Building Details

Year built 1989

Number of units 2

Building materials Vinyl Siding

Architectural style Cape Cod

Listing Agency: Whitehead Real Estate Exec. w***@comcast.net Show Phone

Listed By: Colby B Phippin · License #672504 Show Phone

Added: Apr 22 Changed: Sep 13 Last Checked: Sep 14 at 1:06PM

Report an Issue

MLS# MDWC2022592

Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This Cape Cod duplex contains 1,386 square feet arranged as two separate residences: a first-floor 2-bedroom, 1-bath unit and a second-floor 1-bedroom, 1-bath unit. Both units are fully rented, and the property includes vinyl siding, a newer roof, double-pane windows, electric baseboard heat, and off-street parking. Appliances include a dishwasher, electric oven/range, and refrigerator.

Built in 1989, the property has separate electric meters. Tenants are responsible for water, sewer, electric, and internet expenses. The parcel encompasses 0.2 acres at 5 W Chestnut Street in Delmar, Maryland.

Key Highlights

• 1,386‑square‑foot duplex with two residential units
• First‑floor unit offers 2 bedrooms and 1 bath
• Second‑floor unit provides 1 bedroom and 1 bath

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

$17,696

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

8.05%

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%

$353,920 $353.9K

Cap Rate 7%

$252,800 $252.8K

Cap Rate 9%

$196,622 $196.6K

Market Conditions

NOI Build-Up for 1,386 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

$26.3K $18.96/SF

− Vacancy

−$999 −$0.72/SF

EGI

$25.3K $18.24/SF

− OpEx

−$7.6K −$5.47/SF

NOI

$17.7K $12.77/SF

Area

Wicomico County, MD

Vacancy

3.80%

Lease Rate

$18.96 /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%

$353,920

Cap Rate 7%

$252,800

Cap Rate 9%

$196,622

Alternative Uses

Best Use

Multifamily LT 5

$252.8K

$221.2K – $294.9K (±1% cap)

NOI $17,696 @ 7.0% cap · market cap 8.05%

Second Best

Apartment 5plus

$233.3K

$204.2K – $272.2K (±1% cap)

NOI $16,334 @ 7.0% cap · market cap 7.43%

Theoretical Best

Office A

$484.8K

$424.2K – $565.6K (±1% cap)

NOI $33,938 @ 7.0% cap · market cap 15.43%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Crystal's Daycare Daycare Center DEEMANNGAMING Arcade & Gaming Center

Suggested Use

Top Pick Real Estate Agency Dental Office Auto Parts Store Parking Lot & Garage HVAC Service Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

259

Businesses Nearby

Explore this area Business Placement

Demographics for 21875, MD

7,231

Population

3,553

Households

2

Avg Household Size

40

Median Age

27%

College-Educated

91%

High-School Grad

24.4 sq mi

ZIP Area

296

Density / Sq Mi

$76,007

Median Household Income

$51,107

Median Earnings

$1,320

Median Rent

$226,600

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Retail Office Building

8640 Ocean Hwy, Delmar, MD 21875

Contact for pricing

3,000 SF

View details

Duplex with Separate Electric Meters

5 West Chestnut Street, Delmar, MD 21875

$219,900

1,386 SF

View details

Delmar Specialty Property For Sale

9509 RUM RIDGE Rd, Delmar, MD 21875

$620,000

1.72 Acres

View details

Specialty Development Site

9245 Ocean Hwy, Delmar, MD 21875

Contact for pricing

1.15 Acres

View details

Frequently Asked Questions

What type of property is this?

Duplex - Fully rented two-unit property with separate electric meters and tenant-paid utilities.

Where is this duplex located?

The property is located at 5 W CHESTNUT Street Delmar, MD.

What is the asking price?

The asking price for this property is $219,900.

What are key features of this property?

This property features: 1,386‑square‑foot duplex with two residential units; First‑floor unit offers 2 bedrooms and 1 bath; Second‑floor unit provides 1 bedroom and 1 bath