Improved Multifamily
For Sale
$295,000
90 Liberty St, Westminster, MD 21157
Multifamily asset with a new roof, updated plumbing, and newer hot water heaters.
Property Size1,520 SF
Price / SF$194.08
Days on Market25
Property Features for 90 Liberty St
General Information
Standard status
Active
Size
1,520 SF
Property subtype
Residential Income
Additional Details
Gross Income
$30,300
Taxes and HOA fees
Annual Taxes
$2,075
Listing Agency:
EXP Realty, LLC
(410) 236-1339
Listed By:
Corey N Campbell · License #581550
(410) 236-1339
Source:
Exprealty
Added: Jul 29
Changed: Aug 22
Last Checked: Aug 22 at 4:51AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 1,520-square-foot multifamily property at 90 Liberty St in Westminster, Maryland, includes several recent building updates. The roof has been replaced, plumbing beneath the first-floor bathroom has been renewed, and the hot water heaters are newer.
The property generates current gross rental income, and no city taxes apply. These details provide a clear overview of the building’s recent maintenance work and operating profile.
The property generates current gross rental income, and no city taxes apply. These details provide a clear overview of the building’s recent maintenance work and operating profile.
Key Highlights
- 1,520‑square‑foot multifamily property
- Brand‑new roof
- New plumbing beneath the first‑floor bathroom
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
$17,064
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
5.78%
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%
$341,280
$341.3K
Cap Rate 7%
$243,771
$243.8K
Cap Rate 9%
$189,600
$189.6K
Market Conditions
NOI Build-Up for 1,520 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
$32.8K $21.60/SF
− Vacancy
−$1.8K −$1.19/SF
EGI
$31.0K $20.41/SF
− OpEx
−$14.0K −$9.19/SF
NOI
$17.1K $11.23/SF
Area
Carroll County, MD
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$341,280
Cap Rate 7%
$243,771
Cap Rate 9%
$189,600
Alternative Uses
Best Use
Apartment 5plus
$243.8K
$213.3K – $284.4K
NOI $17,064 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$563.7K
$493.2K – $657.7K
NOI $39,459 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 21157, MD
38,584
Population
15,466
Households
2.5
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
77.7 sq mi
ZIP Area
497
Density / Sq Mi
$102,835
Median Household Income
$50,254
Median Earnings
$1,236
Median Rent
$394,100
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?
Multifamily property - Multifamily asset with a new roof, updated plumbing, and newer hot water heaters.
Where is this multifamily property located?
The property is located at 90 Liberty St Westminster, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,520‑square‑foot multifamily property; Brand‑new roof; New plumbing beneath the first‑floor bathroom
