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 16 at 11:28AM

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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

Is this asking price fair?

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

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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