Brick Duplex with Two
For Sale
$155,000
227 WALLACE Street, Cumberland, MD 21502
Multi-Family, CUMBERLAND, MD
Property Size2,058 SF
Lot Size0.06 Acres
Price / SF$75.32
Days on Market9
Property Features for 227 WALLACE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Appliances
Dryer, Microwave, Oven/Range - Electric, Refrigerator, Washer
Elementary school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Middle school district
ALLEGANY COUNTY PUBLIC SCHOOLS
High school district
ALLEGANY COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,058 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
1902
Utilities
Heating system
Forced Air, Other (Heating)
Cooling system
Ceiling Fan(s), Central Air
Amenities
screened-in rear porch
front porch balcony
central air
washer and dryer
full unfinished basement
Building Details
Year built
1909
Number of units
1
Building materials
Brick
Listing Agency:
EXP Realty, LLC
(888) 860-7369
Listed By:
Pamela A Terry · License #523439
(301) 697-1442
Added: Aug 19
Last Checked: Aug 27 at 2:06AM
MLS# MDAL2015654
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.
Built in 1909, this brick duplex contains a one-bedroom unit and a two-bedroom unit with 2,058 square feet of property space. The main-level residence includes a living room, dining area, pocket doors, and front and rear porches, while the upper residence has a private front porch balcony. Original woodwork adds period character throughout the building.
Each unit has separately metered utilities, including water. Heating includes radiator service upstairs and natural gas forced air downstairs, with central air provided. The property also conveys with a washer, dryer, microwave, electric oven/range, and refrigerator. A full unfinished basement offers additional storage, and on-street parking is available.
Situated at 227 Wallace Street in Cumberland, Maryland, the property occupies a 0.0626-acre lot. The existing two-unit arrangement supports separate occupancy, while the layout also allows an owner to investigate restoring the building to a single-family residence.
Each unit has separately metered utilities, including water. Heating includes radiator service upstairs and natural gas forced air downstairs, with central air provided. The property also conveys with a washer, dryer, microwave, electric oven/range, and refrigerator. A full unfinished basement offers additional storage, and on-street parking is available.
Situated at 227 Wallace Street in Cumberland, Maryland, the property occupies a 0.0626-acre lot. The existing two-unit arrangement supports separate occupancy, while the layout also allows an owner to investigate restoring the building to a single-family residence.
Key Highlights
- Two‑unit layout with one 1‑bedroom unit and one 2‑bedroom unit
- 2,058 square feet of property space on a 0.0626‑acre lot
- Separate metering for all utilities, including water
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
$13,930
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
8.99%
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%
$278,600
$278.6K
Cap Rate 7%
$199,000
$199.0K
Cap Rate 9%
$154,778
$154.8K
Market Conditions
NOI Build-Up for 2,058 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
$21.0K $10.20/SF
− Vacancy
−$1.1K −$0.53/SF
EGI
$19.9K $9.67/SF
− OpEx
−$6.0K −$2.90/SF
NOI
$13.9K $6.77/SF
Area
Allegany County, MD
Vacancy
5.20%
Lease Rate
$10.20 /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%
$278,600
Cap Rate 7%
$199,000
Cap Rate 9%
$154,778
Alternative Uses
Best Use
Multifamily LT 5
$199.0K
$174.1K – $232.2K
NOI $13,930 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$184.3K
$161.3K – $215.1K
NOI $12,904 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$763.2K
$667.8K – $890.4K
NOI $53,425 @ 7.0% cap · market cap 34.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,315
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?
Duplex - Separately metered utilities, original woodwork, porches, and flexible occupancy enhance this Cumberland property.
Where is this duplex located?
The property is located at 227 WALLACE Street Cumberland, MD.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑unit layout with one 1‑bedroom unit and one 2‑bedroom unit; 2,058 square feet of property space on a 0.0626‑acre lot; Separate metering for all utilities, including water
