Updated Triplex with Three
New
For Sale
$204,000
446-448 GOETHE ST, Cumberland, MD 21502
Separately metered residences feature updated kitchens, bathrooms, and flooring throughout.
Property Size1,984 SF
Price / SF$102.82
Days on Market4
Property Features for 446-448 GOETHE ST
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR, 2 x 1BR
Multifamily Units
3
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(301) 745-1620
Listed By:
Joshua L Woods · License #625976
(240) 469-8172
Source:
Graves
Added: Sep 20
Last Checked: Sep 22 at 4:01PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This 1,984-square-foot triplex contains one two-bedroom residence and two one-bedroom residences. Interior improvements include updated flooring throughout the units, refreshed kitchens with modern countertops, and bathrooms with updated showers and vanities. The property is configured for three separate residences, with individual meters supporting each unit.
Located in Cumberland, the property is minutes from shopping, restaurants, and major highways. All three electrical panels have been updated, adding a notable systems improvement to the building. The unit mix and interior updates provide a clear multifamily configuration for an owner seeking multiple residences within one property.
Located in Cumberland, the property is minutes from shopping, restaurants, and major highways. All three electrical panels have been updated, adding a notable systems improvement to the building. The unit mix and interior updates provide a clear multifamily configuration for an owner seeking multiple residences within one property.
Key Highlights
- 1,984‑square‑foot triplex with one 2‑bedroom unit and two 1‑bedroom units
- Three separate meters serve the individual residences
- All 3 electrical panels have been updated
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
$13,429
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
6.58%
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%
$268,580
$268.6K
Cap Rate 7%
$191,843
$191.8K
Cap Rate 9%
$149,211
$149.2K
Market Conditions
NOI Build-Up for 1,984 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
$20.2K $10.20/SF
− Vacancy
−$1.1K −$0.53/SF
EGI
$19.2K $9.67/SF
− OpEx
−$5.8K −$2.90/SF
NOI
$13.4K $6.77/SF
Area
Allegany County, MD
Vacancy
5.20%
Lease Rate
$10.20 /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%
$268,580
Cap Rate 7%
$191,843
Cap Rate 9%
$149,211
Alternative Uses
Best Use
Multifamily LT 5
$191.8K
$167.9K – $223.8K
NOI $13,429 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$177.7K
$155.5K – $207.3K
NOI $12,440 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$735.8K
$643.8K – $858.4K
NOI $51,504 @ 7.0% cap · market cap 25.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 21502, MD
41,153
Population
19,562
Households
2.1
Avg Household Size
44
Median Age
20%
College-Educated
89%
High-School Grad
92.1 sq mi
ZIP Area
447
Density / Sq Mi
$58,721
Median Household Income
$39,507
Median Earnings
$771
Median Rent
$151,400
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 - Separately metered residences feature updated kitchens, bathrooms, and flooring throughout.
Where is this triplex located?
The property is located at 446-448 GOETHE ST Cumberland, MD.
What is the asking price?
The asking price for this property is $204,000.
What are key features of this property?
This property features: 1,984‑square‑foot triplex with one 2‑bedroom unit and two 1‑bedroom units; Three separate meters serve the individual residences; All 3 electrical panels have been updated
