Updated Two-Unit
For Sale
$145,000
147 W MECHANIC Street, Frostburg, MD 21532
Multi-Family, FROSTBURG, MD
Property Size1,812 SF
Lot Size0.09 Acres
Price / SF$80.02
Days on Market167
Property Features for 147 W MECHANIC Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Off Street
Appliances
Dryer, Washer, Refrigerator, Stove
Subdivision
NONE AVAILABLE
Elementary school
BEALL
Middle school
MOUNT SAVAGE
High school
MOUNTAIN RIDGE
Elementary school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Middle school district
ALLEGANY COUNTY PUBLIC SCHOOLS
High school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,812 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
1686
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Building materials
Aluminum Siding, Vinyl Siding
Architectural style
Other
Listing Agency:
The Goodfellow Agency
(301) 689-8857
Listed By:
Cynthia Diamond · License #650910
(240) 362-2263
Added: Apr 1
Changed: Sep 5
Last Checked: Sep 14 at 1:06PM
MLS# MDAL2014300
Copyright © 2026 Bright MLS. 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 1,812-square-foot duplex, built in 1920, is arranged as two over-under residences with two bedrooms per unit. Separate meters support independent utility management, while each residence includes access to the property’s functional layout and existing appliances. Recent work includes a roof replacement in 2021, new exterior stairs serving Unit 2, and updated kitchen cabinetry with granite countertops in that unit.
The property includes a second paved parcel that provides off-street parking. Construction features aluminum and vinyl siding, with electric baseboard heating. Additional improvements include a basement, washer, dryer, refrigerator, and stove. The building is located in Frostburg, Maryland, and showings require 48 hours’ notice due to the occupied units.
The property includes a second paved parcel that provides off-street parking. Construction features aluminum and vinyl siding, with electric baseboard heating. Additional improvements include a basement, washer, dryer, refrigerator, and stove. The building is located in Frostburg, Maryland, and showings require 48 hours’ notice due to the occupied units.
Key Highlights
- 1,812‑square‑foot duplex with two over‑under units
- Each unit includes 2 bedrooms
- Separate meters for the two residences
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
$12,265
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
8.46%
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%
$245,300
$245.3K
Cap Rate 7%
$175,214
$175.2K
Cap Rate 9%
$136,278
$136.3K
Market Conditions
NOI Build-Up for 1,812 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
$18.5K $10.20/SF
− Vacancy
−$961 −$0.53/SF
EGI
$17.5K $9.67/SF
− OpEx
−$5.3K −$2.90/SF
NOI
$12.3K $6.77/SF
Area
Allegany County, MD
Vacancy
5.20%
Lease Rate
$10.20 /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%
$245,300
Cap Rate 7%
$175,214
Cap Rate 9%
$136,278
Alternative Uses
Best Use
Multifamily LT 5
$175.2K
$153.3K – $204.4K
NOI $12,265 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$162.3K
$142.0K – $189.4K
NOI $11,361 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$672.0K
$588.0K – $784.0K
NOI $47,039 @ 7.0% cap · market cap 32.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 21532, MD
13,328
Population
6,044
Households
2.2
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
74.1 sq mi
ZIP Area
180
Density / Sq Mi
$60,158
Median Household Income
$33,054
Median Earnings
$839
Median Rent
$175,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Over-under layout with separate meters, recent improvements, and a second paved parcel for off-street parking.
Where is this duplex located?
The property is located at 147 W MECHANIC Street Frostburg, MD.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 1,812‑square‑foot duplex with two over‑under units; Each unit includes 2 bedrooms; Separate meters for the two residences
