Westminster Multifamily Asset For
For Sale
Contact for pricing
Pending
39 N Court St, Westminster, MD 21157
Fully occupied, renovated multifamily property in historic Westminster, Maryland.
Property Size6,276 SF
Days on Market197
Property Features for 39 N Court St
General Information
Standard status
Pending
Size
6,276 SF
Property subtype
Multifamily
Zoning
C-County Use
Occupancy
100%
Building Details
Year Built
1880
Units
6
Listing Agency:
Harbor Stone Advisors
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Jul 24 at 2:34PM
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 Harbor Stone Advisors
Investment Insights
Based on property information with market context.
North Court Apartments is a fully occupied multifamily asset located in Westminster, Maryland. Situated in the National Historic District of Downtown Westminster, the property offers a living experience near preserved historic architecture, boutique stores, and dining options. Downtown Westminster features an active community calendar with annual events and festivals. The property consists of 6 units, including one studio, three 1-bedroom units, and two 2-bedroom units. Prior ownership completed a comprehensive renovation of the property, including unit renovations. Typical unit features include stainless steel appliances, wood cabinets, formica countertops, hardwood/tile flooring, and in-unit washer dryers. The current owner refreshed two units, units 1 and 5, by adding granite countertops and modern hardware/fixtures. There is an opportunity for a new owner to organically increase rents. There is also an ability to monetize parking at the property. Currently, there is a garage on-site that is being used as storage for the property. A new owner can rent out the garage as a parking area for 1-2 cars. The property size is 6276 square feet.
Key Highlights
- Fully occupied multifamily asset in the heart of Westminster, MD.
- Located in the National Historic District of Downtown Westminster, offering walkable access to shops and restaurants.
- Comprehensive renovation completed by prior ownership, featuring stainless steel appliances and in‑unit washer/dryers.
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
$70,458
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
8.81%
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%
$1,409,160
$1.4M
Cap Rate 7%
$1,006,543
$1.0M
Cap Rate 9%
$782,867
$782.9K
Market Conditions
NOI Build-Up for 6,276 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
$135.6K $21.60/SF
− Vacancy
−$7.5K −$1.19/SF
EGI
$128.1K $20.41/SF
− OpEx
−$57.6K −$9.19/SF
NOI
$70.5K $11.23/SF
Area
Carroll County, MD
Vacancy
5.50%
Lease Rate
$21.60 /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%
$1,409,160
Cap Rate 7%
$1,006,543
Cap Rate 9%
$782,867
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$880.7K – $1.17M
NOI $70,458 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,923 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,940
Businesses Nearby
Explore this area
Business Placement
Demographics for 21157, MD
38,584
Population
15,466
Households
2.5
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
77.7 sq mi
ZIP Area
497
Density / Sq Mi
$102,835
Median Household Income
$50,254
Median Earnings
$1,236
Median Rent
$394,100
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?
Apartment building - Fully occupied, renovated multifamily property in historic Westminster, Maryland.
Where is this apartment building located?
The property is located at 39 N Court St Westminster, MD.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Fully occupied multifamily asset in the heart of Westminster, MD.; Located in the National Historic District of Downtown Westminster, offering walkable access to shops and restaurants.; Comprehensive renovation completed by prior ownership, featuring stainless steel appliances and in‑unit washer/dryers.
