Mixed-Use Building with
For Sale
$650,000
382 S CLEVELAND Avenue, Hagerstown, MD 21740
MULTI_FAMILY - HAGERSTOWN, MD
Property Size5,602 SF
Lot Size0.25 Acres
Price / SF$116.03
Days on Market30
Property Features for 382 S CLEVELAND Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
11
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
Size
5,602 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
5023
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Building Details
Year built
1962
Number of units
4
Building materials
Brick
Listing Agency:
EXP Realty, LLC
(888) 860-7369
Listed By:
Yahaira Diaz · License #5010456
(240) 418-9074
Added: Jul 24
Last Checked: Aug 22 at 9:06PM
MLS# MDWA2038732
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 mixed-use property combines income-producing residential apartments with a substantial first-floor commercial space. The upper level includes three residential apartments, providing an immediate rental component. The expansive first floor is configured with six private office or exam rooms, four half bathrooms, and a kitchen, supporting a range of commercial uses based on buyer verification.
The building sits on a corner location just behind the new Hagerstown SportsPlex/Field House and includes 12 parking spaces plus two garages. The property is equipped with a sprinkler system.
With both residential and office/exam room components under one roof, the layout is designed to support multiple revenue streams. Any change of use or redevelopment potential should be confirmed through the City of Hagerstown during due diligence.
The building sits on a corner location just behind the new Hagerstown SportsPlex/Field House and includes 12 parking spaces plus two garages. The property is equipped with a sprinkler system.
With both residential and office/exam room components under one roof, the layout is designed to support multiple revenue streams. Any change of use or redevelopment potential should be confirmed through the City of Hagerstown during due diligence.
Key Highlights
- Mixed‑use building built in 1962 with brick construction, central heating, and window unit(s) cooling
- Upper level has 3 residential apartments for immediate rental income
- Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
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
$58,762
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
9.04%
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%
$1,175,240
$1.2M
Cap Rate 7%
$839,457
$839.5K
Cap Rate 9%
$652,911
$652.9K
Market Conditions
NOI Build-Up for 5,602 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
$90.8K $16.20/SF
− Vacancy
−$6.8K −$1.22/SF
EGI
$83.9K $14.99/SF
− OpEx
−$25.2K −$4.50/SF
NOI
$58.8K $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%
$1,175,240
Cap Rate 7%
$839,457
Cap Rate 9%
$652,911
Alternative Uses
Best Use
Office B
$961.5K
$841.3K – $1.12M
NOI $67,306 @ 7.0% cap · market cap 10.35%
Second Best
Healthcare Medical
$956.8K
$837.2K – $1.12M
NOI $66,975 @ 7.0% cap · market cap 10.30%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,985 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,022
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
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Frequently Asked Questions
What type of property is this?
Triplex - Corner property features first-floor office/exam rooms and three residential apartments above with on-site parking and garages.
Where is this triplex located?
The property is located at 382 S CLEVELAND Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Mixed‑use building built in 1962 with brick construction, central heating, and window unit(s) cooling; Upper level has 3 residential apartments for immediate rental income; Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
