Building Details

Year Built 1854

Listing Agency: Northrop Realty b***@longandfoster.com Show Phone

Listed By: Benjamin Turfle · License #5020993 Show Phone

Source: Compass

Added: Mar 20 Changed: Aug 29 Last Checked: Aug 29 at 5:48PM

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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 Northrop Realty

Investment Insights

Based on property information with market context.

This multifamily property at 227-229 Main Street includes a refrigerator, stove, washer, and dryer. The building dates to 1854 and is identified within the VILLA zoning designation. The property is located inside New Windsor city limits in Carroll County, with access to Carroll County Public Schools, including Francis Scott Key Senior, Northwest, and Elmer A Wolfe schools.

Key Highlights

• Multifamily property at 227‑229 Main Street, New Windsor, MD 21776
• VILLA zoning designation
• Building constructed in 1854

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

$20,208

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

6.22%

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%

$404,160 $404.2K

Cap Rate 7%

$288,686 $288.7K

Cap Rate 9%

$224,533 $224.5K

Market Conditions

NOI Build-Up for 1,800 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

$38.9K $21.60/SF

− Vacancy

−$2.1K −$1.19/SF

EGI

$36.7K $20.41/SF

− OpEx

−$16.5K −$9.19/SF

NOI

$20.2K $11.23/SF

Area

Carroll County, MD

Vacancy

5.50%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

45.00%

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%

$404,160

Cap Rate 7%

$288,686

Cap Rate 9%

$224,533

Alternative Uses

Best Use

Apartment 5plus

$288.7K

$252.6K – $336.8K (±1% cap)

NOI $20,208 @ 7.0% cap · market cap 6.22%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$667.5K

$584.1K – $778.8K (±1% cap)

NOI $46,727 @ 7.0% cap · market cap 14.38%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Multifamily properties

Suggested Use

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

122

Businesses Nearby

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Located within New Windsor city limits and designated VILLA zoning, the property includes installed kitchen and laundry appliances.

Where is this multifamily property located?

The property is located at 227-229 Main Street New Windsor, MD.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Multifamily property at 227‑229 Main Street, New Windsor, MD 21776; VILLA zoning designation; Building constructed in 1854