Occupied Duplex with Separate
For Sale
$345,000
Pending
1246 Pinecrest Avenue, Hagerstown, MD 21740
Two-unit residential property with tenants in place and separately metered utilities for each unit.
Property Size2,304 SF
Days on Market156
Property Features for 1246 Pinecrest Avenue
General Information
Standard status
Pending
Size
2,304 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
RMOD
Occupancy
100%
Additional Details
Gross Income
$34,680
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,962
Amenities
No
No Pool
Building Details
Year Built
1992
Listing Agency:
Century 21 Redwood Realty
(301) 404-5480
Listed By:
Michael J Burch · License #665246
(301) 404-5480
Source:
Compass
Added: Mar 29
Changed: Aug 30
Last Checked: Aug 30 at 4:39PM
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 Redwood Realty
Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two residential units within a 2304-square-foot property built in 1992. Separate utility metering supports distinct service management for the units. The property is currently occupied, and showings are available by appointment with appropriate advance notice.
Located at 1246 Pinecrest Avenue in Hagerstown, Maryland, the property is within city limits and carries RMOD zoning. It is served by Washington County Public Schools. The asset may be acquired individually or alongside another duplex property offered by the same ownership, subject to the terms provided for that offering.
Located at 1246 Pinecrest Avenue in Hagerstown, Maryland, the property is within city limits and carries RMOD zoning. It is served by Washington County Public Schools. The asset may be acquired individually or alongside another duplex property offered by the same ownership, subject to the terms provided for that offering.
Key Highlights
- Two‑unit duplex with current tenant occupancy
- 2304 square feet of building area
- Built in 1992
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
$24,168
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
7.01%
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%
$483,360
$483.4K
Cap Rate 7%
$345,257
$345.3K
Cap Rate 9%
$268,533
$268.5K
Market Conditions
NOI Build-Up for 2,304 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
$37.3K $16.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$34.5K $14.99/SF
− OpEx
−$10.4K −$4.50/SF
NOI
$24.2K $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%
$483,360
Cap Rate 7%
$345,257
Cap Rate 9%
$268,533
Alternative Uses
Best Use
Multifamily LT 5
$345.3K
$302.1K – $402.8K
NOI $24,168 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$309.8K
$271.1K – $361.4K
NOI $21,684 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$511.1K
$447.2K – $596.3K
NOI $35,775 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
263
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 - Two-unit residential property with tenants in place and separately metered utilities for each unit.
Where is this duplex located?
The property is located at 1246 Pinecrest Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Two‑unit duplex with current tenant occupancy; 2304 square feet of building area; Built in 1992
