Updated Income-Generating
For Sale
$274,000
154 E MAIN STREET, Frostburg, MD 21532
Income-producing triplex featuring a new roof, renovated kitchens and bathrooms, and a rentable oversized garage.
Property Size2,684 SF
Price / SF$102.09
Days on Market51
Property Features for 154 E MAIN STREET
General Information
Standard status
Active
Size
2,684 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1875
Tenancy
Multi
Listing Agency:
Better Homes & Gardens Real Estate Old Line Group
(301) 689-0100
Listed By:
Jeremy Rice · License #5010595
(301) 697-0106
Source:
Cummingsrealtors
Added: Jul 19
Changed: Sep 6
Last Checked: Sep 7 at 7:59AM
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 Better Homes & Gardens Real Estate Old Line Group
Investment Insights
Based on property information with market context.
This income-producing triplex has been updated throughout, with a new roof and renovated kitchens and bathrooms in all three units. The property also includes an oversized garage that is currently rented to generate additional income.
The building is offered for sale at 154 E Main Street in Frostburg, Maryland. More photos are expected as the listing is finalized.
The layout supports multiple residential units with separate living spaces, supplemented by garage income.
The building is offered for sale at 154 E Main Street in Frostburg, Maryland. More photos are expected as the listing is finalized.
The layout supports multiple residential units with separate living spaces, supplemented by garage income.
Key Highlights
- Income‑producing triplex with new roof
- All three units have renovated kitchens and bathrooms
- Oversized garage available as a rented income add‑on
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
$18,167
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
6.63%
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%
$363,340
$363.3K
Cap Rate 7%
$259,529
$259.5K
Cap Rate 9%
$201,856
$201.9K
Market Conditions
NOI Build-Up for 2,684 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
$27.4K $10.20/SF
− Vacancy
−$1.4K −$0.53/SF
EGI
$26.0K $9.67/SF
− OpEx
−$7.8K −$2.90/SF
NOI
$18.2K $6.77/SF
Area
Allegany County, MD
Vacancy
5.20%
Lease Rate
$10.20 /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%
$363,340
Cap Rate 7%
$259,529
Cap Rate 9%
$201,856
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,167 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$240.4K
$210.4K – $280.5K
NOI $16,829 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$995.4K
$871.0K – $1.16M
NOI $69,676 @ 7.0% cap · market cap 25.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 21532, MD
13,328
Population
6,044
Households
2.2
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
74.1 sq mi
ZIP Area
180
Density / Sq Mi
$60,158
Median Household Income
$33,054
Median Earnings
$839
Median Rent
$175,600
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?
Triplex - Income-producing triplex featuring a new roof, renovated kitchens and bathrooms, and a rentable oversized garage.
Where is this triplex located?
The property is located at 154 E MAIN STREET Frostburg, MD.
What is the asking price?
The asking price for this property is $274,000.
What are key features of this property?
This property features: Income‑producing triplex with new roof; All three units have renovated kitchens and bathrooms; Oversized garage available as a rented income add‑on
