Updated Two-Unit
For Sale
$159,000
24 HILL Street, Frostburg, MD 21532
Multi-Family, FROSTBURG, MD
Property Size1,502 SF
Lot Size0.16 Acres
Price / SF$105.86
Days on Market203
Property Features for 24 HILL Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
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
1,502 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1840
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1900
Number of units
1
Building materials
Stick Built
Listing Agency:
Better Homes & Gardens Real Estate Old Line Group
(301) 689-0100
Listed By:
Jeremy Rice · License #5010595
(301) 697-0106
Added: Feb 23
Changed: Sep 13
Last Checked: Sep 14 at 11:06AM
MLS# MDAL2013950
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 two-unit duplex contains 1,502 square feet in an up-and-down arrangement. Each apartment includes two bedrooms, one full bathroom, a living room, and a kitchen. The property has been updated and is currently fully rented, with electric baseboard heating and stick-built construction dating to 1900.
Located at 24 Hill Street in Frostburg, Maryland, the property occupies 0.155 acres in Allegany County. Parking is provided on the street. Its two-apartment configuration and established occupancy offer a straightforward residential income property profile.
Located at 24 Hill Street in Frostburg, Maryland, the property occupies 0.155 acres in Allegany County. Parking is provided on the street. Its two-apartment configuration and established occupancy offer a straightforward residential income property profile.
Key Highlights
- Two‑unit up‑and‑down duplex with 1,502 square feet
- Each apartment has 2 bedrooms, 1 full bathroom, living room, and kitchen
- Fully rented with updated interiors
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Income-producing residential property with two separately configured apartments and current occupancy.
Where is this duplex located?
The property is located at 24 HILL Street 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 with 1,502 square feet; Each apartment has 2 bedrooms, 1 full bathroom, living room, and kitchen; Fully rented with updated interiors
