Mixed-Use Building with
For Sale
$425,000
239-241 E MAIN St, Westminster, MD 21157
Main-level offices and a tenant-occupied apartment create a flexible commercial and residential configuration.
Property Size2,760 SF
Days on Market172
Property Features for 239-241 E MAIN St
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,350
Building Details
Building Size
2,760 SF
Year Built
1875
Units
1
Listing Agency:
The KW Collective
(443) 244-2837
Listed By:
Patrick A Hawkins · License #646666
(443) 244-2837
Source:
Elliman
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 30 at 9:38PM
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 The KW Collective
Investment Insights
Based on property information with market context.
This mixed-use building provides 2,760 square feet across a professional office level, an upper-floor apartment, and an unfinished basement. The 1,380-square-foot main level contains four offices, a conference room, lobby, half bath, and beverage area. A separate HVAC system serves each of the upper and lower levels. The 1,380-square-foot apartment includes two bedrooms, with potential for a third, along with front and rear access and entry from the parking lot. The apartment is tenant-occupied, and the tenant pays utilities.
Located at 239-241 East Main Street in Westminster, the property is in city limits, zoned COMMERCIAL, and positioned near the courthouse, small businesses, coffee shops, dining, parks, shopping, and commuter routes. Sidewalks and street lights are present along the property.
Recent improvements include an updated outdoor A/C unit, rebuilt rear entry steps, insulated ducts, ceiling tiles, LED lighting, flooring, and PVC plumbing. The basement remains unfinished and is used for storage and utilities.
Located at 239-241 East Main Street in Westminster, the property is in city limits, zoned COMMERCIAL, and positioned near the courthouse, small businesses, coffee shops, dining, parks, shopping, and commuter routes. Sidewalks and street lights are present along the property.
Recent improvements include an updated outdoor A/C unit, rebuilt rear entry steps, insulated ducts, ceiling tiles, LED lighting, flooring, and PVC plumbing. The basement remains unfinished and is used for storage and utilities.
Key Highlights
- 2,760‑square‑foot mixed‑use building with office, apartment, and basement areas
- 1,380‑square‑foot main level with four offices, conference room, lobby, half bath, and beverage area
- 1,380‑square‑foot, two‑bedroom apartment with potential for a 3rd bedroom
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
$30,985
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
7.29%
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%
$619,700
$619.7K
Cap Rate 7%
$442,643
$442.6K
Cap Rate 9%
$344,278
$344.3K
Market Conditions
NOI Build-Up for 2,760 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
$59.6K $21.60/SF
− Vacancy
−$3.3K −$1.19/SF
EGI
$56.3K $20.41/SF
− OpEx
−$25.4K −$9.19/SF
NOI
$31.0K $11.23/SF
Area
Carroll County, MD
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$619,700
Cap Rate 7%
$442,643
Cap Rate 9%
$344,278
Alternative Uses
Best Use
Apartment 5plus
$442.6K
$387.3K – $516.4K
NOI $30,985 @ 7.0% cap · market cap 7.29%
Second Best
Mixed Use
$408.1K
$357.1K – $476.1K
NOI $28,566 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.02M
$895.6K – $1.19M
NOI $71,649 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,940
Businesses Nearby
Explore this area
Business Placement
Demographics for 21157, MD
38,584
Population
15,466
Households
2.5
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
77.7 sq mi
ZIP Area
497
Density / Sq Mi
$102,835
Median Household Income
$50,254
Median Earnings
$1,236
Median Rent
$394,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Main-level offices and a tenant-occupied apartment create a flexible commercial and residential configuration.
Where is this mixed-use property located?
The property is located at 239-241 E MAIN St Westminster, MD.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,760‑square‑foot mixed‑use building with office, apartment, and basement areas; 1,380‑square‑foot main level with four offices, conference room, lobby, half bath, and beverage area; 1,380‑square‑foot, two‑bedroom apartment with potential for a 3rd bedroom
