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    524 Virginia Ave 2-Unit &, Unit ADJACENT Hagerstown, MD 21740

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    Sponsored
    For Sale
    $240,000

    MULTI_FAMILY - Colonial - HAGERSTOWN, MD

    Property size:
    2,050 SF
    Lot size:
    0.37 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 31 at 4:06 am

    Property Features for 524 Virginia Ave 2-Unit &

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Rooms
    Basement
    Parking
    10
    Parking features
    Driveway, Parking Lot
    Interior features
    Attic, Bathroom - Tub Shower, Carpet, Ceiling Fan(s), Entry Level Bedroom, Floor Plan - Traditional
    Appliances
    Stove, Refrigerator
    Size
    2,050 SF
    Lot size
    0.37 Acres

    Utilities

    Heating system
    Baseboard, Electric (Heating)
    Cooling system
    Window Unit(s), Ceiling Fan(s)

    Building Details

    Year built
    1890
    Number of units
    2
    Building materials
    Brick, Masonry, Stick Built
    Architectural style
    Colonial

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    Listing Contact
    Caleb Gee

    The Glocker Group Realty Results

    Listing agent Caleb Gee

    Listing date Mar 31, 2026

    MLS# MDWA2035230

    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.

    Learn more

    Overview

    HAGERSTOWN Multifamily Property with Building Lot

    This two-unit building at 524 Virginia Avenue features an upstairs two-unit residence and a downstairs one-unit residence. The property includes an additional 0.17-acre subdivided and separate building lot, offering potential for further construction. Additional rental income may be generated from the detached storage garage and the attached one-bay garage. The grounds are spacious, featuring a long driveway in the front and generous parking areas in the rear and side of the property, accommodating approximately 15 to 20 vehicles. Access is available via two driveway entrances and an alleyway. Plumbing upgrades have been completed by licensed plumbers, and a new roof was installed around 2022. The property, with a size of 2050 square feet, is currently vacant but was recently leased at $900 per month for the downstairs unit and $1,500 per month for the upstairs unit, resulting in a combined monthly gross income of $2,400. Located in HAGERSTOWN, MD, this property is a colonial-style multifamily building situated on a 0.3704-acre lot. The property requires some upgrades and repairs.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Hagerstown
    County
    Washington
    State
    Maryland
    Longitude
    -77.73031
    Latitude
    39.63418

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    FAQs

    What type of property is this?
    Duplex - Two-unit building with additional lot and income potential.
    Where is this duplex located?
    The property is located at 524 Virginia Ave 2-Unit &, Unit ADJACENT Hagerstown, MD.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: - Additional 0.17 acre subdivided building lot included, offering additional building potential.; - Two-unit building with potential rental income from a downstairs unit and an upstairs unit.; - Potential for additional rental income from detached storage garage and attached 1-bay garage.
    (240) 452-8858
    Request Owner's contact information
    524 Virginia Ave 2-Unit &, Unit ADJACENT Hagerstown, MD 21740
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    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
    524 Virginia Ave 2-Unit &, Unit ADJACENT Hagerstown, MD 21740
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    We can help!
    Listing Contact
    Caleb Gee
    Real Estate License ID: RSR004926
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