Multi-Use Building Near Meritus
For Sale
Contact for pricing
100 Summit Ave, Hagerstown, MD 21740
53,500 SF multi-use building near upcoming baseball stadium.
Property Size53,514 SF
Price / SF$65.22
Days on Market905
Property Features for 100 Summit Ave
General Information
Standard status
Active
Size
53,514 SF
Property subtype
Office
Listing Agency:
Berkshire Hathaway HomeService Homesale
(301) 346-3664
Listed By:
Taylor Bowen · License #PA ABR005534
Source:
Crexi
Added: Feb 28, 2024
Changed: Aug 14
Last Checked: Aug 20 at 12:10AM
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 Berkshire Hathaway HomeService Homesale
Investment Insights
Based on property information with market context.
This approximately 53,500 SF multi-use building, designed by Arthur Golding, is located adjacent to the new baseball stadium. The property offers potential uses such as office, flex, warehouse, or hospitality space, and also presents a development opportunity. The new baseball stadium, Meritus Park, is scheduled to open for the home opener on May 3, 2024, and is expected to attract thousands of patrons. The building includes unique design features, such as a two-story space that previously housed a newspaper press, suitable for hospitality or restaurant use. It was most recently used as The Press Room event space. The property also features a large open office area on the upper floor and a large basement suitable for storage or flex space. Angled windows on the roof provide natural light. A new parking garage with 397 spaces is under construction across the street. The owners are open to considering various lease options.
Key Highlights
- Prime location immediately adjacent to the new Meritus Park baseball stadium.
- ~53,500 SF multi‑use building suitable for office, flex, warehouse, or hospitality space.
- Great potential development location.
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
$303,762
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
8.70%
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%
$6,075,240
$6.1M
Cap Rate 7%
$4,339,457
$4.3M
Cap Rate 9%
$3,375,133
$3.4M
Market Conditions
NOI Build-Up for 53,514 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
$481.6K $9.00/SF
− Vacancy
−$47.7K −$0.89/SF
EGI
$433.9K $8.11/SF
− OpEx
−$130.2K −$2.43/SF
NOI
$303.8K $5.68/SF
Area
Washington County, MD
Vacancy
9.90%
Lease Rate
$9.00 /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%
$6,075,240
Cap Rate 7%
$4,339,457
Cap Rate 9%
$3,375,133
Alternative Uses
Best Use
Office B
$9.19M
$8.04M – $10.72M
NOI $642,951 @ 7.0% cap · market cap 18.42%
Second Best
Flex RnD
$6.72M
$5.88M – $7.84M
NOI $470,107 @ 7.0% cap · market cap 13.47%
Theoretical Best
Office A
$11.87M
$10.39M – $13.85M
NOI $830,940 @ 7.0% cap · market cap 23.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,962
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 53,500 SF multi-use building near upcoming baseball stadium.
Where is this office building located?
The property is located at 100 Summit Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Prime location immediately adjacent to the new Meritus Park baseball stadium.; ~53,500 SF multi‑use building suitable for office, flex, warehouse, or hospitality space.; Great potential development location.
