Updated Two-Unit
For Sale
$179,000
449 Columbia St, Cumberland, MD 21502
Remodeled duplex with two-bedroom units and refreshed kitchens, baths, systems, and exterior components.
Property Size2,248 SF
Price / SF$79.63
Days on Market348
Property Features for 449 Columbia St
General Information
Standard status
Active
Size
2,248 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$988
Listing Agency:
Better Homes & Gardens Real Estate Old Line Group
(240) 362-4717
Listed By:
Destiny lynn Hair · License #5002170
(240) 362-4717
Source:
Exprealty
Added: Aug 30, 2025
Changed: Aug 12
Last Checked: Aug 12 at 3:12AM
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 Better Homes & Gardens Real Estate Old Line Group
Investment Insights
Based on property information with market context.
Located at 449 Columbia St in Cumberland, MD, this duplex contains two residential units totaling 2,248 square feet. Each unit includes two bedrooms; one has 1 full bath and the other has 1.5 baths. Both interiors have been comprehensively renovated with new flooring, redesigned kitchens, updated cabinetry and countertops, new appliances, and refreshed bathrooms.
Major building improvements extend beyond the interiors, including new siding, roof, windows, doors, plumbing, and forced-air heating systems. The two-unit configuration supports separate residential occupancy within one property, with each unit offering its own bedroom and bath arrangement.
Major building improvements extend beyond the interiors, including new siding, roof, windows, doors, plumbing, and forced-air heating systems. The two-unit configuration supports separate residential occupancy within one property, with each unit offering its own bedroom and bath arrangement.
Key Highlights
- 2,248‑square‑foot duplex with two separate residential units
- Both units provide 2 bedrooms
- Bath configuration includes 1 full bath and 1.5 baths
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
$15,216
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
8.50%
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%
$304,320
$304.3K
Cap Rate 7%
$217,371
$217.4K
Cap Rate 9%
$169,067
$169.1K
Market Conditions
NOI Build-Up for 2,248 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
$22.9K $10.20/SF
− Vacancy
−$1.2K −$0.53/SF
EGI
$21.7K $9.67/SF
− OpEx
−$6.5K −$2.90/SF
NOI
$15.2K $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%
$304,320
Cap Rate 7%
$217,371
Cap Rate 9%
$169,067
Alternative Uses
Best Use
Multifamily LT 5
$217.4K
$190.2K – $253.6K
NOI $15,216 @ 7.0% cap · market cap 8.50%
Second Best
Apartment 5plus
$201.4K
$176.2K – $234.9K
NOI $14,095 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$833.7K
$729.5K – $972.6K
NOI $58,357 @ 7.0% cap · market cap 32.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,060
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?
Duplex - Remodeled duplex with two-bedroom units and refreshed kitchens, baths, systems, and exterior components.
Where is this duplex located?
The property is located at 449 Columbia St Cumberland, MD.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 2,248‑square‑foot duplex with two separate residential units; Both units provide 2 bedrooms; Bath configuration includes 1 full bath and 1.5 baths
