Historic Bed and Breakfast
For Sale
$595,000
112 COMMERCE STREET, Centreville, MD 21617
Historic 1800s inn with four bedrooms, two full baths, and a living room fireplace, sold as-is with no repairs.
Property Size6,513 SF
Price / SF$91.36
Days on Market194
Property Features for 112 COMMERCE STREET
General Information
Standard status
Active
Size
6,513 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$6,879
Amenities
3
Parking.
On Street.
Other.
Building Details
Year Built
1815
Listing Agency:
Keller Williams Select Realtors of Easton
(443) 988-3669
Listed By:
Lori Guimond · License #600870
(443) 988-3669
Source:
Xome
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 11 at 5:38AM
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 Keller Williams Select Realtors of Easton
Investment Insights
Based on property information with market context.
Discover the charm of the Blue Lantern Inn, a historic bed and breakfast built in the 1800s. The property offers over 6,000 square feet of living space and includes four bedrooms, two full baths, and a living room with a fireplace. The seller is offering the property “as-is,” with no repairs to be made.
Located in Centreville on Maryland’s Eastern Shore, the inn is about a 3-minute drive to Centreville Landing for boating, fishing, and crabbing on the Corsica River. It is also within walking distance to restaurants, and provides convenient access to nearby markets including Annapolis and Easton.
The property is configured as a small hospitality lodging use based on its bed-and-breakfast design and dedicated interior living spaces.
Located in Centreville on Maryland’s Eastern Shore, the inn is about a 3-minute drive to Centreville Landing for boating, fishing, and crabbing on the Corsica River. It is also within walking distance to restaurants, and provides convenient access to nearby markets including Annapolis and Easton.
The property is configured as a small hospitality lodging use based on its bed-and-breakfast design and dedicated interior living spaces.
Key Highlights
- Historic inn built in 1815 with over 6,000 sq ft of living space
- 4 bedrooms and 2 full baths
- Living room with a fireplace
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
$37,867
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
6.36%
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%
$757,340
$757.3K
Cap Rate 7%
$540,957
$541.0K
Cap Rate 9%
$420,744
$420.7K
Market Conditions
NOI Build-Up for 6,513 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
$93.8K $14.40/SF
− Vacancy
−$14.1K −$2.16/SF
EGI
$79.7K $12.24/SF
− OpEx
−$41.9K −$6.43/SF
NOI
$37.9K $5.81/SF
Area
Queen Anne's County, MD
Vacancy
15.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$757,340
Cap Rate 7%
$540,957
Cap Rate 9%
$420,744
Alternative Uses
Best Use
Hotel Hospitality
$541.0K
$473.3K – $631.1K
NOI $37,867 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,223 @ 7.0% cap · market cap 18.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21617, MD
10,719
Population
4,218
Households
2.5
Avg Household Size
43
Median Age
40%
College-Educated
96%
High-School Grad
108.5 sq mi
ZIP Area
99
Density / Sq Mi
$117,668
Median Household Income
$53,289
Median Earnings
$1,327
Median Rent
$460,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic 1800s inn with four bedrooms, two full baths, and a living room fireplace, sold as-is with no repairs.
Where is this bed & breakfast located?
The property is located at 112 COMMERCE STREET Centreville, 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: Historic inn built in 1815 with over 6,000 sq ft of living space; 4 bedrooms and 2 full baths; Living room with a fireplace
