Updated Two-Unit Residential
For Sale
$250,000
145 West High Street, Elkton, MD 21921
Updated duplex in city limits featuring a leased 3-bedroom unit and a vacant 1-bedroom unit.
Property Size2,016 SF
Price / SF$124.01
Days on Market144
Property Features for 145 West High Street
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Fee Simple
Zoning
R1
Occupancy
50%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,836
Amenities
No
No Pool
Building Details
Year Built
1935
Tenancy
Multi
Listing Agency:
Alberti Realty, LLC
Listed By:
Joseph Warren Avampato · License #5002497
(410) 652-2848
Source:
Compass
Added: Apr 16
Changed: Aug 8
Last Checked: Jul 22 at 4:18PM
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 Alberti Realty, LLC
Investment Insights
Based on property information with market context.
This updated two-unit residential income property includes Unit A, a 3-bedroom with 1.5 baths, currently occupied by tenants on an early-stage lease. Unit B is a 1-bedroom with 1 bath and is currently vacant.
The property is located in downtown Elkton and is within city limits. It falls under Cecil County Public Schools.
The configuration provides separate unit layouts within a duplex format, offering a straightforward two-tenant structure with one unit already in place and the second ready for immediate occupancy.
The property is located in downtown Elkton and is within city limits. It falls under Cecil County Public Schools.
The configuration provides separate unit layouts within a duplex format, offering a straightforward two-tenant structure with one unit already in place and the second ready for immediate occupancy.
Key Highlights
- Updated 2‑unit duplex in downtown Elkton within city limits
- Unit A: 3‑bedroom, 1.5‑bath; leased for $1,450
- Unit B: 1‑bedroom, 1‑bath; currently vacant and ready for occupancy
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
$20,050
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
8.02%
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%
$401,000
$401.0K
Cap Rate 7%
$286,429
$286.4K
Cap Rate 9%
$222,778
$222.8K
Market Conditions
NOI Build-Up for 2,016 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
$31.0K $15.36/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$28.6K $14.21/SF
− OpEx
−$8.6K −$4.26/SF
NOI
$20.1K $9.95/SF
Area
Cecil County, MD
Vacancy
7.50%
Lease Rate
$15.36 /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%
$401,000
Cap Rate 7%
$286,429
Cap Rate 9%
$222,778
Alternative Uses
Best Use
Multifamily LT 5
$286.4K
$250.6K – $334.2K
NOI $20,050 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$252.4K
$220.8K – $294.4K
NOI $17,666 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$747.6K
$654.2K – $872.3K
NOI $52,335 @ 7.0% cap · market cap 20.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 21921, MD
44,983
Population
18,782
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
92%
High-School Grad
94.7 sq mi
ZIP Area
475
Density / Sq Mi
$84,608
Median Household Income
$48,300
Median Earnings
$1,413
Median Rent
$296,000
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 - Updated duplex in city limits featuring a leased 3-bedroom unit and a vacant 1-bedroom unit.
Where is this duplex located?
The property is located at 145 West High Street Elkton, MD.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Updated 2‑unit duplex in downtown Elkton within city limits; Unit A: 3‑bedroom, 1.5‑bath; leased for $1,450; Unit B: 1‑bedroom, 1‑bath; currently vacant and ready for occupancy
