Multifamily Property with Enclosed
For Sale
Contact for pricing
509 MARYLAND AVE, Westernport, MD 21562
Residential income property in city limits with an enclosed porch and R zoning.
Property Size1,524 SF
Price / SF$19.36
Days on Market202
Property Features for 509 MARYLAND AVE
General Information
Standard status
Active
Size
1,524 SF
Property subtype
Multi-Family
Listing Agency:
Appalachian Realty
(301) 759-9179
Listed By:
Linda S Deremer · License #38908
(240) 727-0784
Source:
Floridarodriguez.myrealestateplatform
Added: Apr 2
Changed: Oct 2
Last Checked: Oct 16 at 8:29AM
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 Appalachian Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multifamily property at 509 Maryland Avenue includes 1,524 square feet of property size, an enclosed porch, and no swimming pool. The structure dates to 1919 and is located within the city limits of Westernport, Maryland.
The property is in Allegany County and falls within the Allegany County Public Schools district. R zoning is identified for the site.
The property is in Allegany County and falls within the Allegany County Public Schools district. R zoning is identified for the site.
Key Highlights
- 1,524 square feet of property size
- Built in 1919
- Enclosed porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,555
Suggested Prices Based on Cap Rates
Cap Rate 5%
$191,100
$191.1K
Cap Rate 7%
$136,500
$136.5K
Cap Rate 9%
$106,167
$106.2K
Market Conditions
NOI Build-Up for 1,524 SF
Gross rent
$18.3K $12.00/SF
− Vacancy
−$914 −$0.60/SF
EGI
$17.4K $11.40/SF
− OpEx
−$7.8K −$5.13/SF
NOI
$9.6K $6.27/SF
Area
Allegany County, MD
Vacancy
5.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$191,100
Cap Rate 7%
$136,500
Cap Rate 9%
$106,167
Alternative Uses
Best Use
Apartment 5plus
$136.5K
$119.4K – $159.3K
NOI $9,555 @ 7.0% cap · market cap 32.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$565.2K
$494.5K – $659.4K
NOI $39,563 @ 7.0% cap · market cap 134.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
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Business Placement
Demographics for 21562, MD
2,857
Population
1,517
Households
1.9
Avg Household Size
45
Median Age
14%
College-Educated
92%
High-School Grad
28.9 sq mi
ZIP Area
99
Density / Sq Mi
$53,056
Median Household Income
$32,825
Median Earnings
$461
Median Rent
$113,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Residential income property in city limits with an enclosed porch and R zoning.
Where is this multifamily property located?
The property is located at 509 MARYLAND AVE Westernport, MD.
What are key features of this property?
This property features: 1,524 square feet of property size; Built in 1919; Enclosed porch
