Connected Retail Buildings with
For Sale
$419,000
21018 JEFFERSON BOULEVARD, Smithsburg, MD 21783
Flexible retail site with two connected buildings and a paved parking lot, sold as-is.
Property Size2,456 SF
Lot Size0.85 Acres
Price / SF$170.60
Days on Market63
Property Features for 21018 JEFFERSON BOULEVARD
General Information
Standard status
Active
Size
2,456 SF
Lot size
0.85 Acres
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,309
Amenities
Central Air
3
Parking.
On Street, Lot.
Level
Asphalt, Level, Open.
Building Details
Year Built
1950
Stories
1
Listing Agency:
Warner Commercial
(301) 663-0202
Listed By:
Warner Commercial · License #91909
(301) 663-0202
Source:
Xome
Added: Jun 22
Changed: Aug 23
Last Checked: Aug 22 at 10:59AM
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 Warner Commercial
Investment Insights
Based on property information with market context.
This flexible commercial pad site includes approximately 2,500 square feet of commercial space across two buildings that are connected. The property features a paved parking lot and is being sold as-is.
The site is described as having excellent street frontage and easy highway access, supporting straightforward customer access for retail uses. Public walking scores indicate a car-dependent setting.
The offering combines usable retail space in a two-building configuration with paved on-site parking, positioned for a tenant or buyer seeking a connected storefront layout within a larger lot.
The site is described as having excellent street frontage and easy highway access, supporting straightforward customer access for retail uses. Public walking scores indicate a car-dependent setting.
The offering combines usable retail space in a two-building configuration with paved on-site parking, positioned for a tenant or buyer seeking a connected storefront layout within a larger lot.
Key Highlights
- Approximately 2,500 SF of commercial space in two connected buildings
- Lot size is approximately 37,000 SF
- Paved parking lot included
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
$26,893
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
6.42%
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%
$537,860
$537.9K
Cap Rate 7%
$384,186
$384.2K
Cap Rate 9%
$298,811
$298.8K
Market Conditions
NOI Build-Up for 2,456 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
$41.9K $17.04/SF
− Vacancy
−$3.4K −$1.40/SF
EGI
$38.4K $15.64/SF
− OpEx
−$11.5K −$4.69/SF
NOI
$26.9K $10.95/SF
Area
Washington County, MD
Vacancy
8.20%
Lease Rate
$17.04 /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%
$537,860
Cap Rate 7%
$384,186
Cap Rate 9%
$298,811
Alternative Uses
Best Use
Retail
$384.2K
$336.2K – $448.2K
NOI $26,893 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$544.8K
$476.7K – $635.6K
NOI $38,136 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21783, MD
9,306
Population
3,952
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
90%
High-School Grad
47.6 sq mi
ZIP Area
196
Density / Sq Mi
$96,055
Median Household Income
$50,817
Median Earnings
$1,060
Median Rent
$330,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible retail site with two connected buildings and a paved parking lot, sold as-is.
Where is this storefront property located?
The property is located at 21018 JEFFERSON BOULEVARD Smithsburg, MD.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Approximately 2,500 SF of commercial space in two connected buildings; Lot size is approximately 37,000 SF; Paved parking lot included
