Three-Unit Multifamily
For Sale
$279,000
106 RANDOLPH Ave, Hagerstown, MD 21740
Fully occupied three-unit building offering three one-bedroom, one-bath apartments with in-place rental licensing documentation.
Property Size1,998 SF
Days on Market79
Property Features for 106 RANDOLPH Ave
General Information
Standard status
Active
Size
1,998 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,573
Building Details
Building Size
1,998 SF
Year Built
1920
Units
3
Tenancy
Multi
Listing Agency:
RG Realty, Inc.
(301) 991-0207
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Elliman
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 21 at 12:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RG Realty, Inc.
Investment Insights
Based on property information with market context.
106 Randolph Avenue is a fully occupied three-unit multifamily property configured as three identical one-bedroom, one-bath apartments. Each unit is currently rented, creating steady in-place occupancy. The property’s licensing documentation is in place, and the units have passed lead paint testing.
Located in Hagerstown, Maryland, the building is described as bikeable and very walkable, with some transit access based on the provided scores. The offering is positioned as a straightforward, easily managed small residential income property with a simple unit mix.
For investors and buyers looking for an immediately income-producing asset, the three-unit layout and consistent unit design are practical from a leasing and day-to-day management standpoint. The fact that the rental licensing paperwork is available and that lead paint testing has been completed can also help streamline due diligence and ongoing compliance. With all three units currently leased, the property may appeal to those who want to start with occupancy already established.
Located in Hagerstown, Maryland, the building is described as bikeable and very walkable, with some transit access based on the provided scores. The offering is positioned as a straightforward, easily managed small residential income property with a simple unit mix.
For investors and buyers looking for an immediately income-producing asset, the three-unit layout and consistent unit design are practical from a leasing and day-to-day management standpoint. The fact that the rental licensing paperwork is available and that lead paint testing has been completed can also help streamline due diligence and ongoing compliance. With all three units currently leased, the property may appeal to those who want to start with occupancy already established.
Key Highlights
- 3‑unit multifamily in Hagerstown with three fully occupied 1‑bedroom, 1‑bath apartments
- All units have passed lead paint testing
- Rental licensing documentation is in place
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
$20,958
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
7.51%
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%
$419,160
$419.2K
Cap Rate 7%
$299,400
$299.4K
Cap Rate 9%
$232,867
$232.9K
Market Conditions
NOI Build-Up for 1,998 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
$32.4K $16.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$29.9K $14.99/SF
− OpEx
−$9.0K −$4.50/SF
NOI
$21.0K $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%
$419,160
Cap Rate 7%
$299,400
Cap Rate 9%
$232,867
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,958 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$268.6K
$235.1K – $313.4K
NOI $18,804 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,024 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,931
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-unit building offering three one-bedroom, one-bath apartments with in-place rental licensing documentation.
Where is this triplex located?
The property is located at 106 RANDOLPH Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 3‑unit multifamily in Hagerstown with three fully occupied 1‑bedroom, 1‑bath apartments; All units have passed lead paint testing; Rental licensing documentation is in place
