Duplex Investment Opportunity in
For Sale
$249,900
128 BRANCH ST, Berlin, MD 21811
Duplex near downtown Berlin and Ocean City beaches.
Property Size1,152 SF
Price / SF$216.93
Days on Market144
Property Features for 128 BRANCH ST
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi-family
Listing Agency:
Coastal Life Realty Group LLC
(443) 552-7579
Listed By:
Kevin E Decker · License #532548
(443) 235-6552
Source:
Towncentermd
Added: Apr 24
Changed: Sep 9
Last Checked: Sep 13 at 12:22PM
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 Coastal Life Realty Group LLC
Investment Insights
Based on property information with market context.
This duplex in Berlin, MD, presents an investment opportunity. Situated just off Route 113, the property includes two separately metered units. The upper unit is configured as a 1-bedroom, 1-bath apartment, while the lower unit features a 2-bedroom, 1-bath apartment. The property is being sold as is and needs some TLC. Located minutes from downtown Berlin and a short drive to Ocean City beaches, it offers potential for immediate cash flow. The property has a bike score of 32, indicating it is somewhat bikeable, and a walk score of 10, indicating car-dependent accessibility.
Key Highlights
- Duplex with two separately metered units.
- Investment opportunity with cash flow potential.
- Located near Route 113, minutes from downtown Berlin.
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
$12,084
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
4.84%
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%
$241,680
$241.7K
Cap Rate 7%
$172,629
$172.6K
Cap Rate 9%
$134,267
$134.3K
Market Conditions
NOI Build-Up for 1,152 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
$18.7K $16.20/SF
− Vacancy
−$1.4K −$1.22/SF
EGI
$17.3K $14.99/SF
− OpEx
−$5.2K −$4.50/SF
NOI
$12.1K $10.49/SF
Area
Worcester County, MD
Vacancy
7.50%
Lease Rate
$16.20 /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%
$241,680
Cap Rate 7%
$172,629
Cap Rate 9%
$134,267
Alternative Uses
Best Use
Multifamily LT 5
$172.6K
$151.1K – $201.4K
NOI $12,084 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$154.9K
$135.5K – $180.7K
NOI $10,842 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$276.8K
$242.2K – $323.0K
NOI $19,378 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 21811, MD
23,907
Population
15,439
Households
1.5
Avg Household Size
52
Median Age
36%
College-Educated
94%
High-School Grad
101.5 sq mi
ZIP Area
236
Density / Sq Mi
$91,293
Median Household Income
$49,929
Median Earnings
$1,398
Median Rent
$362,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex near downtown Berlin and Ocean City beaches.
Where is this duplex located?
The property is located at 128 BRANCH ST Berlin, MD.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Duplex with two separately metered units.; Investment opportunity with cash flow potential.; Located near Route 113, minutes from downtown Berlin.
