Duplex with Separate Electric
For Sale
$225,000
5 West Chestnut Street, Delmar, MD 21875
Income-producing duplex with leased units, individual electric metering, and durable exterior improvements.
Property Size1,386 SF
Price / SF$162.34
Days on Market132
Property Features for 5 West Chestnut Street
General Information
Standard status
Active
Size
1,386 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-1
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,843
Amenities
Dishwasher, Oven/Range - Electric, Refrigerator
Double Pane
No Pool
Building Details
Year Built
1989
Buildings
1
Listing Agency:
Whitehead Real Estate Exec.
(443) 235-6735
Listed By:
Colby B Phippin · License #672504
(443) 235-6735
Source:
Compass
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 12:53AM
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.
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 = 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
7.86%
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
NOI $17,696 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$233.3K
$204.2K – $272.2K
NOI $16,334 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,938 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $225,000.
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
