Delmar Duplex: Investment
For Sale
$219,900
5 W CHESTNUT Street, Delmar, MD 21875
MULTI_FAMILY - Cape Cod - DELMAR, MD
Property Size1,386 SF
Lot Size0.20 Acres
Price / SF$158.66
Days on Market127
Property Features for 5 W CHESTNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Appliances
Dishwasher, Oven/Range - Electric, Refrigerator
Subdivision
NONE AVAILABLE
Elementary school district
WICOMICO COUNTY PUBLIC SCHOOLS
Middle school district
WICOMICO COUNTY PUBLIC SCHOOLS
High school district
WICOMICO COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,386 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
1843
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1989
Number of units
2
Building materials
Vinyl Siding
Architectural style
Cape Cod
Listing Agency:
Whitehead Real Estate Exec.
(410) 749-4663
Listed By:
Colby B Phippin · License #672504
(443) 235-6735
Added: Apr 22
Changed: Jul 2
Last Checked: Aug 26 at 9:06AM
MLS# MDWC2022592
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 duplex in Delmar presents a solid, low-maintenance investment opportunity. Constructed in 1989, the property includes a 2-bedroom, 1-bathroom unit on the first floor and a 1-bedroom, 1-bathroom unit on the second floor. Both units are currently rented with established tenants, providing immediate cash flow. The property features vinyl siding, a newer roof, and double-pane windows. Situated on a 0.2-acre lot, the building has a total area of 1386 square feet. Separate electric meters are in place. Tenants are responsible for water, sewer, electric, and internet, which keeps owner expenses low. No lead certification is required.
Key Highlights
- Duplex in Delmar with separate electric meters and both units fully rented with established tenants
- Unit mix: 2 bed/1 bath on the first floor and 1 bed/1 bath on the second floor
- Built in 1989 with vinyl siding for low‑maintenance exterior
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
$17,696
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
8.05%
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%
$353,920
$353.9K
Cap Rate 7%
$252,800
$252.8K
Cap Rate 9%
$196,622
$196.6K
Market Conditions
NOI Build-Up for 1,386 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
$26.3K $18.96/SF
− Vacancy
−$999 −$0.72/SF
EGI
$25.3K $18.24/SF
− OpEx
−$7.6K −$5.47/SF
NOI
$17.7K $12.77/SF
Area
Wicomico County, MD
Vacancy
3.80%
Lease Rate
$18.96 /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%
$353,920
Cap Rate 7%
$252,800
Cap Rate 9%
$196,622
Alternative Uses
Best Use
Multifamily LT 5
$252.8K
$221.2K – $294.9K
NOI $17,696 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$233.3K
$204.2K – $272.2K
NOI $16,334 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,938 @ 7.0% cap · market cap 15.43%
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
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Explore this area
Business Placement
Demographics for 21875, MD
7,231
Population
3,553
Households
2
Avg Household Size
40
Median Age
27%
College-Educated
91%
High-School Grad
24.4 sq mi
ZIP Area
296
Density / Sq Mi
$76,007
Median Household Income
$51,107
Median Earnings
$1,320
Median Rent
$226,600
Median Home Value
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 - Low-maintenance duplex in Delmar with established tenants and immediate cashflow.
Where is this duplex located?
The property is located at 5 W CHESTNUT Street Delmar, 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: Duplex in Delmar with separate electric meters and both units fully rented with established tenants; Unit mix: 2 bed/1 bath on the first floor and 1 bed/1 bath on the second floor; Built in 1989 with vinyl siding for low‑maintenance exterior
