Five-Unit Apartment
671 HIGHLAND Way Hagerstown, MD 21740
671 HIGHLAND Way, Hagerstown, MD, 21740
$574,900
For Sale
$574,900
MULTI_FAMILY - Victorian, Colonial - HAGERSTOWN, MD
Property Size4,666 SF
Lot Size0.58 Acres
Price / SF$123.21
Days on Market11
Property Features for 671 HIGHLAND Way
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking
- 10
- Parking features
- Driveway
- Standard status
- Active
- Size
- 4,666 SF
- Lot size
- 0.58 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4960
Utilities
- Heating system
- Hot Water(Heating)
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1900
- Number of units
- 4
- Building materials
- Brick
- Architectural style
- Victorian, Colonial
Listing Agency
Real Estate Innovations
(301) 745-1500
1850 Dual Highway, Hagerstown, MD
Listed by
Alice J Guy · License #80505
(717) 977-9031
Added: Jul 8 Checked: Jul 18 at 12:06 am
MLS# MDWA2038430
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.
Investment Insights
Based on property information with market context.
This Victorian/Colonial-style five-unit apartment building totals 4,666 square feet on a 0.58-acre lot. The property is presented as having five units fully rented. According to the listing remarks, all leases are yearly except for one unit that is month-to-month, and the ownership has remained the same for years. New rear steps are being installed now.
The property is located at 671 Highland Way in Hagerstown, Washington County, Maryland. The listing also notes it is within walking distance of Hagerstown City Park.
For buyers seeking a small multifamily asset with in-place occupancy, this building’s current leasing structure may support straightforward operations. With four units on yearly leases and one unit on a month-to-month arrangement, the tenancy mix can offer a blend of lease stability and short-term flexibility. Buyers should confirm all lease terms, unit details, and scheduled improvements directly with the broker before touring.
The property is located at 671 Highland Way in Hagerstown, Washington County, Maryland. The listing also notes it is within walking distance of Hagerstown City Park.
For buyers seeking a small multifamily asset with in-place occupancy, this building’s current leasing structure may support straightforward operations. With four units on yearly leases and one unit on a month-to-month arrangement, the tenancy mix can offer a blend of lease stability and short-term flexibility. Buyers should confirm all lease terms, unit details, and scheduled improvements directly with the broker before touring.
Key Highlights
- Brick Victorian/Colonial multi‑unit building with 5 fully rented units
- 9% cap rate reported; all leases are yearly except one month‑to‑month
- Heating: hot water; cooling: window units
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.7k | $18.36 |
| − Vacancy | −$5.8k | −$1.25 |
| EGI | $79.8k | $17.11 |
| − OpEx | −$35.9k | −$7.70 |
| NOI | $43.9k | $9.41 |
4,666 SF · lease $18.36/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$627.3K
$548.9K – $731.9K
NOI $43,913 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$905.6K – $1.21M
NOI $72,451 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Five units are fully rented, with yearly leases in place and new rear steps currently being installed.
Where is this apartment building located?
The property is located at 671 HIGHLAND Way Hagerstown, MD.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Brick Victorian/Colonial multi‑unit building with 5 fully rented units; 9% cap rate reported; all leases are yearly except one month‑to‑month; Heating: hot water; cooling: window units
