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 Market950
Property Features for 100 Summit Ave
General Information
Standard status
Active
Size
53,514 SF
Property subtype
Office
Listing Agency:
Berkshire Hathaway HomeService Homesale
Listed By:
Taylor Bowen · License #PA ABR005534
(301) 346-3664
Source:
Crexi
Added: Feb 28, 2024
Changed: Sep 22
Last Checked: Oct 5 at 6:13PM
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 / Yr
$303,762
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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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.
