Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    229 Union St Cumberland, MD 21502

    • Commercial real estate
    • 5,160 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0767163
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 229 Union St

    Property size
    5,160 SF
    Property type
    Commercial real estate

    Description

    This well-maintained, five-unit apartment building is located in the heart of downtown Cumberland, Maryland, just two blocks from restaurants and attractions. Boasting 5,160 square feet, this fee-simple property offers a compelling investment opportunity at $299,900 ($58.12/sq ft and $59,980/unit). The solid brick construction ensures durability, while recent upgrades include a complete overhaul of the building's electrical systems. The city has also invested in infrastructure improvements, updating all water and gas lines. Each of the five units is currently rented, providing immediate cash flow. Further income potential exists through a basement laundry facility equipped with two coin-operated washers and dryers, and a rentable garage for additional storage. Enjoy stunning views of the Allegany Mountains, and benefit from the property's proximity to Amtrak and Western Maryland Railroad stops, as well as the C&O Canal. This property presents a rare chance to acquire a profitable, well-situated multifamily investment in a vibrant downtown location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cumberland
    County
    Allegany
    State
    Maryland
    Longitude
    -78.756575682423
    Latitude
    39.651631479891

    Comparable in this City

    • $600,000
      13,072 SF

      National Hwy Mixed-Use Property

      8-Unit Apartment Building, High Traffic Location
      1068 National Hwy, La Vale, MD 21502
      View Details
    • $425,000

      Mixed-Use Investment Property For Sale

      Fully occupied investment property with renovation potential in Cumberland, MD.
      436- N Centre St, Cumberland, MD 21502
      View Details
    • $389,900

      Turn-Key Ready Apartment Complex

      Nine-unit apartment complex near I-68, outside city limits.
      513 National Hwy, Lavale, MD 21502
      View Details
    • $220,000

      Turnkey Mixed-Use Investment Property

      Rented mixed-use property with parking and solar panels.
      313 Springdale St, Cumberland, MD 21502
      View Details
    • $74,000
      3,136 SF

      Duplex in Cumberland, Maryland

      Duplex with renovation potential in a growing neighborhood.
      516 Shriver Ave, Cumberland, MD 21502
      View Details
    • $109,999
      1,898 SF

      Cumberland Fourplex: Investor Special

      Four-unit property, ideal for rental income and value-add opportunities.
      703 Baker St, Cumberland, MD 21502
      View Details

    Similar Nearby for Sale

    • $600,000
      13,072 SF

      National Hwy Mixed-Use Property

      8-Unit Apartment Building, High Traffic Location
      1068 National Hwy, La Vale, MD 21502
      View Details
    • $220,000

      Turnkey Mixed-Use Investment Property

      Rented mixed-use property with parking and solar panels.
      313 Springdale St, Cumberland, MD 21502
      View Details
    • $425,000

      Mixed-Use Investment Property For Sale

      Fully occupied investment property with renovation potential in Cumberland, MD.
      436- N Centre St, Cumberland, MD 21502
      View Details
    • $389,900

      Turn-Key Ready Apartment Complex

      Nine-unit apartment complex near I-68, outside city limits.
      513 National Hwy, Lavale, MD 21502
      View Details
    • $139,000
      2,244 SF

      Duplex on National Highway

      Duplex in Lavale, MD, fully rented, generating $1,700/month income.
      982 National Hwy, Lavale, MD 21502
      View Details
    • Contact for pricing

      Mobile Home on Rented Lot

      Mobile home with two porches on rented lot.
      14201 Winchester Rd, Cresaptown, MD 21502
      View Details

    Similar Nearby for Lease

    • $1,100 /Mo

      Cumberland Retail/Office Space Available

      Retail and office spaces available for lease in Cumberland.
      503 Pine Ave, Cumberland, MD 21502
      View Details
    • Contact for pricing
      594,069 SF

      Country Club Mall Retail Space

      Prime La Vale, MD Retail Opportunity
      1262 Vocke Rd, La Vale, MD 21502
      View Details
    • Contact for pricing
      2,400 SF

      Neighborhood Shopping Center Space

      87,464 SF shopping center in Cumberland, Maryland for lease.
      721 Park St, Cumberland, MD 21502
      View Details
    • Contact for pricing
      5,810 SF

      South Cumberland Retail Spaces

      Prime Retail Space, Multiple Units Available
      1050 Industrial Blvd, Cumberland, MD 21502
      View Details
    • $1,200 /Mo
      14,810 SF

      CUMBERLAND Office Space For Lease

      Second-floor office space with included utilities and flexible rental options.
      117 Valley St, Cumberland, MD 21502
      View Details
    • $10 SF/Yr

      Flexible Space with Multiple Sections

      Adaptable space with offices, open areas, and metal building.
      21 Lane Ave, Lavale, MD 21502
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    229 Union St
    Cumberland, MD 21502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.