End Unit Office
For Sale
$340,000
366 MILL Street, Hagerstown, MD 21740
Commercial Sale - HAGERSTOWN, MD
Property Size1,440 SF
Price / SF$236.11
Days on Market273
Property Features for 366 MILL Street
General Information
Property type
Other
Property subtype
Office
Parking
10
Parking features
Parking Lot
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
4031
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1980
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
eXp Realty LLC
(888) 860-7369
Listed By:
Sandy K Snyder
(301) 991-7621
Added: Nov 22, 2025
Changed: Jul 30
Last Checked: Aug 22 at 12:06PM
MLS# MDWA2032906
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.
Well-maintained end unit office condo offering 1,440 sq. ft. in C-2 zoning. The space is laid out with seven private offices plus a reception area and flexible workspace, supporting a range of professional and service-based uses. Construction includes vinyl siding, and the building is equipped with a heat pump for heating and central air for cooling.
The property provides convenient front access for clients and dedicated rear parking for owner and staff. Built in 1980, it’s positioned for straightforward day-to-day occupancy.
The property provides convenient front access for clients and dedicated rear parking for owner and staff. Built in 1980, it’s positioned for straightforward day-to-day occupancy.
Key Highlights
- 1,440 sq. ft. end unit office condo in C‑2 zoning
- Seven private offices plus reception area and flexible workspace
- Dedicated rear parking for owner and staff
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
$17,301
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
5.09%
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%
$346,020
$346.0K
Cap Rate 7%
$247,157
$247.2K
Cap Rate 9%
$192,233
$192.2K
Market Conditions
NOI Build-Up for 1,440 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
$28.3K $19.68/SF
− Vacancy
−$5.3K −$3.66/SF
EGI
$23.1K $16.02/SF
− OpEx
−$5.8K −$4.00/SF
NOI
$17.3K $12.01/SF
Area
Washington County, MD
Vacancy
18.60%
Lease Rate
$19.68 /SF/Yr
Expense Ratio
25.00%
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%
$346,020
Cap Rate 7%
$247,157
Cap Rate 9%
$192,233
Alternative Uses
Best Use
Office B
$247.2K
$216.3K – $288.4K
NOI $17,301 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$319.4K
$279.5K – $372.7K
NOI $22,360 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,649
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 Office 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?
Office units - C-2 zoned end unit office condo with seven private offices, a reception area, and dedicated rear parking.
Where is this office units located?
The property is located at 366 MILL Street Hagerstown, MD.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 1,440 sq. ft. end unit office condo in C‑2 zoning; Seven private offices plus reception area and flexible workspace; Dedicated rear parking for owner and staff
