301 N PARK DRIVE, Salisbury, MD 21804

Building Details

Year Built 1972 More

Listing Agency: ERA Martin Associates Show Phone

Listed By: Min Kyung Pi · License #650960 Show Phone

Source: Cummingsrealtors

Added: Nov 6 Changed: Nov 8 Last Checked: Nov 8 at 4:19PM

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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 ERA Martin Associates

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Investment Insights

Based on property information with market context.

This 1972 duplex contains two residences with a combined seven bedrooms and five full bathrooms. The lower unit has three bedrooms, one bath, a kitchen, a great room, and a bonus room. The upper residence includes four bedrooms and four baths, plus a kitchen with breakfast and formal dining areas, a living room, and a separate sitting room. LVP flooring is present in both units, and the upper living room has a brick accent wall. Two upper bedrooms have private en-suite baths; the other two have attached baths accessible from the hall. The primary suite features a vaulted ceiling, step-in shower, and double-sink vanity.

Set on a corner lot overlooking a city park, the property also includes a side porch with park views and an oversized two-car garage with storage space.

Key Highlights

• Two‑unit duplex with seven bedrooms and five full bathrooms
• Lower residence includes 3 bedrooms, 1 full bath, kitchen, great room, and bonus room
• Upper residence has 4 bedrooms and 4 full baths

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$59,216

Cap Rate

7.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,184,320 $1.2M

Cap Rate 7%

$845,943 $845.9K

Cap Rate 9%

$657,956 $658.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,638 SF

Gross rent

$87.9K $18.96/SF

− Vacancy

−$3.3K −$0.72/SF

EGI

$84.6K $18.24/SF

− OpEx

−$25.4K −$5.47/SF

NOI

$59.2K $12.77/SF

Area

Wicomico County, MD

Vacancy

3.80%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,184,320

Cap Rate 7%

$845,943

Cap Rate 9%

$657,956

Alternative Uses

Best Use

Multifamily LT 5

$845.9K

$740.2K – $986.9K (±1% cap)

NOI $59,216 @ 7.0% cap · market cap 7.91%

Second Best

Apartment 5plus

$780.8K

$683.2K – $911.0K (±1% cap)

NOI $54,659 @ 7.0% cap · market cap 7.30%

Theoretical Best

Office A

$1.62M

$1.42M – $1.89M (±1% cap)

NOI $113,569 @ 7.0% cap · market cap 15.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

644

Businesses Nearby

Explore this area Business Placement

Demographics for 21804, MD

40,049

Population

16,736

Households

2.4

Avg Household Size

37

Median Age

28%

College-Educated

89%

High-School Grad

68.6 sq mi

ZIP Area

584

Density / Sq Mi

$68,882

Median Household Income

$35,902

Median Earnings

$1,343

Median Rent

$230,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two distinct residences offer separate kitchens, flexible living areas, and an oversized garage.

Where is this duplex located?

The property is located at 301 N PARK DRIVE Salisbury, MD.

What is the asking price?

The asking price for this property is $749,000.

What are key features of this property?

This property features: Two‑unit duplex with seven bedrooms and five full bathrooms; Lower residence includes 3 bedrooms, 1 full bath, kitchen, great room, and bonus room; Upper residence has 4 bedrooms and 4 full baths