Top-and-Bottom Duplex
For Sale
$299,900
29 N MAIN Street N, Smithsburg, MD 21783
MULTI_FAMILY - Colonial - SMITHSBURG, MD
Property Size1,732 SF
Lot Size0.50 Acres
Price / SF$173.15
Days on Market191
Property Features for 29 N MAIN Street N
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
1
Parking features
On Street, Garage - Detached
Appliances
Refrigerator, Stove
Subdivision
SMITHSBURG
Elementary school
SMITHBURG
Middle school
SMITHSBURG
High school
SMITHSBURG
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,732 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Annual Amount
1583
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1860
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Real Estate Innovations · Coldwell Banker Real Estate
(301) 745-1500
Listed By:
William P Fouke · License #523944
(301) 988-5844
Added: Feb 19
Changed: Jul 13
Last Checked: Aug 29 at 8:06PM
MLS# MDWA2034386
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 very nice top-and-bottom duplex features two separate two-bedroom units. Each unit is laid out as a full residence, providing a straightforward income configuration for an owner-operator or investor. The property totals 1,732 square feet on a 0.5-acre lot, and it is currently producing rent under active leases.
The units are located in the Smithsburg school district. Current rent is stated at $1,200 for the first floor and $1,250 for the second floor, with lease end dates of May 2027 for the first-floor tenant and January 2027 for the second-floor tenant. The listing notes a solid 10% gross return on investment, and all showings require 24-hour notice.
For buyers looking to add a manageable multifamily asset, this duplex offers two distinct living spaces within a single property and maintains income through the remainder of the lease terms. Because showings require advance scheduling, it may be especially well-suited for investors and owner-occupants who can coordinate visit windows and plan around the existing tenancy.
The units are located in the Smithsburg school district. Current rent is stated at $1,200 for the first floor and $1,250 for the second floor, with lease end dates of May 2027 for the first-floor tenant and January 2027 for the second-floor tenant. The listing notes a solid 10% gross return on investment, and all showings require 24-hour notice.
For buyers looking to add a manageable multifamily asset, this duplex offers two distinct living spaces within a single property and maintains income through the remainder of the lease terms. Because showings require advance scheduling, it may be especially well-suited for investors and owner-occupants who can coordinate visit windows and plan around the existing tenancy.
Key Highlights
- Two two‑bedroom units duplex in the Smithsburg school district
- Rents of $1,200 (1st floor) and $1,250 (2nd floor); first‑floor lease through May 2027 and second‑floor lease ending January 2027
- 1860‑built Colonial‑style frame construction
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
$18,168
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
6.06%
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%
$363,360
$363.4K
Cap Rate 7%
$259,543
$259.5K
Cap Rate 9%
$201,867
$201.9K
Market Conditions
NOI Build-Up for 1,732 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
$28.1K $16.20/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$26.0K $14.99/SF
− OpEx
−$7.8K −$4.50/SF
NOI
$18.2K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /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%
$363,360
Cap Rate 7%
$259,543
Cap Rate 9%
$201,867
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,168 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$232.9K
$203.8K – $271.7K
NOI $16,300 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$384.2K
$336.2K – $448.2K
NOI $26,894 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 21783, MD
9,306
Population
3,952
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
90%
High-School Grad
47.6 sq mi
ZIP Area
196
Density / Sq Mi
$96,055
Median Household Income
$50,817
Median Earnings
$1,060
Median Rent
$330,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom rental units with existing lease terms, offering steady income potential in a strong school district.
Where is this duplex located?
The property is located at 29 N MAIN Street N Smithsburg, MD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two two‑bedroom units duplex in the Smithsburg school district; Rents of $1,200 (1st floor) and $1,250 (2nd floor); first‑floor lease through May 2027 and second‑floor lease ending January 2027; 1860‑built Colonial‑style frame construction
