Historic Multifamily Building with
For Sale
$549,000
104 N MAIN ST, Boonsboro, MD 21713
MULTI_FAMILY - BOONSBORO, MD
Property Size3,700 SF
Lot Size0.37 Acres
Price / SF$148.38
Days on Market14
Property Features for 104 N MAIN ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
BOONSBORO
Middle school
BOONSBORO
High school
BOONSBORO SR
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Lot size
0.37 Acres
Amenities
fireplace
hardwood flooring
center island
walk-in pantry
central HVAC
updated windows
deck
Building Details
Year built
1900
Listing Agency:
Frederick
(301) 694-8000
Listed By:
Ryan Lancaster
Added: Jul 27
Changed: Aug 1
Last Checked: Aug 9 at 11:06PM
MLS# MDWA2038906
Copyright © 2026 Long & Foster Real Estate. 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.
All-brick historic building dating to circa 1900, offering over 3,700 square feet with original hardwood flooring and a formal living room with fireplace. The layout includes formal dining, an impressively sized kitchen with center island, and a walk-in pantry with additional pantry cabinetry. There are five bedrooms and four baths, with upper-level laundry and potential space for a main-level bedroom.
A first-floor Town Center commercial space includes its own storefront entrance. The home can be easily converted back to three apartments, making it adaptable for mixed-use or income-focused ownership. The property sits on 0.37 acres with a spacious backyard that includes a buildable lot and backs to a peaceful town park. Rear driveway parking adds convenience.
Recent updates include a steel roof (2017), central HVAC, updated windows, upgraded electrical, a new deck with stairs and banisters (2026), and both city water and sewer plus a private well. The home is on two separate meters, supporting flexible usage.
A first-floor Town Center commercial space includes its own storefront entrance. The home can be easily converted back to three apartments, making it adaptable for mixed-use or income-focused ownership. The property sits on 0.37 acres with a spacious backyard that includes a buildable lot and backs to a peaceful town park. Rear driveway parking adds convenience.
Recent updates include a steel roof (2017), central HVAC, updated windows, upgraded electrical, a new deck with stairs and banisters (2026), and both city water and sewer plus a private well. The home is on two separate meters, supporting flexible usage.
Key Highlights
- Over 3,700 SF all‑brick historic building with original hardwood flooring
- First‑floor Town Center commercial space with its own storefront entrance
- Five bedrooms and four baths; can be converted back to three apartments
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
$40,515
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
7.38%
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%
$810,300
$810.3K
Cap Rate 7%
$578,786
$578.8K
Cap Rate 9%
$450,167
$450.2K
Market Conditions
NOI Build-Up for 3,700 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
$63.0K $17.04/SF
− Vacancy
−$5.2K −$1.40/SF
EGI
$57.9K $15.64/SF
− OpEx
−$17.4K −$4.69/SF
NOI
$40.5K $10.95/SF
Area
Washington County, MD
Vacancy
8.20%
Lease Rate
$17.04 /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%
$810,300
Cap Rate 7%
$578,786
Cap Rate 9%
$450,167
Alternative Uses
Best Use
Retail
$578.8K
$506.4K – $675.3K
NOI $40,515 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$497.5K
$435.3K – $580.4K
NOI $34,822 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$820.7K
$718.2K – $957.5K
NOI $57,452 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
216
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 80%
Shops & Services 20%
Weis Markets
Groceries
19,988 visits/mo
0.5 miles
Truist
Shops & Services
2,724 visits/mo
0.2 miles
Fulton Bank
Shops & Services
2,126 visits/mo
0.2 miles
Demographics for 21713, MD
9,800
Population
4,109
Households
2.4
Avg Household Size
45
Median Age
28%
College-Educated
92%
High-School Grad
39.6 sq mi
ZIP Area
247
Density / Sq Mi
$101,585
Median Household Income
$58,929
Median Earnings
$1,224
Median Rent
$348,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - All-brick historic multifamily building with a first-floor Town Center commercial space and separate storefront entrance.
Where is this residential income property located?
The property is located at 104 N MAIN ST Boonsboro, MD.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Over 3,700 SF all‑brick historic building with original hardwood flooring; First‑floor Town Center commercial space with its own storefront entrance; Five bedrooms and four baths; can be converted back to three apartments
