Brick Triplex with Updated
For Sale
Contact for pricing
121 High St, Hagerstown, MD 21740
Three-unit brick rental property with separate electric service and a mix of efficiency and one-bedroom apartments.
Property Size1,848 SF
Price / SF$154.22
Days on Market140
Property Features for 121 High St
General Information
Standard status
Active
Size
1,848 SF
Class
C
Property subtype
Multifamily
Zoning
CCMU
Occupancy
75%
Investment Type
Value Add
Units
Unit Mix
1 x efficiency, 2 x 1BR
Multifamily Units
3
Building Details
Year Built
1900
Buildings
1
Stories
2
Units
3
Construction
brick
Listing Agency:
RG Realty Inc
(240) 203-6393
Listed By:
Roberto Gonzalez · License #MD 598229
Source:
Crexi
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 30 at 6:02PM
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.
This brick triplex contains 1,848 square feet and was built in 1900. The unit mix includes one efficiency and two one-bedroom apartments, with each unit separately metered for electric service. Replacement windows, three individual water heaters, a rear porch, and a furnace installed approximately three years ago are among the property improvements. The roof dates to around nine years ago, and all appliances convey with the sale.
The property is located at 121 High St in Hagerstown, Maryland, and carries CCMU zoning. Its three-unit configuration and varied apartment layouts provide a straightforward residential income property profile.
The property is located at 121 High St in Hagerstown, Maryland, and carries CCMU zoning. Its three-unit configuration and varied apartment layouts provide a straightforward residential income property profile.
Key Highlights
- Three‑unit brick apartment building with one efficiency and two one‑bedroom units
- 1,848 square feet on a 0.04‑acre lot
- Separate electric service for each unit
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
$19,385
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
6.80%
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%
$387,700
$387.7K
Cap Rate 7%
$276,929
$276.9K
Cap Rate 9%
$215,389
$215.4K
Market Conditions
NOI Build-Up for 1,848 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
$29.9K $16.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$27.7K $14.99/SF
− OpEx
−$8.3K −$4.50/SF
NOI
$19.4K $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%
$387,700
Cap Rate 7%
$276,929
Cap Rate 9%
$215,389
Alternative Uses
Best Use
Multifamily LT 5
$276.9K
$242.3K – $323.1K
NOI $19,385 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$248.5K
$217.4K – $289.9K
NOI $17,392 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$409.9K
$358.7K – $478.3K
NOI $28,695 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,572
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 - Three-unit brick rental property with separate electric service and a mix of efficiency and one-bedroom apartments.
Where is this triplex located?
The property is located at 121 High St Hagerstown, MD.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three‑unit brick apartment building with one efficiency and two one‑bedroom units; 1,848 square feet on a 0.04‑acre lot; Separate electric service for each unit
