Four-Unit Lead-Free
For Sale
$699,999
24 HAMILTON Avenue, Frederick, MD 21701
Multi-Family, FREDERICK, MD
Property Size2,420 SF
Lot Size0.18 Acres
Price / SF$289.26
Days on Market139
Property Features for 24 HAMILTON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street, Driveway
Elementary school district
FREDERICK COUNTY PUBLIC SCHOOLS
Middle school district
FREDERICK COUNTY PUBLIC SCHOOLS
High school district
FREDERICK COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,420 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
8747
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
coin-operated washer and dryer
Building Details
Year built
1910
Number of units
4
Building materials
Block
Listing Agency:
Keller Williams Legacy · Keller Williams Realty
(443) 660-9229
Listed By:
William Bowman · License #665647
(443) 745-2155
Added: Apr 30
Changed: Aug 19
Last Checked: Sep 15 at 5:06PM
MLS# MDFR2079726
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 2,420-square-foot quadplex contains four one-bedroom, one-bathroom units in a 1910 block-built property. The building is certified lead-free and includes a basement with coin-operated laundry equipment. Forced-air heating and central air conditioning serve the property, while parking is provided through a driveway and on-street spaces.
The property sits just outside downtown Frederick at 24 Hamilton Avenue, Frederick, MD 21701. Its 0.1802-acre lot is zoned for downtown residential use, and the source information identifies room for additional parking on the site. One unit may be delivered vacant for an owner occupant. The property’s four-unit configuration and individual one-bedroom layouts provide a clearly defined multifamily setup.
The property sits just outside downtown Frederick at 24 Hamilton Avenue, Frederick, MD 21701. Its 0.1802-acre lot is zoned for downtown residential use, and the source information identifies room for additional parking on the site. One unit may be delivered vacant for an owner occupant. The property’s four-unit configuration and individual one-bedroom layouts provide a clearly defined multifamily setup.
Key Highlights
- Four‑unit property with four 1‑bedroom, 1‑bathroom apartments
- 2,420 square feet on a 0.1802‑acre lot
- Certified lead‑free construction
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
$35,820
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
5.12%
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%
$716,400
$716.4K
Cap Rate 7%
$511,714
$511.7K
Cap Rate 9%
$398,000
$398.0K
Market Conditions
NOI Build-Up for 2,420 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
$53.7K $22.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$51.2K $21.15/SF
− OpEx
−$15.4K −$6.34/SF
NOI
$35.8K $14.80/SF
Area
Frederick County, MD
Vacancy
4.75%
Lease Rate
$22.20 /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%
$716,400
Cap Rate 7%
$511,714
Cap Rate 9%
$398,000
Alternative Uses
Best Use
Multifamily LT 5
$511.7K
$447.8K – $597.0K
NOI $35,820 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$470.4K
$411.6K – $548.8K
NOI $32,926 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$896.7K
$784.6K – $1.05M
NOI $62,771 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 21701, MD
39,629
Population
18,914
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
998
Density / Sq Mi
$102,306
Median Household Income
$59,381
Median Earnings
$1,607
Median Rent
$404,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Downtown residential zoning supports a four-unit layout with one-bedroom apartments and shared basement laundry.
Where is this quadplex located?
The property is located at 24 HAMILTON Avenue Frederick, MD.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Four‑unit property with four 1‑bedroom, 1‑bathroom apartments; 2,420 square feet on a 0.1802‑acre lot; Certified lead‑free construction
