11-Unit Apartment Building with
For Sale
$640,000
2 Altamont Terrace, Cumberland, MD 21502
Professionally managed multifamily property with window air conditioning, varied finishes, and on-street parking.
Property Size7,997 SF
Price / SF$80.03
Days on Market118
Property Features for 2 Altamont Terrace
General Information
Standard status
Active
Size
7,997 SF
Additional Details
Multifamily Units
11
Amenities
coin-operated laundry
Building Details
Year Built
1898
Listing Agency:
REMAX Platinum Realty
Listed By:
Jason Wade · License #679310
(202) 409-6788
Source:
Lgagne
Added: Jun 22
Changed: Oct 3
Last Checked: Oct 7 at 1:27PM
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 REMAX Platinum Realty
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Investment Insights
Based on property information with market context.
This 11-unit apartment property was built in 1898 and is professionally managed. The building includes coin-operated laundry, window air conditioning, and interior finishes that include ceramic tile and vinyl. Shingle roofing and on-street parking are also identified among the property features.
The property is located in Cumberland, Maryland, with mountain and city views. It is described as almost fully occupied and supported by an established rental history. R-L zoning is listed for the site, while the unit mix is identified as a feature of the property.
The property is located in Cumberland, Maryland, with mountain and city views. It is described as almost fully occupied and supported by an established rental history. R-L zoning is listed for the site, while the unit mix is identified as a feature of the property.
Key Highlights
- 11‑unit multifamily property built in 1898
- Coin‑operated laundry equipment on site
- Almost fully occupied with established rental history
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,141
Cap Rate
7.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,002,820
$1.0M
Cap Rate 7%
$716,300
$716.3K
Cap Rate 9%
$557,122
$557.1K
Market Conditions
NOI Build-Up for 7,997 SF
Gross rent
$96.0K $12.00/SF
− Vacancy
−$4.8K −$0.60/SF
EGI
$91.2K $11.40/SF
− OpEx
−$41.0K −$5.13/SF
NOI
$50.1K $6.27/SF
Area
Allegany County, MD
Vacancy
5.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,002,820
Cap Rate 7%
$716,300
Cap Rate 9%
$557,122
Alternative Uses
Best Use
Apartment 5plus
$716.3K
$626.8K – $835.7K
NOI $50,141 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.59M – $3.46M
NOI $207,599 @ 7.0% cap · market cap 32.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,278
Businesses Nearby
Explore this area
Business Placement
Demographics for 21502, MD
41,153
Population
19,562
Households
2.1
Avg Household Size
44
Median Age
20%
College-Educated
89%
High-School Grad
92.1 sq mi
ZIP Area
447
Density / Sq Mi
$58,721
Median Household Income
$39,507
Median Earnings
$771
Median Rent
$151,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed multifamily property with window air conditioning, varied finishes, and on-street parking.
Where is this apartment building located?
The property is located at 2 Altamont Terrace Cumberland, MD.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 11‑unit multifamily property built in 1898; Coin‑operated laundry equipment on site; Almost fully occupied with established rental history
