Updated Triplex with Oversized
For Sale
$274,000
154 E MAIN Street, Frostburg, MD 21532
Multi-Family, FROSTBURG, MD
Property Size2,684 SF
Lot Size0.19 Acres
Price / SF$102.09
Days on Market46
Property Features for 154 E MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
Off Street
Elementary school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Middle school district
ALLEGANY COUNTY PUBLIC SCHOOLS
High school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,684 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
3444
Utilities
Heating system
Other (Heating)
Building Details
Year built
1875
Number of units
3
Building materials
Stick Built
Architectural style
Victorian
Listing Agency:
Better Homes & Gardens Real Estate Old Line Group
(301) 689-0100
Listed By:
Jeremy Rice · License #5010595
(301) 697-0106
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 4 at 11:06PM
MLS# MDAL2015378
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Victorian-style triplex at 154 E Main Street contains 2,684 square feet across three residential units. Each unit has an updated kitchen and bathroom, while the building is supported by a new roof. The stick-built property was constructed in 1875 and includes off-street parking.
An oversized garage provides an additional income source through a separate rental arrangement. The property occupies 0.1894 acres in Frostburg, Maryland, within Allegany County.
An oversized garage provides an additional income source through a separate rental arrangement. The property occupies 0.1894 acres in Frostburg, Maryland, within Allegany County.
Key Highlights
- Three‑unit multifamily property with 2,684 square feet
- All three units have renovated kitchens and bathrooms
- New roof on the building
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
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 - Three residential units feature renovated kitchens and bathrooms, with off-street parking and a separately rented 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: Three‑unit multifamily property with 2,684 square feet; All three units have renovated kitchens and bathrooms; New roof on the building
