11-Unit Apartment Building with
For Sale
$649,000
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$81.16
Days on Market72
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
(202) 409-6788
Listed By:
Jason Wade · License #679310
Source:
Lgagne
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 30 at 8:50PM
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
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 = 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
$50,141
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
7.73%
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%
$1,002,820
$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
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
$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 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%
$1,002,820
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 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.59M – $3.46M
NOI $207,599 @ 7.0% cap · market cap 31.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $649,000.
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
