Three-Unit Multifamily
New
For Sale
$345,000
3245 LONG Ln, Manchester, MD 21102
Fully occupied apartments offer established tenancy, private outdoor areas, and paved off-street parking near Main Street.
Property Size2,400 SF
Price / SF$143.75
Days on Market5
Property Features for 3245 LONG Ln
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,004
Amenities
yard
patio
covered porch
off-street parking
private balconies
shared laundry room
Building Details
Building Size
2,400 SF
Year Built
1950
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Cummings & Co. Realtors
(410) 274-0004
Listed By:
Meg K Weetenkamp · License #574732
(410) 274-0004
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 11:23AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This three-unit property contains approximately 2,400 square feet of living space across two levels. The unit mix includes two one-bedroom apartments of approximately 600 square feet each and one two-bedroom apartment of approximately 800 square feet. Each residence includes a kitchen, living room, full bathroom, and additional flex room. Two upper-level units have private balconies, while the lower-level apartment provides direct access to a private patio. A shared laundry room serves one unit.
All three apartments are occupied, with tenants in place for more than nine years. Current leases extend through October 31, 2026. The property also offers a large yard and paved side parking area. Recent maintenance includes a new water heater installed in 2026 and newer electric meters. The sale includes a Maryland Department of the Environment Lead-Free Certificate. Located at 3245 LONG Ln in Manchester, the property is one block from Main Street and within walking distance of shops, restaurants, and local conveniences.
All three apartments are occupied, with tenants in place for more than nine years. Current leases extend through October 31, 2026. The property also offers a large yard and paved side parking area. Recent maintenance includes a new water heater installed in 2026 and newer electric meters. The sale includes a Maryland Department of the Environment Lead-Free Certificate. Located at 3245 LONG Ln in Manchester, the property is one block from Main Street and within walking distance of shops, restaurants, and local conveniences.
Key Highlights
- Three occupied apartments: two approximately 600‑square‑foot one‑bedroom units and one approximately 800‑square‑foot two‑bedroom unit
- Approximately 2,400 square feet across two levels on a spacious lot
- Tenants have occupied the units for more than nine years; current leases run through October 31, 2026
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
$31,190
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
9.04%
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%
$623,800
$623.8K
Cap Rate 7%
$445,571
$445.6K
Cap Rate 9%
$346,556
$346.6K
Market Conditions
NOI Build-Up for 2,400 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
$46.7K $19.44/SF
− Vacancy
−$2.1K −$0.87/SF
EGI
$44.6K $18.57/SF
− OpEx
−$13.4K −$5.57/SF
NOI
$31.2K $13.00/SF
Area
Carroll County, MD
Vacancy
4.50%
Lease Rate
$19.44 /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%
$623,800
Cap Rate 7%
$445,571
Cap Rate 9%
$346,556
Alternative Uses
Best Use
Multifamily LT 5
$445.6K
$389.9K – $519.8K
NOI $31,190 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$384.9K
$336.8K – $449.1K
NOI $26,944 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$890.0K
$778.8K – $1.04M
NOI $62,303 @ 7.0% cap · market cap 18.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Explore this area
Business Placement
Demographics for 21102, MD
12,100
Population
4,513
Households
2.7
Avg Household Size
43
Median Age
32%
College-Educated
98%
High-School Grad
40.6 sq mi
ZIP Area
298
Density / Sq Mi
$119,535
Median Household Income
$58,900
Median Earnings
$1,498
Median Rent
$374,600
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?
Triplex - Fully occupied apartments offer established tenancy, private outdoor areas, and paved off-street parking near Main Street.
Where is this triplex located?
The property is located at 3245 LONG Ln Manchester, MD.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Three occupied apartments: two approximately 600‑square‑foot one‑bedroom units and one approximately 800‑square‑foot two‑bedroom unit; Approximately 2,400 square feet across two levels on a spacious lot; Tenants have occupied the units for more than nine years; current leases run through October 31, 2026
