Building Details

Year Built 2009

Listing Agency: SVN/Miller Commercial Real Estate a***@svn.com Show Phone

Listed By: Andrew Ball · License #36569 Show Phone

Source: Compass

Added: May 15, 2025 Changed: Aug 8 Last Checked: Jul 30 at 1:32PM

Report an Issue

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 SVN/Miller Commercial Real Estate

Investment Insights

Based on property information with market context.

This 2274 square foot duplex presents an investment opportunity in a strong rental market. The property consists of two three-bedroom, three-bath units, currently rented for the 2025/2026 school year. The rental income is $41,400, with a net operating income of $31,093.47. Both units are in great condition with no deferred maintenance. Tenants are responsible for all utilities and water/sewer. The leases are designed to allow the landlord 12 days to turn the unit while rent is still being paid. The property is located in Wicomico County, specifically in the Wicomico Southeast area (23-04), and is within city limits. The school district is Wicomico County Public Schools.

Key Highlights

• Strong investment opportunity: Current market rent is $75-$100 higher per bedroom than asking rent.
• High Rental Income and NOI: Rental income of $41,400 and NOI of $31,093.47.
• Two units in excellent condition with no deferred maintenance.

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

$29,034

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

6.38%

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%

$580,680 $580.7K

Cap Rate 7%

$414,771 $414.8K

Cap Rate 9%

$322,600 $322.6K

Market Conditions

NOI Build-Up for 2,274 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

$43.1K $18.96/SF

− Vacancy

−$1.6K −$0.72/SF

EGI

$41.5K $18.24/SF

− OpEx

−$12.4K −$5.47/SF

NOI

$29.0K $12.77/SF

Area

Wicomico County, MD

Vacancy

3.80%

Lease Rate

$18.96 /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%

$580,680

Cap Rate 7%

$414,771

Cap Rate 9%

$322,600

Alternative Uses

Best Use

Multifamily LT 5

$414.8K

$362.9K – $483.9K (±1% cap)

NOI $29,034 @ 7.0% cap · market cap 6.38%

Second Best

Apartment 5plus

$382.8K

$335.0K – $446.7K (±1% cap)

NOI $26,799 @ 7.0% cap · market cap 5.89%

Theoretical Best

Office A

$795.5K

$696.0K – $928.0K (±1% cap)

NOI $55,682 @ 7.0% cap · market cap 12.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Spa & Massage Center Storage Facility (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

164

Businesses Nearby

Explore this area Business Placement

Demographics for 21826, MD

5,436

Population

2,148

Households

2.5

Avg Household Size

34

Median Age

39%

College-Educated

93%

High-School Grad

4.0 sq mi

ZIP Area

1,359

Density / Sq Mi

$63,472

Median Household Income

$36,700

Median Earnings

$1,346

Median Rent

$211,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Renovated Class A Office Building

109 Poplar St, Fruitland, MD 21826

$438,500

View details

Freestanding Retail Building

301 South Division Street, Fruitland, MD 21826

Contact for pricing

1,114 SF

View details

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit duplex with strong rental income potential.

Where is this duplex located?

The property is located at 227-229 North Brown Street Fruitland, MD.

What is the asking price?

The asking price for this property is $455,000.

What are key features of this property?

This property features: Strong investment opportunity: Current market rent is $75-$100 higher per bedroom than asking rent.; High Rental Income and NOI: Rental income of $41,400 and NOI of $31,093.47.; Two units in excellent condition with no deferred maintenance.