Over-Under Duplex with Separate
For Sale
Under Contract
$289,900
1320 DELAWARE Lane, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size2,296 SF
Lot Size0.34 Acres
Price / SF$126.26
Days on Market8
Property Features for 1320 DELAWARE Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Dining Room
Parking
6
Parking features
Off Street, Driveway
Interior features
Bathroom - Tub Shower, Carpet, Ceiling Fan(s), Combination Kitchen/Dining, Dining Area, Entry Level Bedroom, Floor Plan - Traditional, Kitchen - Eat-In
Subdivision
CITY OF HAGERSTOWN
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active Under Contract
Size
2,296 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
3299
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Amenities
covered front porch
private patio
central air conditioning
separate laundry hookups
gas heat
private driveway
back yard
Building Details
Year built
1950
Number of units
2
Building materials
Brick, Vinyl Siding
Architectural style
Colonial
Listing Agency:
Mackintosh , Inc.
(301) 790-1700
Listed By:
Julie Fritsch · License #651169
(240) 818-1650
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 23 at 5:06PM
MLS# MDWA2040096
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This over-under duplex contains two residential units, each with 3 bedrooms, 1 full bathroom, a living room, an eat-in kitchen, separate laundry hookups, its own hot water heater, central air conditioning, and efficient gas heat. The utilities are separately metered. The lower unit includes updates and a covered front porch, while the upper unit opens to a private patio and a level rear yard. Brick and vinyl siding complement the Colonial-style structure, which was built in 1950.
The 0.34-acre property includes 2,296 square feet of building area, a paved driveway, off-street parking, and additional rear access through the alley. The address is in Hagerstown, Maryland, with I-81 and I-70 located less than a mile away. Shopping, restaurants, downtown Hagerstown, the Maryland Theatre, and Meritus Park are also identified as nearby destinations.
The 0.34-acre property includes 2,296 square feet of building area, a paved driveway, off-street parking, and additional rear access through the alley. The address is in Hagerstown, Maryland, with I-81 and I-70 located less than a mile away. Shopping, restaurants, downtown Hagerstown, the Maryland Theatre, and Meritus Park are also identified as nearby destinations.
Key Highlights
- Two units, each with 3 bedrooms and 1 full bathroom
- 2,296 square feet on a 0.34‑acre lot
- Separate utility metering, laundry hookups, and hot water heaters 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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 residential units offer private laundry hookups, dedicated parking, and flexible occupancy options in Hagerstown.
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: Two units, each with 3 bedrooms and 1 full bathroom; 2,296 square feet on a 0.34‑acre lot; Separate utility metering, laundry hookups, and hot water heaters for each unit
