Historic Bank Office
For Sale
$325,000
105 PEARL STREET, Snow Hill, MD 21863
Versatile office space with reception, conference rooms, multiple offices, two original vaults, and bathrooms on each level.
Property Size2,079 SF
Price / SF$156.33
Days on Market76
Property Features for 105 PEARL STREET
General Information
Standard status
Active
Size
2,079 SF
Property subtype
Office
Additional Details
Office Units
3
Taxes and HOA fees
Annual Taxes
$4,322
Amenities
conference rooms
reception area
private bathrooms
Central Air
3
Tile, Carpet
Slate
Parking.
Private, Lot, On Street.
0.00 x 0.00
Downtown, Asphalt.
Building Details
Year Built
1897
Stories
2
Listing Agency:
Long & Foster Real Estate, Inc.
(757) 710-3771
Listed By:
John McGoldrick · License #679089
(757) 710-3771
Source:
Xome
Added: Jun 16
Changed: Aug 25
Last Checked: Aug 29 at 7:27AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
Originally constructed in 1897 as the Commercial National Bank, this historic commercial building offers approximately 2,079 square feet of versatile office and professional space. The interior layout includes an impressive reception area, a private first-floor office, first- and second-level conference rooms, and two additional second-floor offices. Two original bank vaults remain intact, and the property features original stained-glass windows and a slate roof.
The building is positioned just steps from the Worcester County Courthouse and nearby county offices, with access to restaurants, shopping, and downtown amenities. Each level includes its own bathroom for convenience.
Overall, the property is presented in excellent condition for immediate occupancy, supporting professional uses that benefit from both public-facing and meeting-oriented space.
The building is positioned just steps from the Worcester County Courthouse and nearby county offices, with access to restaurants, shopping, and downtown amenities. Each level includes its own bathroom for convenience.
Overall, the property is presented in excellent condition for immediate occupancy, supporting professional uses that benefit from both public-facing and meeting-oriented space.
Key Highlights
- Historic commercial building originally constructed in 1897 as the Commercial National Bank
- 2,079 SF of versatile office and professional space with reception, private first‑floor office, and multiple offices
- Includes first- and second‑level conference rooms plus two original bank vaults that remain intact
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
$29,077
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
8.95%
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%
$581,540
$581.5K
Cap Rate 7%
$415,386
$415.4K
Cap Rate 9%
$323,078
$323.1K
Market Conditions
NOI Build-Up for 2,079 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
$46.2K $22.20/SF
− Vacancy
−$7.4K −$3.55/SF
EGI
$38.8K $18.65/SF
− OpEx
−$9.7K −$4.66/SF
NOI
$29.1K $13.99/SF
Area
Worcester County, MD
Vacancy
16.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$581,540
Cap Rate 7%
$415,386
Cap Rate 9%
$323,078
Alternative Uses
Best Use
Office B
$415.4K
$363.5K – $484.6K
NOI $29,077 @ 7.0% cap · market cap 8.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.6K
$437.2K – $582.9K
NOI $34,972 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 21863, MD
4,843
Population
2,152
Households
2.3
Avg Household Size
45
Median Age
26%
College-Educated
92%
High-School Grad
122.5 sq mi
ZIP Area
40
Density / Sq Mi
$71,250
Median Household Income
$37,099
Median Earnings
$1,058
Median Rent
$245,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Versatile office space with reception, conference rooms, multiple offices, two original vaults, and bathrooms on each level.
Where is this office building located?
The property is located at 105 PEARL STREET Snow Hill, MD.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Historic commercial building originally constructed in 1897 as the Commercial National Bank; 2,079 SF of versatile office and professional space with reception, private first‑floor office, and multiple offices; Includes first- and second‑level conference rooms plus two original bank vaults that remain intact
