Historic Brick Tavern
For Sale
$475,000
144 MAIN STREET, Sharpsburg, MD 21782
An existing Class D liquor license may convey, subject to Liquor Control Board approval.
Property Size2,896 SF
Price / SF$164.02
Days on Market19
Property Features for 144 MAIN STREET
General Information
Standard status
Active
Size
2,896 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
renovations
Additional Details
Liquor License
Yes
Building Details
Year Built
1890
Listing Agency:
Roger Fairbourn Real Estate
(301) 462-9516
Listed By:
Roger N Fairbourn · License #67107
(301) 462-9516
Source:
Cummingsrealtors
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 30 at 5:19PM
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 Roger Fairbourn Real Estate
Investment Insights
Based on property information with market context.
Built in 1890, this substantial red-brick tavern building occupies 144 Main St in Sharpsburg, Maryland. The property is configured for a bar or pub use and includes an existing Class D liquor license that may convey with the sale, subject to Liquor Control Board approval.
The building sits within Sharpsburg, a historic community surrounded by Antietam Battlefield. The battlefield draws thousands of visitors each year, and the property is approximately one hour from the DC Metroplex. The site is somewhat bikeable and car-dependent, with a bike score of 35 and a walk score of 24.
The building sits within Sharpsburg, a historic community surrounded by Antietam Battlefield. The battlefield draws thousands of visitors each year, and the property is approximately one hour from the DC Metroplex. The site is somewhat bikeable and car-dependent, with a bike score of 35 and a walk score of 24.
Key Highlights
- 1890 construction date
- Substantial red‑brick building at 144 Main St
- Existing Class D liquor license may convey, subject to Liquor Control Board approval
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
$29,355
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
6.18%
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%
$587,100
$587.1K
Cap Rate 7%
$419,357
$419.4K
Cap Rate 9%
$326,167
$326.2K
Market Conditions
NOI Build-Up for 2,896 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
$43.4K $15.00/SF
− Vacancy
−$4.3K −$1.49/SF
EGI
$39.1K $13.52/SF
− OpEx
−$9.8K −$3.38/SF
NOI
$29.4K $10.14/SF
Area
Washington County, MD
Vacancy
9.90%
Lease Rate
$15.00 /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%
$587,100
Cap Rate 7%
$419,357
Cap Rate 9%
$326,167
Alternative Uses
Best Use
Specialty Retail
$419.4K
$366.9K – $489.3K
NOI $29,355 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$642.4K
$562.1K – $749.5K
NOI $44,968 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21782, MD
3,866
Population
1,683
Households
2.3
Avg Household Size
47
Median Age
25%
College-Educated
93%
High-School Grad
29.3 sq mi
ZIP Area
132
Density / Sq Mi
$89,375
Median Household Income
$52,377
Median Earnings
$1,124
Median Rent
$295,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pete's Tavern — 144 W Main St, Sharpsburg, MD 21782
Frequently Asked Questions
What type of property is this?
Bar & Pub - An existing Class D liquor license may convey, subject to Liquor Control Board approval.
Where is this bar & pub located?
The property is located at 144 MAIN STREET Sharpsburg, MD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1890 construction date; Substantial red‑brick building at 144 Main St; Existing Class D liquor license may convey, subject to Liquor Control Board approval
