Building Details

Year Built 1989

Buildings 1

Listing Agency: Whitehead Real Estate Exec.

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

Source: Compass

Added: Apr 19 Changed: Oct 11 Last Checked: Oct 15 at 1:14AM

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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 Whitehead Real Estate Exec.

Investment Insights

Based on property information with market context.

Located at 5 West Chestnut Street in Delmar, this 1,386-square-foot duplex contains two residential units: a first-floor two-bedroom, one-bath apartment and a second-floor one-bedroom, one-bath apartment. Both units are currently rented. Built in 1989, the property has vinyl siding, a newer roof, double-pane windows, and kitchen appliances including a dishwasher, electric oven/range, and refrigerator.

Separate electric meters serve the units. Tenants are responsible for water, sewer, electric, and internet expenses. The property is within Delmar city limits and carries R-1 zoning. Wicomico County Public Schools serves the property, and no pool is included.

Key Highlights

• Two‑unit duplex with a 2 bed / 1 bath first‑floor apartment and a 1 bed / 1 bath second‑floor apartment
• Both units are fully rented with established tenants in place
• 1,386 SF building constructed in 1989

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,696

Cap Rate

8.05%

Suggested Prices Based on Cap Rates

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

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 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. How Realmo checks its estimates

Property Analytics

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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

100%

Occupancy

Yes

Utilities to site

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

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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?

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Frequently Asked Questions

What type of property is this?

Duplex - Income-producing duplex with leased units, individual electric metering, and durable exterior improvements.

Where is this duplex located?

The property is located at 5 West 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: Two‑unit duplex with a 2 bed / 1 bath first‑floor apartment and a 1 bed / 1 bath second‑floor apartment; Both units are fully rented with established tenants in place; 1,386 SF building constructed in 1989