Colonial Apartment
For Sale
$419,900
838 Hamilton Boulevard, Hagerstown, MD 21742
Well-maintained multifamily property with separate gas and electric metering and fully leased units.
Property Size1,626 SF
Price / SF$258.24
Days on Market40
Property Features for 838 Hamilton Boulevard
General Information
Standard status
Active
Size
1,626 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Amenities
laundry
Building Details
Year Built
1913
Construction
Colonial
Listing Agency:
Mackintosh , Inc.
Listed By:
Brian Richards, Charnita Richards · License #WV0030211
(301) 988-7000
Source:
Localrealestateleaders
Added: Jul 25
Changed: Aug 31
Last Checked: Sep 1 at 9:22PM
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 in Hagerstown includes two residential sides offered together. Built in 1913, the property is described as well maintained and is fully rented. Separate gas meters serve the two sides, while each unit has its own electric meter.
The property is located at 838 Hamilton Boulevard in Hagerstown, Maryland. The source information also identifies shared heat and laundry within one portion of the property. Unit details are not summarized here because the reported unit count and configuration are inconsistent.
The property is located at 838 Hamilton Boulevard in Hagerstown, Maryland. The source information also identifies shared heat and laundry within one portion of the property. Unit details are not summarized here because the reported unit count and configuration are inconsistent.
Key Highlights
- Colonial duplex built in 1913
- Both residential sides offered together
- All units are fully rented
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
$15,303
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%
$306,060
$306.1K
Cap Rate 7%
$218,614
$218.6K
Cap Rate 9%
$170,033
$170.0K
Market Conditions
NOI Build-Up for 1,626 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
$29.9K $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%
$306,060
Cap Rate 7%
$218,614
Cap Rate 9%
$170,033
Alternative Uses
Best Use
Apartment 5plus
$218.6K
$191.3K – $255.1K
NOI $15,303 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.7K
$315.6K – $420.8K
NOI $25,248 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with separate gas and electric metering and fully leased units.
Where is this apartment building located?
The property is located at 838 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: Colonial duplex built in 1913; Both residential sides offered together; All units are fully rented
