5-Unit Apartment
For Sale
$649,000
165 SUMMIT Ave, Hagerstown, MD 21740
Brick multifamily property with rear parking, maintenance storage, and shared natural-gas heating.
Property Size4,811 SF
Days on Market116
Property Features for 165 SUMMIT Ave
General Information
Standard status
Active
Size
4,811 SF
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$4,467
Building Details
Building Size
4,811 SF
Year Built
1900
Buildings
1
Units
4
Construction
brick
Listing Agency:
Coldwell Banker Innovations
(717) 977-9031
Listed By:
Alice J Guy · License #80505
(717) 977-9031
Source:
Elliman
Added: May 9
Changed: Aug 31
Last Checked: Aug 30 at 10:13PM
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 Coldwell Banker Innovations
Investment Insights
Based on property information with market context.
This five-unit brick apartment building at 165 Summit Ave in Hagerstown, Maryland, was constructed in 1900. The property includes rear parking for tenants, a separate shed for maintenance storage, and common natural-gas heating. Water and sewer service support the building’s residential operations.
The building overlooks a baseball park and is positioned in a walkable, bike-friendly setting. Walk Score is 89, Bike Score is 71, and Transit Score is 30, indicating access to nearby pedestrian and cycling routes along with some transit service.
The building overlooks a baseball park and is positioned in a walkable, bike-friendly setting. Walk Score is 89, Bike Score is 71, and Transit Score is 30, indicating access to nearby pedestrian and cycling routes along with some transit service.
Key Highlights
- Five‑unit brick apartment building constructed in 1900
- Rear parking available for tenants
- Separate shed provides maintenance storage
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
$45,278
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
6.98%
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%
$905,560
$905.6K
Cap Rate 7%
$646,829
$646.8K
Cap Rate 9%
$503,089
$503.1K
Market Conditions
NOI Build-Up for 4,811 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
$88.3K $18.36/SF
− Vacancy
−$6.0K −$1.25/SF
EGI
$82.3K $17.11/SF
− OpEx
−$37.0K −$7.70/SF
NOI
$45.3K $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%
$905,560
Cap Rate 7%
$646,829
Cap Rate 9%
$503,089
Alternative Uses
Best Use
Apartment 5plus
$646.8K
$566.0K – $754.6K
NOI $45,278 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.8K – $1.25M
NOI $74,703 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,962
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with rear parking, maintenance storage, and shared natural-gas heating.
Where is this apartment building located?
The property is located at 165 SUMMIT Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Five‑unit brick apartment building constructed in 1900; Rear parking available for tenants; Separate shed provides maintenance storage
