Historic Furnished Short-Term Rental
For Sale
$749,000
31 N Main St, Port Deposit, MD 21904
Operating furnished lodging property with multiple guest accommodations, outdoor gathering areas, and a separate cottage.
Property Size2,496 SF
Price / SF$300.08
Days on Market16
Property Features for 31 N Main St
General Information
Standard status
Active
Size
2,496 SF
Units
Unit Mix
1 x Sunnyside Apartment (1BR/1BA), 1 x Kings Quarters (3BR/1.5BA), 1 x Queen Suite (1BR/1BA), 1 x The Cottage (2BR/1BA)
Multifamily Units
4
Additional Details
Furnished
Yes
Business Included
Yes
Amenities
front sitting porch
back deck
fish pond
courtyard
gravel parking lot
Building Details
Year Built
1902
Buildings
2
Construction
Victorian-style
Listing Agency:
Hostetter Realty
(717) 587-2481
Listed By:
Jacob D. Fisher · License #RS325195
Source:
Elkaimpropertygroup
Added: Aug 14
Changed: Aug 27
Last Checked: Aug 28 at 12:44PM
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 Hostetter Realty
Investment Insights
Based on property information with market context.
Built in 1902, this Victorian-style short-term rental property includes a main house with three guest accommodations: The Sunnyside Apartment offers 1 bedroom and 1 full bath; The Kings Quarters includes 3 bedrooms and 1 1/2 full baths; and The Queen Suite provides 1 bedroom and 1 full bath. A separate cottage across the courtyard adds 2 bedrooms, 1 full bath, and a flexible bonus room.
Outdoor features include a large front sitting porch, an open rear deck overlooking a fish pond, and a gravel parking lot serving multiple guests. The property is being sold fully furnished, with furnishings and appliances included. It is located six blocks from a public boat and kayak launch and two miles from Great Wolf Lodge and Hollywood Casino. The property size is 2,496 square feet.
Outdoor features include a large front sitting porch, an open rear deck overlooking a fish pond, and a gravel parking lot serving multiple guests. The property is being sold fully furnished, with furnishings and appliances included. It is located six blocks from a public boat and kayak launch and two miles from Great Wolf Lodge and Hollywood Casino. The property size is 2,496 square feet.
Key Highlights
- Operating short‑term rental property with three main‑house accommodations and a separate cottage
- Main house includes 5 bedrooms and 3 guest accommodations
- Separate cottage offers 2 bedrooms, 1 full bath, and a flexible bonus room
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
$21,872
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
2.92%
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%
$437,440
$437.4K
Cap Rate 7%
$312,457
$312.5K
Cap Rate 9%
$243,022
$243.0K
Market Conditions
NOI Build-Up for 2,496 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
$42.5K $17.04/SF
− Vacancy
−$2.8K −$1.11/SF
EGI
$39.8K $15.93/SF
− OpEx
−$17.9K −$7.17/SF
NOI
$21.9K $8.76/SF
Area
Cecil County, MD
Vacancy
6.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$437,440
Cap Rate 7%
$312,457
Cap Rate 9%
$243,022
Alternative Uses
Best Use
Apartment 5plus
$312.5K
$273.4K – $364.5K
NOI $21,872 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$925.6K
$809.9K – $1.08M
NOI $64,795 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 21904, MD
6,689
Population
2,787
Households
2.4
Avg Household Size
43
Median Age
25%
College-Educated
91%
High-School Grad
23.6 sq mi
ZIP Area
283
Density / Sq Mi
$84,375
Median Household Income
$52,247
Median Earnings
$1,245
Median Rent
$318,800
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?
Short term rental property - Operating furnished lodging property with multiple guest accommodations, outdoor gathering areas, and a separate cottage.
Where is this short term rental property located?
The property is located at 31 N Main St Port Deposit, 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: Operating short‑term rental property with three main‑house accommodations and a separate cottage; Main house includes 5 bedrooms and 3 guest accommodations; Separate cottage offers 2 bedrooms, 1 full bath, and a flexible bonus room
