Two-Bedroom Residential Income
For Sale
$219,900
1112 S SCHUMAKER DR #205, Salisbury, MD 21804
SALISBURY, MD
Property Size1,280 SF
Price / SF$171.80
Days on Market8
Property Features for 1112 S SCHUMAKER DR #205
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1
Subdivision
MALLARD LANDING
Elementary school district
WICOMICO COUNTY PUBLIC SCHOOLS
Middle school district
WICOMICO COUNTY PUBLIC SCHOOLS
High school district
WICOMICO COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
balcony
walking path
landscaped lawn and garden area
Building Details
Year built
2006
Listing Agency:
Salisbury
(410) 546-3211
Listed By:
Donna Malone
(410) 430-5372
Added: Aug 28
Changed: Sep 2
Last Checked: Sep 4 at 11:06AM
MLS# MDWC2024396
Copyright © 2026 Long & Foster Real Estate. 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 1,280-square-foot residence in the Grandview community at Mallard Landing was built in 2006 and offers two bedrooms and two baths. Luxury vinyl plank flooring extends through the home, while the open-concept living area provides a connected setting for daily living and entertaining. A private balcony overlooks a walking path and landscaped lawn and garden areas.
Located at 1112 S Schumaker Dr, Unit 205, in Salisbury, Maryland, the property is part of the Mallard Landing Community. The residence is exempt from purchasing the activity and meal plan, providing a defined ownership arrangement within the community.
Located at 1112 S Schumaker Dr, Unit 205, in Salisbury, Maryland, the property is part of the Mallard Landing Community. The residence is exempt from purchasing the activity and meal plan, providing a defined ownership arrangement within the community.
Key Highlights
- 1,280‑square‑foot residence with two bedrooms and two baths
- Built in 2006 within the Grandview community at Mallard Landing
- Luxury vinyl plank flooring throughout the residence
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
$15,085
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
6.86%
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%
$301,700
$301.7K
Cap Rate 7%
$215,500
$215.5K
Cap Rate 9%
$167,611
$167.6K
Market Conditions
NOI Build-Up for 1,280 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
$28.6K $22.32/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$27.4K $21.43/SF
− OpEx
−$12.3K −$9.64/SF
NOI
$15.1K $11.78/SF
Area
Wicomico County, MD
Vacancy
4.00%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
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%
$301,700
Cap Rate 7%
$215,500
Cap Rate 9%
$167,611
Alternative Uses
Best Use
Apartment 5plus
$215.5K
$188.6K – $251.4K
NOI $15,085 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$447.8K
$391.8K – $522.4K
NOI $31,343 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-concept residence with luxury vinyl plank flooring and a balcony overlooking landscaped grounds.
Where is this residential income property located?
The property is located at 1112 S SCHUMAKER DR #205 Salisbury, MD.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,280‑square‑foot residence with two bedrooms and two baths; Built in 2006 within the Grandview community at Mallard Landing; Luxury vinyl plank flooring throughout the residence
