Two-Home Duplex
For Sale
$350,000
136 Lakin Avenue, Boonsboro, MD 21713
Two residences support owner-occupancy, multigenerational living, or rental use, with garages, porches, and downtown convenience.
Property Size2,339 SF
Price / SF$149.64
Days on Market240
Property Features for 136 Lakin Avenue
General Information
Standard status
Active
Size
2,339 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
U
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,355
Amenities
Yes
Oven/Range - Electric, Refrigerator
1
Floor Plan - Traditional, Formal/Separate Dining Room, Kitchen - Country, Walk-in Closet(s), Wood Floors
No Pool
Porch(es)
Building Details
Year Built
1947
Buildings
2
Listing Agency:
RE/MAX Plus
(240) 620-3674
Listed By:
Heather R Nahr · License #586044
(240) 620-3674
Source:
Compass
Added: Jan 2
Changed: Aug 29
Last Checked: Aug 29 at 7:29PM
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 RE/MAX Plus
Investment Insights
Based on property information with market context.
This duplex property includes two separate residences totaling 2,339 square feet on one lot. The primary home is a 1947 stone Cape Cod with original hardwood floors, a family room fireplace, formal dining room, country-style kitchen, three bedrooms, a full bath, a half bath, attached garage, unfinished lower level, and backyard. Updates include a roof installed in 2020, furnace and central A/C added in 2022, attic and basement insulation, and an updated electrical panel.
The second residence is an approximately 1,200-square-foot rambler remodeled in 1996. It offers one bedroom, one full bath, an eat-in kitchen, enclosed porch, living room, laundry and utility room, private driveway, and one-car block garage with upper storage. Electric forced-air heat and window-unit cooling serve this home.
The property is in downtown Boonsboro, within walking distance of local restaurants and amenities, with access to Routes 40, 66, and 67. Hagerstown is less than 12 miles away, and downtown Frederick is approximately 20 miles away.
The second residence is an approximately 1,200-square-foot rambler remodeled in 1996. It offers one bedroom, one full bath, an eat-in kitchen, enclosed porch, living room, laundry and utility room, private driveway, and one-car block garage with upper storage. Electric forced-air heat and window-unit cooling serve this home.
The property is in downtown Boonsboro, within walking distance of local restaurants and amenities, with access to Routes 40, 66, and 67. Hagerstown is less than 12 miles away, and downtown Frederick is approximately 20 miles away.
Key Highlights
- Two separate residences on one property, totaling 2,339 square feet
- Primary 3‑bedroom stone Cape Cod built in 1947
- Approximately 1,200‑square‑foot rambler remodeled in 1996
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
$24,535
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
7.01%
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%
$490,700
$490.7K
Cap Rate 7%
$350,500
$350.5K
Cap Rate 9%
$272,611
$272.6K
Market Conditions
NOI Build-Up for 2,339 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
$37.9K $16.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$35.0K $14.99/SF
− OpEx
−$10.5K −$4.50/SF
NOI
$24.5K $10.49/SF
Area
Washington 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%
$490,700
Cap Rate 7%
$350,500
Cap Rate 9%
$272,611
Alternative Uses
Best Use
Multifamily LT 5
$350.5K
$306.7K – $408.9K
NOI $24,535 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$314.5K
$275.2K – $366.9K
NOI $22,013 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$518.8K
$454.0K – $605.3K
NOI $36,319 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 21713, MD
9,800
Population
4,109
Households
2.4
Avg Household Size
45
Median Age
28%
College-Educated
92%
High-School Grad
39.6 sq mi
ZIP Area
247
Density / Sq Mi
$101,585
Median Household Income
$58,929
Median Earnings
$1,224
Median Rent
$348,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences support owner-occupancy, multigenerational living, or rental use, with garages, porches, and downtown convenience.
Where is this duplex located?
The property is located at 136 Lakin Avenue Boonsboro, MD.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two separate residences on one property, totaling 2,339 square feet; Primary 3‑bedroom stone Cape Cod built in 1947; Approximately 1,200‑square‑foot rambler remodeled in 1996
