Updated Two-Unit
New
For Sale
$159,000
24 HILL ST, Frostburg, MD 21532
Each residence includes two bedrooms, a full bathroom, a living area, and a kitchen.
Property Size1,502 SF
Price / SF$105.86
Days on Market4
Property Features for 24 HILL ST
General Information
Standard status
Active
Size
1,502 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Listing Agency:
Better Homes & Gardens Real Estate Old Line Group
(301) 697-0106
Listed By:
Jeremy Rice · License #5010595
(301) 697-0106
Source:
Hostetterrealty
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 5:46PM
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 Better Homes & Gardens Real Estate Old Line Group
Investment Insights
Based on property information with market context.
This two-unit duplex is arranged with one residence above the other. Each home provides two bedrooms, one full bathroom, a living room, and a kitchen, creating a consistent layout across both units. The interiors have been updated, and both residences are currently rented.
Located at 24 Hill St in Frostburg, Maryland, the property offers an established residential income configuration with two separately occupied homes. The units share the same practical bedroom and common-area arrangement, while the current occupancy provides a fully leased setup.
Located at 24 Hill St in Frostburg, Maryland, the property offers an established residential income configuration with two separately occupied homes. The units share the same practical bedroom and common-area arrangement, while the current occupancy provides a fully leased setup.
Key Highlights
- Two‑unit up‑and‑down duplex configuration
- Each unit has 2 bedrooms and 1 full bathroom
- Both residences include a living room and 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
$10,167
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
6.39%
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%
$203,340
$203.3K
Cap Rate 7%
$145,243
$145.2K
Cap Rate 9%
$112,967
$113.0K
Market Conditions
NOI Build-Up for 1,502 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
$15.3K $10.20/SF
− Vacancy
−$797 −$0.53/SF
EGI
$14.5K $9.67/SF
− OpEx
−$4.4K −$2.90/SF
NOI
$10.2K $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%
$203,340
Cap Rate 7%
$145,243
Cap Rate 9%
$112,967
Alternative Uses
Best Use
Multifamily LT 5
$145.2K
$127.1K – $169.5K
NOI $10,167 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$134.5K
$117.7K – $157.0K
NOI $9,418 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$557.0K
$487.4K – $649.9K
NOI $38,991 @ 7.0% cap · market cap 24.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Explore this area
Business Placement
Demographics for 21532, MD
13,328
Population
6,044
Households
2.2
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
74.1 sq mi
ZIP Area
180
Density / Sq Mi
$60,158
Median Household Income
$33,054
Median Earnings
$839
Median Rent
$175,600
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 - Each residence includes two bedrooms, a full bathroom, a living area, and a kitchen.
Where is this duplex located?
The property is located at 24 HILL ST Frostburg, MD.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two‑unit up‑and‑down duplex configuration; Each unit has 2 bedrooms and 1 full bathroom; Both residences include a living room and kitchen
