Three-Unit Apartment
For Sale
$279,000
106 RANDOLPH Avenue, Hagerstown, MD 21740
MULTI_FAMILY - HAGERSTOWN, MD
Property Size1,998 SF
Lot Size0.02 Acres
Price / SF$139.64
Days on Market85
Property Features for 106 RANDOLPH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Middle school
NORTHERN
High school
NORTH HAGERSTOWN
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,998 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2573
Utilities
Heating system
Other (Heating)
Building Details
Year built
1920
Number of units
3
Building materials
Block
Listing Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Added: Jun 3
Changed: Jun 15
Last Checked: Aug 26 at 9:06PM
MLS# MDWA2037470
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering is a fully occupied, three-unit multifamily property featuring three separate one-bedroom, one-bathroom apartments. Each unit is currently rented, supporting immediate in-place occupancy for an owner. The overall unit mix is simple, which can streamline day-to-day leasing and property management.
The property is located at 106 Randolph Avenue in Hagerstown, Maryland, within Washington County (21740). The listing identifies that the apartments have passed lead paint testing, and that rental licensing documentation is in place. A 24-hour notice is requested for showings.
For investors seeking a straightforward, low-complexity residential income asset, this three-unit structure offers consistent rent collection tied to fully leased units. The presence of lead paint testing completion and existing rental licensing documentation may be helpful for buyers reviewing compliance steps as part of their acquisition process. With all units already occupied, the property may appeal to buyers looking to transition from acquisition to operations without needing to lease vacant spaces first.
The property is located at 106 Randolph Avenue in Hagerstown, Maryland, within Washington County (21740). The listing identifies that the apartments have passed lead paint testing, and that rental licensing documentation is in place. A 24-hour notice is requested for showings.
For investors seeking a straightforward, low-complexity residential income asset, this three-unit structure offers consistent rent collection tied to fully leased units. The presence of lead paint testing completion and existing rental licensing documentation may be helpful for buyers reviewing compliance steps as part of their acquisition process. With all units already occupied, the property may appeal to buyers looking to transition from acquisition to operations without needing to lease vacant spaces first.
Key Highlights
- 3‑unit multifamily at 106 Randolph Avenue in Hagerstown, fully occupied with all units currently rented
- Unit mix: three 1‑bedroom, 1‑bath apartments
- Year built: 1920; construction materials include block
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
$20,958
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
7.51%
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%
$419,160
$419.2K
Cap Rate 7%
$299,400
$299.4K
Cap Rate 9%
$232,867
$232.9K
Market Conditions
NOI Build-Up for 1,998 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
$32.4K $16.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$29.9K $14.99/SF
− OpEx
−$9.0K −$4.50/SF
NOI
$21.0K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$419,160
Cap Rate 7%
$299,400
Cap Rate 9%
$232,867
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,958 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$268.6K
$235.1K – $313.4K
NOI $18,804 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,024 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,931
Businesses Nearby
Explore this area
Business Placement
Demographics for 21740, MD
65,619
Population
27,002
Households
2.4
Avg Household Size
39
Median Age
20%
College-Educated
86%
High-School Grad
70.9 sq mi
ZIP Area
926
Density / Sq Mi
$59,410
Median Household Income
$42,159
Median Earnings
$1,031
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully rented three-unit multifamily property with three one-bedroom units and existing rental documentation.
Where is this triplex located?
The property is located at 106 RANDOLPH Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 3‑unit multifamily at 106 Randolph Avenue in Hagerstown, fully occupied with all units currently rented; Unit mix: three 1‑bedroom, 1‑bath apartments; Year built: 1920; construction materials include block
