Updated Two-Unit
New
For Sale
$289,900
1320 DELAWARE LANE, Hagerstown, MD 21740
Two separately metered residences offer independent utilities, laundry hookups, and dedicated outdoor areas.
Property Size2,296 SF
Price / SF$126.26
Days on Market4
Property Features for 1320 DELAWARE LANE
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
separate laundry hookups
central air conditioning
gas heat
private covered front porch
private patio
large level back yard
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Mackintosh , Inc.
(301) 790-1700
Listed By:
Julie Fritsch · License #651169
(240) 818-1650
Source:
Cummingsrealtors
Added: Sep 13
Changed: Sep 15
Last Checked: Sep 15 at 4:41AM
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 Mackintosh , Inc.
Investment Insights
Based on property information with market context.
This over-under duplex contains two residences within a 2,296-square-foot property built in 1950. Each unit includes three bedrooms, one full bathroom, a living room, and an eat-in kitchen. Separate laundry hookups, hot water heaters, central air conditioning, gas heat, and utility metering support independent operation for both units.
The lower residence has been updated and includes a covered front porch. The upper residence opens to a private patio and a level rear yard. Parking is provided by paved and private driveways, with additional access from the rear alley. The property is located less than one mile from I-81 and I-70, with shopping, restaurants, downtown Hagerstown, the Maryland Theatre, and Meritus Park nearby. West Virginia and Pennsylvania are also within minutes.
The lower residence has been updated and includes a covered front porch. The upper residence opens to a private patio and a level rear yard. Parking is provided by paved and private driveways, with additional access from the rear alley. The property is located less than one mile from I-81 and I-70, with shopping, restaurants, downtown Hagerstown, the Maryland Theatre, and Meritus Park nearby. West Virginia and Pennsylvania are also within minutes.
Key Highlights
- 2,296‑square‑foot over‑under duplex built in 1950
- Each unit offers 3 bedrooms, 1 full bathroom, living room, and eat‑in kitchen
- Separate laundry hookups, hot water heaters, HVAC, gas heat, and utility meters 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
$24,084
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
8.31%
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%
$481,680
$481.7K
Cap Rate 7%
$344,057
$344.1K
Cap Rate 9%
$267,600
$267.6K
Market Conditions
NOI Build-Up for 2,296 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
$37.2K $16.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$34.4K $14.99/SF
− OpEx
−$10.3K −$4.50/SF
NOI
$24.1K $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%
$481,680
Cap Rate 7%
$344,057
Cap Rate 9%
$267,600
Alternative Uses
Best Use
Multifamily LT 5
$344.1K
$301.1K – $401.4K
NOI $24,084 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$308.7K
$270.1K – $360.1K
NOI $21,608 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$509.3K
$445.6K – $594.2K
NOI $35,651 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
209
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer independent utilities, laundry hookups, and dedicated outdoor areas.
Where is this duplex located?
The property is located at 1320 DELAWARE LANE Hagerstown, MD.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 2,296‑square‑foot over‑under duplex built in 1950; Each unit offers 3 bedrooms, 1 full bathroom, living room, and eat‑in kitchen; Separate laundry hookups, hot water heaters, HVAC, gas heat, and utility meters for each unit
