Building Details

Year Built 1965

Construction mid-century modern ranch

Listing Agency: Keller Williams Realty Centre

Listed By: Bret L Merson · License #0655799 Show Phone

Source: Gklegacygroup

Added: Sep 16 Changed: Sep 23 Last Checked: Sep 22 at 7:44PM

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Investment Insights

Based on property information with market context.

This 1965 ranch-style duplex offers a main residence with mid-century character and a separate accessory apartment. The primary level includes an oversized living room with fireplace, hardwood floors, wood trim, solid wood doors, and three picture windows overlooking the yard. The apartment has its own living and dining area, bedroom, bathroom, kitchenette, and private entrance.

A finished lower level adds usable living space and includes a utility room with storage and washer/dryer connections. Exterior features include a landscaped corner lot, garden shed, attached two-space carport, and horseshoe driveway with additional parking. Recent improvements include a Generac whole-house generator, new oil furnace, new roof, new water pump system, and Culligan water treatment system. The property contains 2,122 square feet and is positioned near Frederick, which is stated as 10 minutes away.

Key Highlights

• Duplex with a separate accessory apartment and private entrance
• 2,122 square feet on a landscaped corner lot
• Finished lower level with utility room, storage, and washer/dryer

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

$31,410

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

6.98%

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%

$628,200 $628.2K

Cap Rate 7%

$448,714 $448.7K

Cap Rate 9%

$349,000 $349.0K

Market Conditions

NOI Build-Up for 2,122 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

$47.1K $22.20/SF

− Vacancy

−$2.2K −$1.05/SF

EGI

$44.9K $21.15/SF

− OpEx

−$13.5K −$6.34/SF

NOI

$31.4K $14.80/SF

Area

Frederick County, MD

Vacancy

4.75%

Lease Rate

$22.20 /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%

$628,200

Cap Rate 7%

$448,714

Cap Rate 9%

$349,000

Alternative Uses

Best Use

Multifamily LT 5

$448.7K

$392.6K – $523.5K (±1% cap)

NOI $31,410 @ 7.0% cap · market cap 6.98%

Second Best

Apartment 5plus

$412.5K

$360.9K – $481.2K (±1% cap)

NOI $28,872 @ 7.0% cap · market cap 6.42%

Theoretical Best

Specialty Retail

$786.3K

$688.0K – $917.4K (±1% cap)

NOI $55,041 @ 7.0% cap · market cap 12.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Plumbing Service Grocery & Convenience Store Storage Facility Big Box & Wholesale Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

45

Businesses Nearby

Explore this area Business Placement

Demographics for 21788, MD

11,491

Population

5,102

Households

2.3

Avg Household Size

44

Median Age

30%

College-Educated

91%

High-School Grad

65.4 sq mi

ZIP Area

176

Density / Sq Mi

$93,717

Median Household Income

$52,334

Median Earnings

$1,015

Median Rent

$342,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Ranch-style duplex with a private secondary living area, finished lower level, and multiple recent system upgrades.

Where is this duplex located?

The property is located at 11306 Hessong Bridge Rd Thurmont, MD.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Duplex with a separate accessory apartment and private entrance; 2,122 square feet on a landscaped corner lot; Finished lower level with utility room, storage, and washer/dryer