Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mixed-Use Duplex in Hagerstown Title is generated by Realmo AI

    228 E WASHINGTON Street, Hagerstown, MD 21740

    View on Map
    Claim this Listing
    For Sale
    $275,000

    MULTI_FAMILY - Other - HAGERSTOWN, MD

    Property size:
    2,048 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $134/SF
    Added:
    Apr 1, 2026
    Days on Market:
    58
    Last Refresh:
    May 28 at 1:06 am

    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

    We can help!

    Listing Contact
    Roberto G. Gonzalez
    Roberto G. Gonzalez

    Listing agent Roberto G. Gonzalez License #598229

    Listing office RG Realty, Inc. 12907 Oak Hill Avenue, SMITHSBURG, MD

    Listing date Apr 1, 2026

    MLS# MDWA2035248 Listing URL

    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.

    HighLights

    • Flexible over‑under duplex suitable for owner‑occupancy, investment, or mixed‑use.
    • Lower unit equipped for commercial use with kitchen and full bathroom; potential for residential conversion (subject to approvals).
    • Spacious, updated three‑bedroom, one‑bath upper unit with remodeled bathroom and new flooring.
    • Significant recent upgrades: roof (2019), heat pump (2025), and hot water heater (2025).
    • Large, privacy‑fenced yard.
    • Centrally located with excellent accessibility.

    Overview

    This well-maintained, solid brick duplex offers flexibility for both owner occupants and investors. The lower unit is currently designated for commercial use and is fully equipped with a kitchen and full bathroom, making it suitable for a small business or flexible mixed-use setup. An owner can live in the upper unit while operating a business below, creating a practical live and work opportunity. The property also presents the potential, subject to approvals, to convert the lower level to full residential use, further expanding its income potential. The upper unit offers a spacious three-bedroom, one-bath layout with several updates, including a remodeled bathroom and updated flooring throughout. The property has been well maintained and includes major improvements such as a roof replaced in 2019, a new heat pump installed in June 2025, and a new hot water heater in 2025. A large, privacy fenced yard adds to the overall appeal. The property is centrally located with excellent accessibility. The lot size is 0.1543 acres and the property size is 2048 square feet. This property provides multiple strategies, whether for owner occupancy, rental income, or mixed-use, with strong long-term upside.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $273.4K
    NOI $24,606 @ 9.00% cap · cautious / downside scenario
    Moderate
    $351.5K
    NOI $24,606 @ 7.00% cap · market / base-case scenario
    Aggressive
    $492.1K
    NOI $24,606 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Office B

    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
    2,048 SF · lease $19.68/SF/yr · vacancy 18.60% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $351.5K
    $307.6K – $410.1K (±1% cap)
    NOI $24,606 @ 7.0% cap · market cap 8.95%
    Second Best
    Multifamily LT 5
    $306.9K
    $268.5K – $358.0K (±1% cap)
    NOI $21,482 @ 7.0% cap · market cap 7.81%
    Theoretical Best
    Office A
    $454.3K
    $397.5K – $530.0K (±1% cap)
    NOI $31,800 @ 7.0% cap · market cap 11.56%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Teresa L. Gable, ... Counselor Amy Saydoff Counselor Carolyn W. Kaeser, ... Counselor Paul Hadfield, MS Counselor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hagerstown
    County
    Washington
    State
    Maryland
    Longitude
    -77.71504
    Latitude
    39.64002

    Nearby Similar for Sale

    • $375,000
      3,650 SF

      Craftsman Multifamily Home in Hagerstown

      Impressive 1910 brick home with multigenerational living options.
      831 OAK HILL Avenue, HAGERSTOWN, MD 21742
      View Details
    • $375,000

      HAGERSTOWN Multi-Family Investment Opportunity

      Well-maintained duplex with strong rental income potential.
      813-815 W WASHINGTON, HAGERSTOWN, MD 21740
      View Details
    • $384,900
      2,904 SF

      Hagerstown Triplex: Investment Opportunity

      Fully occupied triplex across from Hagerstown City Park.
      428 VIRGINIA Avenue, HAGERSTOWN, MD 21740
      View Details
    • $625,000
      6,568 SF

      HAGERSTOWN Multifamily Investment Opportunity

      Fully rented five-unit property near City Park in HAGERSTOWN, MD.
      601 HIGHLAND Way, HAGERSTOWN, MD 21740
      View Details
    • $2,890,000
      9,859 SF

      Turnkey Multifamily Investment Opportunity

      Fully occupied, renovated 17-unit multifamily property in Hagerstown, MD.
      15149 BLOYERS Avenue, HAGERSTOWN, MD 21740
      View Details
    • $250,000

      Downtown Hagerstown Commercial Opportunity

      Versatile commercial space near downtown Hagerstown with flexible layout.
      35 E WASHINGTON ST, HAGERSTOWN, MD 21740
      View Details
    • $389,900
      5,580 SF

      HAGERSTOWN Multifamily Investment Opportunity

      Four-unit residential property with potential for two additional units.
      601-603 N MULBERRY Street, HAGERSTOWN, MD 21740
      View Details
    • $2,490,000
      34,720 SF

      HAGERSTOWN Redevelopment Opportunity

      Downtown commercial building with adaptive reuse potential in Hagerstown, MD.
      72 W WASHINGTON Street, HAGERSTOWN, MD 21740
      View Details
    • $649,000
      4,811 SF

      HAGERSTOWN Multi-Unit Investment Opportunity

      Five-unit apartment building overlooking the new Meritus Baseball Park.
      165 SUMMIT Avenue, HAGERSTOWN, MD 21740
      View Details
    • $574,900
      4,666 SF

      HAGERSTOWN Multifamily Investment Opportunity

      Five-unit property near Hagerstown City Park, fully rented.
      671 HIGHLAND Way, HAGERSTOWN, MD 21740
      View Details
    • $450,000

      HAGERSTOWN, MD Office Building

      Spacious 2-story medical/professional office building for sale.
      645 E 1ST Street, HAGERSTOWN, MD 21740
      View Details
    • $284,900
      1,724 SF

      Hagerstown Duplex with Rental Income

      Fully rented duplex with income and upside potential.
      904 - 906 CHESTNUT Street, HAGERSTOWN, MD 21740
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with commercial space and residential unit.
    Where is this duplex located?
    The property is located at 228 E WASHINGTON Street Hagerstown, MD.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Flexible over‑under duplex suitable for owner‑occupancy, investment, or mixed‑use.; Lower unit equipped for commercial use with kitchen and full bathroom; potential for residential conversion (subject to approvals).; Spacious, updated three‑bedroom, one‑bath upper unit with remodeled bathroom and new flooring.
    (301) 991-0207
    We can help!
    Listing Contact
    Roberto G. Gonzalez
    Roberto G. Gonzalez
    Real Estate License ID: 598229
    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.
    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

    Thank You for Inquiry
    228 E WASHINGTON Street, HAGERSTOWN, MD 21740
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!