Building Details

Year Built 1919

Year Renovated 2019

Buildings 1

Stories 2

Construction traditional

Listing Agency: Berkshire Hathaway HomeServices PenFed Realty - OP o***@penfedrealty.com Show Phone

Listed By: Sandra L Dougan · License #RS0024742 Show Phone

Source: Cummingsrealtors

Added: Oct 25 Changed: Oct 26 Last Checked: Oct 28 at 8:13AM

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Investment Insights

Based on property information with market context.

This two-level duplex contains 2,457 square feet of finished space, with a three-bedroom, one-bathroom residence on each floor. Both units have combined kitchen and living areas and their own entrances. The home was built in 1919 and extensively renovated in 2019; updates in 2026 included new kitchens, siding, gutters, and decking. The property is fully permitted.

Set on a level 0.58-acre lot, the property adjoins open space. The driveway accommodates up to four vehicles, with additional side parking also noted. An elementary school is nearby. The property is less than 10 miles from the airport, 15 minutes from Ocean City and Assateague Beaches, and about 10 minutes from Berlin. There is no HOA.

Key Highlights

• Two‑level duplex with a three‑bedroom, one‑bathroom residence on each floor
• 2,457 square feet of finished space
• Separate entrance for each residence; combined kitchen and living area in both

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,370

Cap Rate

7.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$627,400 $627.4K

Cap Rate 7%

$448,143 $448.1K

Cap Rate 9%

$348,556 $348.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,457 SF

Gross rent

$46.6K $18.96/SF

− Vacancy

−$1.8K −$0.72/SF

EGI

$44.8K $18.24/SF

− OpEx

−$13.4K −$5.47/SF

NOI

$31.4K $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%

$627,400

Cap Rate 7%

$448,143

Cap Rate 9%

$348,556

Alternative Uses

Best Use

Multifamily LT 5

$448.1K

$392.1K – $522.8K (±1% cap)

NOI $31,370 @ 7.0% cap · market cap 7.84%

Second Best

Apartment 5plus

$413.7K

$362.0K – $482.6K (±1% cap)

NOI $28,956 @ 7.0% cap · market cap 7.24%

Theoretical Best

Office A

$859.5K

$752.0K – $1.00M (±1% cap)

NOI $60,163 @ 7.0% cap · market cap 15.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

67

Businesses Nearby

Explore this area Business Placement

Demographics for 21874, MD

2,240

Population

768

Households

2.9

Avg Household Size

42

Median Age

19%

College-Educated

86%

High-School Grad

28.3 sq mi

ZIP Area

79

Density / Sq Mi

$74,545

Median Household Income

$39,318

Median Earnings

$1,480

Median Rent

$219,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Each residence offers three bedrooms, one bathroom, and a combined kitchen and living area.

Where is this duplex located?

The property is located at 7420 RICHARDSON STREET Willards, MD.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Two‑level duplex with a three‑bedroom, one‑bathroom residence on each floor; 2,457 square feet of finished space; Separate entrance for each residence; combined kitchen and living area in both