Bay Street Estates Closes at a 7.65% Cap Rate in Berlin, MD

A 7.65% cap rate on a $7.8 million transaction is the kind of number that gets investors' attention — and it's exactly what the Uzun Group at Marcus & Millichap delivered on the closing of Bay Street Estates, a 57-unit multifamily property in Berlin, MD. The property sold for $7,800,000, reflecting a price per unit of $139,286.

That return profile made Bay Street Estates a standout opportunity in a market where cap rates north of 7% are increasingly hard to find, particularly on a transaction of this size. The listing generated multiple offers before closing, underscoring the depth of investor demand for stabilized multifamily assets that combine meaningful scale with a strong going-in yield.

Closing a $7.8 million transaction at this cap rate reflects the kind of outcome that comes from pairing a well-positioned asset with a competitive marketing process. For sellers, it's proof that the right property, priced and marketed correctly, can still command real competition even at a significant deal size. For buyers, it's a reminder that attractive yields remain out there for those willing to look beyond the most heavily contested markets.

The Bay Street Estates closing adds another significant multifamily transaction to the Uzun Group's growing track record, extending the team's reach beyond Virginia and into the broader Mid-Atlantic multifamily investment market.

The deal was led by Altay Uzun, alongside team members Justin Ferguson and Jack Carroll, who worked together to bring the transaction to a successful close.

Thinking about selling a multifamily property? The Uzun Group offers free property valuations for owners looking to understand what today's market could mean for their asset.