Renovated Flex Space For
For Sale
$2,900,000
651 N Prospect St, Hagerstown, MD 21740
44,000 sq ft renovated flex space with owner financing.
Property Size32,058 SF
Price / SF$90.46
Days on Market166
Property Features for 651 N Prospect St
General Information
Standard status
Active
Size
32,058 SF
Building Details
Year Built
1957
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
Listed By:
Sydney L Machat
(301) 305-8999
Source:
Kandorre
Added: Apr 24
Changed: Sep 5
Last Checked: Oct 6 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 HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This 44,000 rentable square foot business-user property is available for sale with owner financing to pre-qualified purchasers. The building includes main floor areas and two lower levels, suitable for industrial, warehouse, flex, and manufacturing uses. A total building renovation is scheduled for completion in December 2025, modernizing the interior and exterior. An office suite is located at the front entrance. The property is zoned Industrial Restricted (IR). Constructed in several sections, the building is suited for mixed or multiple uses and offers room for future expansion. It features a fenced impound yard, with a portion in sheltered space, including new roll-up access to a lower level. The property is ideal for Frederick-based companies looking to expand into the high-growth Hagerstown logistics market. It offers convenient access to I-81, I-70, and I-270, as well as the Baltimore-Washington Metro Areas. The location has a bike score of 37, indicating it is somewhat bikeable, a walk score of 54, indicating it is somewhat walkable, and a transit score of 20, indicating minimal transit options.
Key Highlights
- 44,000 Rentable sq. ft. Business‑User Property
- Total building renovation completed in Dec. 2025
- Owner financing available to pre‑qualified purchaser
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,971
Cap Rate
6.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,639,420
$3.6M
Cap Rate 7%
$2,599,586
$2.6M
Cap Rate 9%
$2,021,900
$2.0M
Market Conditions
NOI Build-Up for 32,058 SF
Gross rent
$288.5K $9.00/SF
− Vacancy
−$28.6K −$0.89/SF
EGI
$260.0K $8.11/SF
− OpEx
−$78.0K −$2.43/SF
NOI
$182.0K $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%
$3,639,420
Cap Rate 7%
$2,599,586
Cap Rate 9%
$2,021,900
Alternative Uses
Best Use
Flex RnD
$4.02M
$3.52M – $4.69M
NOI $281,622 @ 7.0% cap · market cap 9.71%
Second Best
Industrial
$2.60M
$2.27M – $3.03M
NOI $181,971 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$7.11M
$6.22M – $8.30M
NOI $497,781 @ 7.0% cap · market cap 17.16%
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
872
Businesses Nearby
Balanced
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - 44,000 sq ft renovated flex space with owner financing.
Where is this flex space located?
The property is located at 651 N Prospect St Hagerstown, MD.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 44,000 Rentable sq. ft. Business‑User Property; Total building renovation completed in Dec. 2025; Owner financing available to pre‑qualified purchaser
