Building Details

Year Built 1800

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

Listed By: Victor White Show Phone

Source: Exitrealty

Added: Nov 14, 2024 Changed: Aug 8 Last Checked: Aug 11 at 5:54AM

Report an Issue

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 Hogan Companies Residential

Investment Insights

Based on property information with market context.

Located in the historic Town of New Windsor, the property at 120 Water Street, commonly known as "Atlee House," is a Colonial-style mansion that once functioned as a full-service Bed & Breakfast and Cafe. Constructed around 1800 by Isaac Atlee, the founder of New Windsor, the property occupies approximately 0.88 acres. The building spans approximately 5,242 square feet and includes 6 bedrooms, 5 full bathrooms, and 3 half bathrooms, along with private owner's quarters. 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 owner 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 Colonial‑style mansion “Atlee House” 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

$32,867

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

4.53%

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%

$657,340 $657.3K

Cap Rate 7%

$469,529 $469.5K

Cap Rate 9%

$365,189 $365.2K

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

$78.6K $15.00/SF

− Vacancy

−$9.4K −$1.80/SF

EGI

$69.2K $13.20/SF

− OpEx

−$36.3K −$6.93/SF

NOI

$32.9K $6.27/SF

Area

Carroll County, MD

Vacancy

12.00%

Lease Rate

$15.00 /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%

$657,340

Cap Rate 7%

$469,529

Cap Rate 9%

$365,189

Alternative Uses

Best Use

Hotel Hospitality

$469.5K

$410.8K – $547.8K (±1% cap)

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

Second Best

—

—

no second resolved use

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

Balanced

Demand for This Use

Explore this area Business Placement

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this bed & breakfasts located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

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 with potential for various uses.

Where is this bed & breakfast located?

The property is located at 120 WATER STREET 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 Colonial‑style mansion “Atlee House” 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.