Two-Unit Duplex Investment
New
For Sale
$299,900
29 N MAIN ST N, Smithsburg, MD 21783
Top-and-bottom configuration includes two leased two-bedroom residences in the Smithsburg school district.
Property Size1,732 SF
Price / SF$173.15
Days on Market4
Property Features for 29 N MAIN ST N
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Building Details
Tenancy
Multi
Listing Agency:
Real Estate Innovations
(301) 988-5844
Listed By:
William P Fouke · License #523944
(301) 988-5844
Source:
Sandrasellstheshore
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 9:21AM
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 Real Estate Innovations
Investment Insights
Based on property information with market context.
This two-unit duplex is arranged with one residence on each level, and both apartments contain two bedrooms. The property is located within the Smithsburg school district and is currently leased. The first-floor tenancy continues through May 2027, while the second-floor lease runs through January 2027.
The property reports a 10% gross return on investment. Showings require at least 24 hours’ notice, supporting coordinated access while the residences are occupied.
The property reports a 10% gross return on investment. Showings require at least 24 hours’ notice, supporting coordinated access while the residences are occupied.
Key Highlights
- Two‑unit duplex with one apartment on each floor
- Both residences feature two bedrooms
- Located in the Smithsburg school district
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
$18,168
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
6.06%
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%
$363,360
$363.4K
Cap Rate 7%
$259,543
$259.5K
Cap Rate 9%
$201,867
$201.9K
Market Conditions
NOI Build-Up for 1,732 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
$28.1K $16.20/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$26.0K $14.99/SF
− OpEx
−$7.8K −$4.50/SF
NOI
$18.2K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /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%
$363,360
Cap Rate 7%
$259,543
Cap Rate 9%
$201,867
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,168 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$232.9K
$203.8K – $271.7K
NOI $16,300 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$384.2K
$336.2K – $448.2K
NOI $26,894 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 21783, MD
9,306
Population
3,952
Households
2.4
Avg Household Size
42
Median Age
21%
College-Educated
90%
High-School Grad
47.6 sq mi
ZIP Area
196
Density / Sq Mi
$96,055
Median Household Income
$50,817
Median Earnings
$1,060
Median Rent
$330,100
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 - Top-and-bottom configuration includes two leased two-bedroom residences in the Smithsburg school district.
Where is this duplex located?
The property is located at 29 N MAIN ST N Smithsburg, MD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex with one apartment on each floor; Both residences feature two bedrooms; Located in the Smithsburg school district
