Mixed-Use Building with
New
For Sale
$1,100,000
16-20 W MAIN Street, Emmitsburg, MD 21727
Multi-Family, EMMITSBURG, MD
Property Size4,276 SF
Lot Size0.21 Acres
Price / SF$257.25
Days on Market1
Property Features for 16-20 W MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Garage, On Street
Elementary school district
FREDERICK COUNTY PUBLIC SCHOOLS
Middle school district
FREDERICK COUNTY PUBLIC SCHOOLS
High school district
FREDERICK COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
4,276 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
5736
Utilities
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s), Ceiling Fan(s)
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Mackintosh, Inc.
(301) 662-0155
Listed By:
Joseph L Simmel · License #604978
(240) 315-6644
Added: Sep 8
Last Checked: Sep 8 at 7:06PM
MLS# MDFR2089070
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 4,276-square-foot mixed-use building combines an operating restaurant and bar with three residential rental units on the upper two levels. The residential component includes two one-bedroom apartments and one studio, each with independent exterior access. The dining and bar areas also offer separate access from the street. A liquor license is included with the property. Brick construction dates to 1900, with forced-air heating and a combination of central air, window units, and ceiling fans.
The property occupies 0.2121 acres at 16-20 W MAIN Street in Emmitsburg, Maryland. Parking is available through a private garage and on the street. The site is identified with VZ Village Zoning and is located within the downtown area described in the property information.
The property occupies 0.2121 acres at 16-20 W MAIN Street in Emmitsburg, Maryland. Parking is available through a private garage and on the street. The site is identified with VZ Village Zoning and is located within the downtown area described in the property information.
Key Highlights
- 4,276‑square‑foot mixed‑use building with restaurant, bar, and residential components
- Three upper‑level rentals: two one‑bedroom units and one studio apartment
- Restaurant and bar areas have separate street access
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
$58,179
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
5.29%
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%
$1,163,580
$1.2M
Cap Rate 7%
$831,129
$831.1K
Cap Rate 9%
$646,433
$646.4K
Market Conditions
NOI Build-Up for 4,276 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
$111.3K $26.04/SF
− Vacancy
−$5.6K −$1.30/SF
EGI
$105.8K $24.74/SF
− OpEx
−$47.6K −$11.13/SF
NOI
$58.2K $13.61/SF
Area
Frederick County, MD
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,163,580
Cap Rate 7%
$831,129
Cap Rate 9%
$646,433
Alternative Uses
Best Use
Specialty Retail
$1.58M
$1.39M – $1.85M
NOI $110,912 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$831.1K
$727.2K – $969.7K
NOI $58,179 @ 7.0% cap · market cap 5.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 21727, MD
6,593
Population
1,838
Households
3.6
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
31.3 sq mi
ZIP Area
211
Density / Sq Mi
$92,697
Median Household Income
$21,536
Median Earnings
$824
Median Rent
$304,000
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?
Mixed-use property - Restaurant and bar space occupy the lower level, with three separate residential rental units above.
Where is this mixed-use property located?
The property is located at 16-20 W MAIN Street Emmitsburg, MD.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4,276‑square‑foot mixed‑use building with restaurant, bar, and residential components; Three upper‑level rentals: two one‑bedroom units and one studio apartment; Restaurant and bar areas have separate street access
