228 E WASHINGTON Street Hagerstown, MD 21740
MULTI_FAMILY - Other - HAGERSTOWN, MD
- Added:
- Apr 1, 2026
- Days on Market:
- 103
- Last Refresh:
- Jul 12 at 12:06 pm
Property Features for 228 E WASHINGTON Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Off Street
- Interior features
- Kitchen - Table Space
- Standard status
- Active
- Size
- 2,048 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4185
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1895
- Number of units
- 2
- Building materials
- Brick
- Architectural style
- Other
Listing agent Roberto G. Gonzalez License #598229 (301) 991-0207
Listing office RG Realty, Inc. 12907 Oak Hill Avenue, SMITHSBURG, MD (240) 203-6393
Listing date Apr 1, 2026
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.
The property is located at 228 E Washington Street in Hagerstown, Maryland, in Washington County. It is described as centrally located with excellent accessibility, supporting a range of owner-occupant and income-focused strategies.
For buyers seeking a live-work setup, the layout allows an owner to occupy the upper unit while operating a business in the commercial lower level. For investors, the existing commercial use in the lower unit and the residential use in the upper unit provide two distinct income components, subject to compliance with applicable requirements. Owner financing is available to qualified buyers. FHA financing is not eligible due to the commercial component. Conversion of the lower level to full residential use is possible subject to approvals.
Key Highlights
- Well‑maintained solid brick over‑under duplex built in 1895 with off‑street parking
- Lower unit designated for commercial use with kitchen and full bathroom; flexible for small business or mixed‑use
- Upper unit features a 3‑bedroom, 1‑bath layout with remodeled bathroom and updated flooring
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.3k | $19.68 |
| − Vacancy | −$7.5k | −$3.66 |
| EGI | $32.8k | $16.02 |
| − OpEx | −$8.2k | −$4.00 |
| NOI | $24.6k | $12.01 |
