Income-Producing Duplex in Historic
For Sale
$595,000
104 FRANKLIN Avenue, Berlin, MD 21811
MULTI_FAMILY - National - BERLIN, MD
Property Size1,936 SF
Lot Size0.35 Acres
Price / SF$307.33
Days on Market97
Property Features for 104 FRANKLIN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room
Parking
8
Parking features
On Street, Driveway
Interior features
Attic, Bathroom - Tub Shower, Carpet, Ceiling Fan(s), Combination Dining/Living, Entry Level Bedroom, Flat, Recessed Lighting
Appliances
Built-In Microwave, Dishwasher, Disposal, Dryer, Icemaker, Oven/Range - Electric, Refrigerator, Washer, WaterHeater
Subdivision
NONE AVAILABLE
Elementary school
BUCKINGHAM
Middle school
BERLIN INTERMEDIATE SCHOOL
High school
STEPHEN DECATUR
Elementary school district
WORCESTER COUNTY PUBLIC SCHOOLS
Middle school district
WORCESTER COUNTY PUBLIC SCHOOLS
High school district
WORCESTER COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,936 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
4588
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Ceiling Fan(s), Heat Pump
Building Details
Year built
1940
Number of units
2
Building materials
Shake Siding, Vinyl Siding
Architectural style
National
Listing Agency:
Hileman Real Estate-Berlin
(410) 208-9200
Listed By:
Debora H Hileman
(410) 208-9200
Added: May 15
Changed: Jul 13
Last Checked: Aug 19 at 5:06PM
MLS# MDWO2038576
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 income-producing duplex is located in the historic town of Berlin, MD. Situated on a 0.3461-acre lot, the property features a rear yard with mature shade trees. Each of the two levels contains a three-bedroom, one-bath apartment, both renovated within the last 10 years. Each apartment has its own storage section in the barn/shed. The driveway accommodates over eight vehicles, with additional street parking available. The property is conveniently located within walking distance of Berlin's shops, restaurants, and events. Both units are fully leased through February and March 2027. The property size is 1936 square feet.
Key Highlights
- 2‑unit building with a 3‑bedroom, 1‑bath layout on each level
- Both apartments are fully leased through February and March 2027
- Totally 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
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Renovated duplex in Berlin, MD, fully leased through early 2027.
Where is this duplex located?
The property is located at 104 FRANKLIN Avenue 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: 2‑unit building with a 3‑bedroom, 1‑bath layout on each level; Both apartments are fully leased through February and March 2027; Totally renovated within the past 10 years
