Renovated Duplex with Large
New
For Sale
$595,000
104 FRANKLIN AVE, Berlin, MD 21811
Two three-bedroom apartments offer separate storage and ample off-street parking in a walkable Berlin setting.
Property Size1,936 SF
Lot Size0.35 Acres
Price / SF$307.33
Days on Market2
Property Features for 104 FRANKLIN AVE
General Information
Standard status
Active
Size
1,936 SF
Lot size
0.35 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
storage
Listing Agency:
Hileman Real Estate-Berlin
Listed By:
Debora H Hileman
(410) 208-9200
Source:
Hostetterrealty
Added: Sep 5
Last Checked: Sep 5 at 2:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hileman Real Estate-Berlin
Investment Insights
Based on property information with market context.
This duplex contains two apartments, with one residence on each level. Each unit offers three bedrooms and one bathroom, and both apartments were renovated within the past 10 years. The property includes 1,936 square feet of building area on a 0.35-acre lot, with separate storage sections for each unit in the barn or shed.
The site provides driveway parking for over eight vehicles, with additional street parking available. Located at 104 Franklin Ave in Berlin, the property is within walking distance of local events, shops, and restaurants. Both apartments are fully leased through February and March 2027.
The site provides driveway parking for over eight vehicles, with additional street parking available. Located at 104 Franklin Ave in Berlin, the property is within walking distance of local events, shops, and restaurants. Both apartments are fully leased through February and March 2027.
Key Highlights
- Two‑level duplex with two three‑bedroom, one‑bath apartments
- 1,936 square feet on a 0.35‑acre lot
- Both apartments renovated within the past 10 years
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
$20,308
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
3.41%
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%
$406,160
$406.2K
Cap Rate 7%
$290,114
$290.1K
Cap Rate 9%
$225,644
$225.6K
Market Conditions
NOI Build-Up for 1,936 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
$31.4K $16.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$29.0K $14.99/SF
− OpEx
−$8.7K −$4.50/SF
NOI
$20.3K $10.49/SF
Area
Worcester 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%
$406,160
Cap Rate 7%
$290,114
Cap Rate 9%
$225,644
Alternative Uses
Best Use
Multifamily LT 5
$290.1K
$253.9K – $338.5K
NOI $20,308 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$260.3K
$227.8K – $303.7K
NOI $18,220 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$465.2K
$407.1K – $542.8K
NOI $32,567 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
Explore this area
Business Placement
Demographics for 21811, MD
23,907
Population
15,439
Households
1.5
Avg Household Size
52
Median Age
36%
College-Educated
94%
High-School Grad
101.5 sq mi
ZIP Area
236
Density / Sq Mi
$91,293
Median Household Income
$49,929
Median Earnings
$1,398
Median Rent
$362,500
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 - Two three-bedroom apartments offer separate storage and ample off-street parking in a walkable Berlin setting.
Where is this duplex located?
The property is located at 104 FRANKLIN AVE Berlin, MD.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑level duplex with two three‑bedroom, one‑bath apartments; 1,936 square feet on a 0.35‑acre lot; Both apartments renovated within the past 10 years
