Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    601-603 N Mulberry St Hagerstown, MD 21740

    Sponsored
    For Sale
    $389,900

    MULTI_FAMILY - Colonial - HAGERSTOWN, MD

    Property size:
    5,580 SF
    Lot size:
    0.12 Acres
    Days on Market:
    11
    Last Refresh:
    Feb 5 at 8:06 am

    Property Features for 601-603 N Mulberry St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    Parking
    2
    Parking features
    On Street, Off Street
    Interior features
    Bathroom - Tub Shower, Carpet
    Appliances
    Stove, Oven/Range - Electric
    Size
    5,580 SF
    Lot size
    0.12 Acres

    Utilities

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

    Building Details

    Year built
    1911
    Number of units
    4
    Building materials
    Brick
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Christian L Dickerson

    The Glocker Group Realty Results (301) 745-4400

    Listing agent Christian L Dickerson (301) 745-5149 License #602651

    Listing date Jan 26, 2026

    MLS# MDWA2033552 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.

    Learn more

    Property Insight Report

    Overview

    HAGERSTOWN Multifamily Investment Opportunity

    Located in HAGERSTOWN, MD, 601-603 North Mulberry Street presents a multifamily investment opportunity. This property features four individually metered 1-bedroom apartments. Each unit has two separate entrances, totaling eight entrances for the building. Additionally, there are two attic units, one on each side of the building, that offer the potential for renovation into efficiency or studio apartments. These attic units already have separate entrances. According to the owner, a city inspector indicated that these units could be converted into additional residential space. The property is divided into two separate parcels, 601 and 603. While the owner prefers to sell both parcels together as a portfolio, they are willing to sell them separately. The property requires some renovation, with unit 603 needing more than cosmetic improvements. The building has a total area of 5580 square feet and is situated on a 0.12-acre lot. The intended use of the property is as a residential investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hagerstown
    County
    Washington
    State
    Maryland
    Longitude
    -77.71037416
    Latitude
    39.64784822

    Nearby Similar for Sale

    • $420,000
      3,650 SF

      Craftsman Multifamily Home in Hagerstown

      Impressive 1910 brick home with multigenerational living and income potential.
      831 Oak Hill Ave, Hagerstown, MD 21742
      View Details
    • $2,900,000
      9,859 SF

      Turnkey 17-Unit Investment Property

      Fully occupied, renovated 17-unit property in Hagerstown, MD.
      15149 Bloyers Ave, Hagerstown, MD 21740
      View Details
    • $700,000
      6,531 SF

      Hagerstown Multifamily Investment Opportunity

      Eight-unit multifamily property in downtown Hagerstown with income potential.
      200 E Antietam St, Hagerstown, MD 21740
      View Details
    • New
      $550,000
      3,720 SF

      Cash-Flowing 5-Unit Multi-Building Investment

      Fully rented, well-maintained investment property with upside potential in Hagerstown.
      1301 Virginia Ave, Hagerstown, MD 21740
      View Details
    • $445,000
      3,548 SF

      Hagerstown Four-Unit Multifamily Property

      Four-unit building in downtown Hagerstown with off-street parking.
      25 S Locust St, Hagerstown, MD 21740
      View Details
    • New
      $390,000

      HAGERSTOWN Commercial Condo For Sale

      1,440 sq ft commercial condo in C-2 zoning.
      366 Mill St, Hagerstown, MD 21740
      View Details
    • $745,000
      1,428 SF

      Hagerstown Multi-Unit Investment Opportunity

      Four residential units with garage, nearly one acre, no city taxes.
      9947 Crossfield Rd, Hagerstown, MD 21740
      View Details
    • $299,900
      2,560 SF

      Updated Duplex in Hagerstown, MD

      Updated duplex with two units, ideal for investment or owner-occupancy.
      1037 Spruce St, Hagerstown, MD 21740
      View Details
    • $625,000
      3,556 SF

      HAGERSTOWN Multifamily Investment Opportunity

      Fully occupied six-unit property near downtown Hagerstown.
      505 W Church St, Hagerstown, MD 21740
      View Details
    • $450,000
      0.43 Acres

      HAGERSTOWN, MD Office Building

      Spacious 2-story medical/professional office building for sale.
      645 E 1St St, Hagerstown, MD 21740
      View Details
    • $395,000
      0.14 Acres

      Remodeled Office Space in Hagerstown

      Remodeled office space with parking near the courthouse and stadium.
      115 Washington St, Hagerstown, MD 21740
      View Details
    • $525,000
      3,703 SF

      Hagerstown Multifamily Investment Opportunity

      Well-maintained, fully renovated 4-unit property with strong rental history.
      39 E North Ave, Hagerstown, MD 21740
      View Details

    FAQs

    What type of property is this?
    Apartment building - Four-unit residential property with potential for two additional units.
    Where is this apartment building located?
    The property is located at 601-603 N Mulberry St Hagerstown, MD.
    What is the asking price?
    The asking price for this property is $389,900.
    What are key features of this property?
    This property features: - Potential for 6 Units: Currently a 4-unit property with the possibility of adding 2 additional attic units, significantly increasing rental income.; - Individually Metered Apartments: All 4 existing units are individually metered, simplifying utility management and tenant billing.; - Two Separate Parcels: Deeded as 2 separate parcels (601-603), offering flexibility in future sales or management.
    (301) 992-8467
    Request Owner's contact information
    601-603 N Mulberry St Hagerstown, MD 21740
    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.
    601-603 N Mulberry St
    Hagerstown, MD 21740
    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
    601-603 N Mulberry St Hagerstown, MD 21740
    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

    We can help!
    Listing Contact
    Christian L Dickerson
    Real Estate License ID: 602651
    (301) 992-8467
    Learn more
    Google sign-in failed. Please try again or use another login method.