Triplex with Updated Unit
New
For Sale
$349,900
501 HIGH STREET, Chestertown, MD 21620
Three occupied apartments include hardwood flooring, mini-split systems in two units, and recent kitchen and bathroom improvements.
Property Size2,008 SF
Price / SF$174.25
Days on Market5
Property Features for 501 HIGH STREET
General Information
Standard status
Active
Size
2,008 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Building Details
Year Built
1900
Listing Agency:
Chesapeake Real Estate Associates, LLC
(410) 476-2201
Listed By:
Samantha A Grimes · License #535569
(410) 310-6426
Source:
Cummingsrealtors
Added: Oct 26
Changed: Oct 29
Last Checked: Oct 28 at 3:52PM
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 Chesapeake Real Estate Associates, LLC
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Investment Insights
Based on property information with market context.
This 2,008-square-foot triplex contains three occupied units. Hardwood floors are present in the apartments, and units 1 and 2 have mini-split systems. Unit 3 has an updated bathroom, while unit 2 features kitchen improvements that include new countertops and flooring.
Built in 1900, the property is located at 501 High Street in Chestertown, Maryland.
Built in 1900, the property is located at 501 High Street in Chestertown, Maryland.
Key Highlights
- Three occupied residential units
- 2,008 square feet; built in 1900
- Hardwood floors in the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,582
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,640
$591.6K
Cap Rate 7%
$422,600
$422.6K
Cap Rate 9%
$328,689
$328.7K
Market Conditions
NOI Build-Up for 2,008 SF
Gross rent
$44.6K $22.20/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$42.3K $21.05/SF
− OpEx
−$12.7K −$6.31/SF
NOI
$29.6K $14.73/SF
Area
Queen Anne's County, MD
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,640
Cap Rate 7%
$422,600
Cap Rate 9%
$328,689
Alternative Uses
Best Use
Multifamily LT 5
$422.6K
$369.8K – $493.0K
NOI $29,582 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$377.7K
$330.5K – $440.7K
NOI $26,439 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$481.1K
$420.9K – $561.2K
NOI $33,674 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Explore this area
Business Placement
Demographics for 21620, MD
12,726
Population
6,259
Households
2
Avg Household Size
46
Median Age
43%
College-Educated
93%
High-School Grad
118.7 sq mi
ZIP Area
107
Density / Sq Mi
$76,094
Median Household Income
$39,432
Median Earnings
$1,149
Median Rent
$318,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments include hardwood flooring, mini-split systems in two units, and recent kitchen and bathroom improvements.
Where is this triplex located?
The property is located at 501 HIGH STREET Chestertown, MD.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three occupied residential units; 2,008 square feet; built in 1900; Hardwood floors in the units
