Certified Duplex with Separate
For Sale
$330,000
231 NEWTON Street, Salisbury, MD 21801
Multi-Family, SALISBURY, MD
Property Size1,736 SF
Lot Size0.13 Acres
Price / SF$190.09
Days on Market49
Property Features for 231 NEWTON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Subdivision
NONE AVAILABLE
High school
JAMES M. BENNETT
Elementary school district
WICOMICO COUNTY PUBLIC SCHOOLS
Middle school district
WICOMICO COUNTY PUBLIC SCHOOLS
High school district
WICOMICO COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,736 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
796
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Contemporary
Listing Agency:
EXP Realty, LLC
(888) 860-7369
Listed By:
Ross Muir
(443) 944-3638
Added: Jul 24
Changed: Sep 5
Last Checked: Sep 10 at 5:06AM
MLS# MDWC2023904
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.
This certified duplex contains 1,736 square feet within a 0.1331-acre parcel and was built in 1900. The lower residence provides two bedrooms, one full bathroom, a living room, and a full kitchen. A rear staircase creates a separate entry for the upper unit, which includes three bedrooms, one full bathroom, a living room, and a full kitchen. Brick construction, heat-pump heating, and central air conditioning serve the property, while parking is available on the street.
Located at 231 Newton Street in Salisbury’s Historic District, the property is less than five minutes from Tidal Health and close to shopping, grocery stores, restaurants, and downtown Salisbury. The two-unit layout supports separate occupancy, with each residence offering its own kitchen and living area.
Located at 231 Newton Street in Salisbury’s Historic District, the property is less than five minutes from Tidal Health and close to shopping, grocery stores, restaurants, and downtown Salisbury. The two-unit layout supports separate occupancy, with each residence offering its own kitchen and living area.
Key Highlights
- Certified duplex with 1,736 square feet of building area
- Two units with 2 bedrooms downstairs and 3 bedrooms upstairs
- Each unit includes a full kitchen, living room, and 1 full bathroom
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
$22,165
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
6.72%
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%
$443,300
$443.3K
Cap Rate 7%
$316,643
$316.6K
Cap Rate 9%
$246,278
$246.3K
Market Conditions
NOI Build-Up for 1,736 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
$32.9K $18.96/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$31.7K $18.24/SF
− OpEx
−$9.5K −$5.47/SF
NOI
$22.2K $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%
$443,300
Cap Rate 7%
$316,643
Cap Rate 9%
$246,278
Alternative Uses
Best Use
Multifamily LT 5
$316.6K
$277.1K – $369.4K
NOI $22,165 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$292.3K
$255.7K – $341.0K
NOI $20,459 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$607.3K
$531.4K – $708.5K
NOI $42,509 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 21801, MD
31,183
Population
12,140
Households
2.6
Avg Household Size
37
Median Age
34%
College-Educated
87%
High-School Grad
40.1 sq mi
ZIP Area
778
Density / Sq Mi
$67,140
Median Household Income
$36,290
Median Earnings
$1,058
Median Rent
$286,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Brick duplex with two independently configured units and central air conditioning in Salisbury’s Historic District.
Where is this duplex located?
The property is located at 231 NEWTON Street Salisbury, MD.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Certified duplex with 1,736 square feet of building area; Two units with 2 bedrooms downstairs and 3 bedrooms upstairs; Each unit includes a full kitchen, living room, and 1 full bathroom
