Certified Two-Unit
For Sale
$330,000
231 NEWTON STREET, Salisbury, MD 21801
Two separate duplex units offer independent living with kitchens and multiple bedrooms.
Property Size1,736 SF
Price / SF$190.09
Days on Market55
Property Features for 231 NEWTON STREET
General Information
Standard status
Active
Size
1,736 SF
Property subtype
Duplex
Building Details
Year Built
1900
Listing Agency:
EXP Realty, LLC
(443) 944-3638
Listed By:
Ross Muir
(443) 944-3638
Source:
Cummingsrealtors
Added: Jun 28
Changed: Aug 21
Last Checked: Aug 21 at 9:24AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This certified duplex includes two separate residential units. The first-floor unit features two bedrooms, one full bathroom, a spacious living room, and a full kitchen. The second-floor unit offers three bedrooms, one full bathroom, a living room, and a full kitchen, with its own private entrance via the rear staircase.
The property is located in the Historic District of Salisbury. It is described as less than five minutes from Tidal Health and just minutes from shopping, grocery stores, restaurants, and downtown Salisbury amenities.
As configured, the building provides two complete living spaces within a duplex layout, supporting flexible owner or tenant occupancy arrangements.
The property is located in the Historic District of Salisbury. It is described as less than five minutes from Tidal Health and just minutes from shopping, grocery stores, restaurants, and downtown Salisbury amenities.
As configured, the building provides two complete living spaces within a duplex layout, supporting flexible owner or tenant occupancy arrangements.
Key Highlights
- Certified duplex in Salisbury Historic District, built in 1900
- First‑floor unit: 2 bedrooms, 1 full bathroom, spacious living room, full kitchen
- Second‑floor unit: 3 bedrooms, 1 full bathroom, living room, full kitchen
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
Property Profile
Current Use
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
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 - Two separate duplex units offer independent living with kitchens and multiple bedrooms.
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 in Salisbury Historic District, built in 1900; First‑floor unit: 2 bedrooms, 1 full bathroom, spacious living room, full kitchen; Second‑floor unit: 3 bedrooms, 1 full bathroom, living room, full kitchen
