Eastern Blvd, Essex, MD, 21221
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!