Renovated Duplex with Buildable
For Sale
$435,000
113 117 119 FAIRGROUND AVENUE, Hagerstown, MD 21740
Fully occupied duplex with renovated units plus an adjoining buildable lot suitable for single-family construction.
Property Size1,610 SF
Price / SF$270.19
Days on Market30
Property Features for 113 117 119 FAIRGROUND AVENUE
General Information
Standard status
Active
Size
1,610 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Additional Details
Multifamily Units
2
Amenities
covered front and rear porches
separate basements
detached two-car garage
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
CENTURY 21 New Millennium
(301) 200-1232
Listed By:
Alex Saenger · License #588365
(301) 200-1232
Source:
Cummingsrealtors
Added: Jul 23
Changed: Aug 8
Last Checked: Jul 26 at 6:00AM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This sale includes three separately deeded parcels offered together: a fully renovated duplex at 117 and 119 Fairground Ave and an adjoining buildable lot at 113 Fairground Ave. The duplex is currently fully occupied and generates gross rental income of $3,480 per month. Unit 117 rents for $1,800 per month and offers 3 bedrooms, 1 full bath, and 1 half bath. Unit 119 rents for $1,680 per month and offers 3 bedrooms and 1 full bath. Both units feature spacious living and dining rooms, shared covered front and rear porches, separate basements, and access to a detached two-car garage at the rear.
Reported improvements include refinished hardwood floors, fresh paint, renovated kitchens with upgraded cabinetry and appliances, updated bathrooms, modern lighting, updated fixtures, and new electric central HVAC systems providing heating and air conditioning in each unit. The combined annual real estate taxes for the three parcels total approximately $6,816.
The separately deeded lot at 113 Fairground Ave is flat and RMED-zoned. The seller has confirmed with the City that the lot is suitable for construction of a new single-family residence, while a duplex is not permitted. Buyers should verify development plans with the City of Hagerstown.
Reported improvements include refinished hardwood floors, fresh paint, renovated kitchens with upgraded cabinetry and appliances, updated bathrooms, modern lighting, updated fixtures, and new electric central HVAC systems providing heating and air conditioning in each unit. The combined annual real estate taxes for the three parcels total approximately $6,816.
The separately deeded lot at 113 Fairground Ave is flat and RMED-zoned. The seller has confirmed with the City that the lot is suitable for construction of a new single-family residence, while a duplex is not permitted. Buyers should verify development plans with the City of Hagerstown.
Key Highlights
- Renovated duplex at 117 & 119 Fairground Ave, fully occupied and generating $3,480/month ($41,760/year) gross rental income.
- Unit 117 rents for $1,800/month: 3 bed, 1 full bath and 1 half bath.
- Unit 119 rents for $1,680/month: 3 bed, 1 full bath.
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
$16,888
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
3.88%
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%
$337,760
$337.8K
Cap Rate 7%
$241,257
$241.3K
Cap Rate 9%
$187,644
$187.6K
Market Conditions
NOI Build-Up for 1,610 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
$26.1K $16.20/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$24.1K $14.99/SF
− OpEx
−$7.2K −$4.50/SF
NOI
$16.9K $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%
$337,760
Cap Rate 7%
$241,257
Cap Rate 9%
$187,644
Alternative Uses
Best Use
Multifamily LT 5
$241.3K
$211.1K – $281.5K
NOI $16,888 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$216.5K
$189.4K – $252.5K
NOI $15,152 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$357.1K
$312.5K – $416.7K
NOI $24,999 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,241
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?
Duplex - Fully occupied duplex with renovated units plus an adjoining buildable lot suitable for single-family construction.
Where is this duplex located?
The property is located at 113 117 119 FAIRGROUND AVENUE Hagerstown, MD.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Renovated duplex at 117 & 119 Fairground Ave, fully occupied and generating $3,480/month ($41,760/year) gross rental income.; Unit 117 rents for $1,800/month: 3 bed, 1 full bath and 1 half bath.; Unit 119 rents for $1,680/month: 3 bed, 1 full bath.
