Top-and-Bottom
For Sale
$299,900
29 N MAIN Street N, Smithsburg, MD 21783
Multi-Family, SMITHSBURG, MD
Property Size1,732 SF
Lot Size0.50 Acres
Price / SF$173.15
Days on Market209
Property Features for 29 N MAIN Street N
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
1
Parking features
Garage - Detached, On Street
Appliances
Refrigerator, Stove
Subdivision
SMITHSBURG
Elementary school
SMITHBURG
Middle school
SMITHSBURG
High school
SMITHSBURG
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,732 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Annual Amount
1583
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1860
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Real Estate Innovations · Coldwell Banker Real Estate
(301) 745-1500
Listed By:
William P Fouke · License #523944
(301) 988-5844
Added: Feb 19
Changed: Sep 13
Last Checked: Sep 16 at 12:06AM
MLS# MDWA2034386
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 top-and-bottom duplex contains two two-bedroom residences within a 1,732-square-foot Colonial frame structure built in 1860. The property includes a basement, electric baseboard heat, refrigerators, and stoves. Parking is provided by a detached garage along with on-street spaces, and the parcel encompasses 0.5 acres.
Located at 29 N Main Street N in Smithsburg, the property is within the Smithsburg school district. The first-floor lease runs through May 2027, while the second-floor lease ends in January 2027. A 24-hour notice is required for showings.
Located at 29 N Main Street N in Smithsburg, the property is within the Smithsburg school district. The first-floor lease runs through May 2027, while the second-floor lease ends in January 2027. A 24-hour notice is required for showings.
Key Highlights
- Two two‑bedroom units in a top‑and‑bottom duplex
- 1,732‑square‑foot building on a 0.5‑acre parcel
- Built in 1860 with Colonial architecture and frame construction
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
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 leased two-bedroom units occupy a Colonial frame property with detached garage parking.
Where is this duplex located?
The property is located at 29 N MAIN Street 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 two‑bedroom units in a top‑and‑bottom duplex; 1,732‑square‑foot building on a 0.5‑acre parcel; Built in 1860 with Colonial architecture and frame construction
