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193 Glenn St 22 Unit Apartment Building $1,700,000 ($77,273/Unit) 8.35% Cap Rate Frostburg, MD 21532
Executive Summary
FIVE TAX ACCOUNTS! 22 Market Rate family rentals at the edge of a beautiful University Town. Usually near full occupancy and about 200/month below market rents allow an easy improvement in the bottom line for the new owners. Many recent updates and improvements inside and out and rent increases with little pushback from old and new tenants.
This property was purchased by a Development Company 2022 from an estate with lots of deferred maintenance and rent way below market... rents have been moved closer to market (refreshed small townhomes easily fetch $1,000+ all utilities now) - so potential remains to continue increasing the investment returns here.
201 Glenn Street, Frostburg, Maryland 21532 (Account #0112 008376); (vi) 193 Glenn Street, Frostburg, Maryland 21532 (Account #0112 003560); (vii) 187 Glenn Street, Frostburg, Maryland 21532 (Account #0112 014783); (viii) [___] Spring Street, Frostburg, Maryland 21532 (Account #0112 014880); and (ix) [___] SE Spring Street, Frostburg, Maryland 21532 (Account #0112 001959) (collectively, the “Glenn Street Parcels”),
Frostburg, MD is a small town located in the Appalachian Mountains. It has a population of about 8,500 people and is known for its picturesque views and small-town charm. Residents enjoy exploring the nearby mountains and streams, as well as taking part in local events such as art festivals, farmers markets, and live music concerts. The community is made up of individuals from all walks of life who share a common respect for each other. Living in Frostburg is great for those looking to get away from the hustle and bustle of city life but still have access to all the necessary amenities. Whether you're looking to take in some outdoor activities or simply enjoy the peace and quiet, Frostburg is sure to provide an enjoyable experience. Small metro area set in the mountains and valleys of the Mideast region. Primary industries include manufacturing and government. - Situated in western Maryland, along the Potomac River, 40 miles west of Hagerstown and 25 miles east of Morgantown, West Virginia..
This property was purchased by a Development Company 2022 from an estate with lots of deferred maintenance and rent way below market... rents have been moved closer to market (refreshed small townhomes easily fetch $1,000+ all utilities now) - so potential remains to continue increasing the investment returns here.
201 Glenn Street, Frostburg, Maryland 21532 (Account #0112 008376); (vi) 193 Glenn Street, Frostburg, Maryland 21532 (Account #0112 003560); (vii) 187 Glenn Street, Frostburg, Maryland 21532 (Account #0112 014783); (viii) [___] Spring Street, Frostburg, Maryland 21532 (Account #0112 014880); and (ix) [___] SE Spring Street, Frostburg, Maryland 21532 (Account #0112 001959) (collectively, the “Glenn Street Parcels”),
Frostburg, MD is a small town located in the Appalachian Mountains. It has a population of about 8,500 people and is known for its picturesque views and small-town charm. Residents enjoy exploring the nearby mountains and streams, as well as taking part in local events such as art festivals, farmers markets, and live music concerts. The community is made up of individuals from all walks of life who share a common respect for each other. Living in Frostburg is great for those looking to get away from the hustle and bustle of city life but still have access to all the necessary amenities. Whether you're looking to take in some outdoor activities or simply enjoy the peace and quiet, Frostburg is sure to provide an enjoyable experience. Small metro area set in the mountains and valleys of the Mideast region. Primary industries include manufacturing and government. - Situated in western Maryland, along the Potomac River, 40 miles west of Hagerstown and 25 miles east of Morgantown, West Virginia..
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$222,240
|
$20.93
|
| Other Income |
$19,980
|
$1.88
|
| Vacancy Loss |
$11,112
|
$1.05
|
| Effective Gross Income |
$231,108
|
$21.76
|
| Taxes |
$24,209
|
$2.28
|
| Operating Expenses |
$64,868
|
$6.11
|
| Total Expenses |
$89,077
|
$8.39
|
| Net Operating Income |
$142,031
|
$13.37
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $222,240 |
| Annual Per SF | $20.93 |
| Other Income | |
|---|---|
| Annual | $19,980 |
| Annual Per SF | $1.88 |
| Vacancy Loss | |
|---|---|
| Annual | $11,112 |
| Annual Per SF | $1.05 |
| Effective Gross Income | |
|---|---|
| Annual | $231,108 |
| Annual Per SF | $21.76 |
| Taxes | |
|---|---|
| Annual | $24,209 |
| Annual Per SF | $2.28 |
| Operating Expenses | |
|---|---|
| Annual | $64,868 |
| Annual Per SF | $6.11 |
| Total Expenses | |
|---|---|
| Annual | $89,077 |
| Annual Per SF | $8.39 |
| Net Operating Income | |
|---|---|
| Annual | $142,031 |
| Annual Per SF | $13.37 |
Property Facts
| Price | $1,700,000 | Apartment Style | Townhome |
| Price Per Unit | $77,273 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.71 AC |
| Cap Rate | 8.35% | Building Size | 22,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 90% |
| Gross Rent Multiplier | 8.09 | No. Stories | 2 |
| No. Units | 22 | Year Built/Renovated | 1988/2024 |
| Property Type | Multifamily | Parking Ratio | 1.82/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2-A - City of Frostburg Multi-Family low density https://www.frostburgcity.org/1237/Planning-and-Zoning Potential for additional units See ALTA pdf | ||
| Price | $1,700,000 |
| Price Per Unit | $77,273 |
| Sale Type | Investment |
| Cap Rate | 8.35% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.09 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 0.71 AC |
| Building Size | 22,000 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1988/2024 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | R2-A - City of Frostburg Multi-Family low density https://www.frostburgcity.org/1237/Planning-and-Zoning Potential for additional units See ALTA pdf |
Amenities
Site Amenities
- 24 Hour Access
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 22 | $1,000 | - |
Somewhat walkable
30/100
Very drivable
80/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 12-003560 | Total Assessment | $396,200 |
| Land Assessment | $40,800 | Annual Taxes | $24,209 ($1.10/SF) |
| Improvements Assessment | $355,400 | Tax Year | 2025 |
Property Taxes
Parcel Number
12-003560
Land Assessment
$40,800
Improvements Assessment
$355,400
Total Assessment
$396,200
Annual Taxes
$24,209 ($1.10/SF)
Tax Year
2025
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193 Glenn St