Building Details

Year Built 1800

Units 1

Listing Agency: Hogan Companies Residential v***@hogancompanies.com Show Phone

Listed By: Victor White Show Phone

Source: Elliman

Added: Mar 11 Changed: Aug 8 Last Checked: Aug 8 at 2:04PM

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Investment Insights

Based on property information with market context.

Located in the historic Town of New Windsor, the property at 120 Water Street, also known as "Atlee House," is a Colonial-style mansion that once operated as a full-service Bed & Breakfast and Cafe. Constructed around 1800 by Isaac Atlee, the founder of New Windsor, the property includes a structure of approximately 5,242 square feet with 6 bedrooms, 5 full bathrooms, and 3 half bathrooms. It also features private owner’s quarters and sits on approximately 0.88 acres. This property may be of interest to religious and institutional organizations, as well as those seeking a country estate. The purchase price includes the property conveyed vacant with attached commercial kitchen equipment. The ownership will consider selling most of the Furniture, Fixtures & Equipment (FF&E) for additional consideration. This property presents an opportunity to become a part of the New Windsor community in Carroll County, Maryland.

Key Highlights

• Historic Atlee House: Colonial‑style mansion built c. 1800 by the founder of New Windsor.
• Large property: +\/- 5,242 sf with 6 bedrooms, 5 full and 3 half bathrooms, and private owner's quarters on +\/- 0.88 acres.
• Located in the historic Town of New Windsor, Carroll County, Maryland.

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

$61,178

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

8.44%

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%

$1,223,560 $1.2M

Cap Rate 7%

$873,971 $874.0K

Cap Rate 9%

$679,756 $679.8K

Market Conditions

NOI Build-Up for 5,242 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

$83.7K $15.96/SF

− Vacancy

−$2.1K −$0.40/SF

EGI

$81.6K $15.56/SF

− OpEx

−$20.4K −$3.89/SF

NOI

$61.2K $11.67/SF

Area

Carroll County, MD

Vacancy

2.50%

Lease Rate

$15.96 /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%

$1,223,560

Cap Rate 7%

$873,971

Cap Rate 9%

$679,756

Alternative Uses

Best Use

Specialty Retail

$874.0K

$764.7K – $1.02M (±1% cap)

NOI $61,178 @ 7.0% cap · market cap 8.44%

Second Best

Hotel Hospitality

$469.5K

$410.8K – $547.8K (±1% cap)

NOI $32,867 @ 7.0% cap · market cap 4.53%

Theoretical Best

Office A

$1.94M

$1.70M – $2.27M (±1% cap)

NOI $136,080 @ 7.0% cap · market cap 18.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Bed & breakfasts

Suggested Use

Top Pick Dental Office Electrical Service Hair Salon Plumbing Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store

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

Location Intelligence

Trade Area within ½ mile

116

Businesses Nearby

6k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

7-Eleven Shops & Services

5,601 visits/mo 0.4 miles

Demographics for 21776, MD

5,726

Population

2,378

Households

2.4

Avg Household Size

44

Median Age

37%

College-Educated

97%

High-School Grad

35.4 sq mi

ZIP Area

162

Density / Sq Mi

$111,923

Median Household Income

$60,888

Median Earnings

$998

Median Rent

$433,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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Similar Off Market Nearby

• New Windsor Inn — 106 Main St, New Windsor, MD 21776

Frequently Asked Questions

What type of property is this?

Bed & breakfast - Rare, exceptional property in historic New Windsor, Maryland.

Where is this bed & breakfast located?

The property is located at 120 WATER St New Windsor, MD.

What is the asking price?

The asking price for this property is $725,000.

What are key features of this property?

This property features: Historic Atlee House: Colonial‑style mansion built c. 1800 by the founder of New Windsor.; Large property: +\/- 5,242 sf with **6 bedrooms, 5 full and 3 half bathrooms**, and private owner's quarters on +\/- 0.88 acres.; Located in the historic Town of New Windsor, Carroll County, Maryland.