Colonial
For Sale
$419,900
836 Hamilton Boulevard, Hagerstown, MD 21742
The two addresses are offered together, with separate gas meters and individual electric meters for each unit.
Property Size1,624 SF
Price / SF$258.56
Days on Market60
Property Features for 836 Hamilton Boulevard
General Information
Standard status
Active
Size
1,624 SF
Property subtype
Multi-Family
Building Details
Year Built
1913
Construction
Colonial
Listing Agency:
Mackintosh , Inc.
(301) 800-9065
Listed By:
Brian Richards, Charnita Richards · License #661852
Source:
Localrealestateleaders
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 25 at 5:05AM
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 Colonial duplex includes 836 and 838 Hamilton Blvd, offered together as one property in Hagerstown, Maryland. The property is described as well maintained and is fully rented.
Gas service is separately metered for each side, while every unit has its own electric meter. These utility arrangements provide distinct metering across the duplex while preserving the combined offering.
Gas service is separately metered for each side, while every unit has its own electric meter. These utility arrangements provide distinct metering across the duplex while preserving the combined offering.
Key Highlights
- 836 and 838 Hamilton Blvd are being sold together
- Fully rented multifamily property
- Separate gas meters for each side
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
$15,284
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
3.64%
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%
$305,680
$305.7K
Cap Rate 7%
$218,343
$218.3K
Cap Rate 9%
$169,822
$169.8K
Market Conditions
NOI Build-Up for 1,624 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
$29.8K $18.36/SF
− Vacancy
−$2.0K −$1.25/SF
EGI
$27.8K $17.11/SF
− OpEx
−$12.5K −$7.70/SF
NOI
$15.3K $9.41/SF
Area
Washington County, MD
Vacancy
6.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$305,680
Cap Rate 7%
$218,343
Cap Rate 9%
$169,822
Alternative Uses
Best Use
Apartment 5plus
$218.3K
$191.1K – $254.7K
NOI $15,284 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.2K
$315.2K – $420.3K
NOI $25,217 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 21742, MD
33,069
Population
14,099
Households
2.3
Avg Household Size
42
Median Age
30%
College-Educated
90%
High-School Grad
46.5 sq mi
ZIP Area
711
Density / Sq Mi
$80,533
Median Household Income
$45,717
Median Earnings
$1,267
Median Rent
$280,100
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?
Multifamily property - The two addresses are offered together, with separate gas meters and individual electric meters for each unit.
Where is this multifamily property located?
The property is located at 836 Hamilton Boulevard Hagerstown, MD.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 836 and 838 Hamilton Blvd are being sold together; Fully rented multifamily property; Separate gas meters for each side
