Renovated Two-Unit
For Sale
$359,900
135 FAIRGROUND AVE, Hagerstown, MD 21740
Two updated residences offer private outdoor space and separately metered electric service.
Property Size2,124 SF
Price / SF$169.44
Days on Market49
Property Features for 135 FAIRGROUND AVE
General Information
Standard status
Active
Size
2,124 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private rear decks
fenced backyard
private parking space
Listing Agency:
Real Estate Today
(301) 791-9046
Listed By:
Toby W Wantz · License #RSR002886
(301) 791-9046
Source:
Davidyungmann.myrealestateplatform
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Real Estate Today
Investment Insights
Based on property information with market context.
This 2,124-square-foot duplex contains two residential units, each with 3 bedrooms and 1 full bathroom. Recent improvements include new kitchens and bathrooms, luxury vinyl flooring, stainless appliances, fresh paint, and private rear decks. Both units also have fenced backyards, while one unit includes a private parking space.
Separate electric meters allow each unit’s tenants to pay their own electric utilities. The property is near local shopping and dining, with access to major commuter routes including I-70 and I-81.
Separate electric meters allow each unit’s tenants to pay their own electric utilities. The property is near local shopping and dining, with access to major commuter routes including I-70 and I-81.
Key Highlights
- 2,124‑square‑foot duplex with 2 residential units
- Each unit includes 3 bedrooms and 1 full bathroom
- Updated kitchens and bathrooms with stainless appliances
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
$22,280
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
6.19%
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%
$445,600
$445.6K
Cap Rate 7%
$318,286
$318.3K
Cap Rate 9%
$247,556
$247.6K
Market Conditions
NOI Build-Up for 2,124 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
$34.4K $16.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$31.8K $14.99/SF
− OpEx
−$9.5K −$4.50/SF
NOI
$22.3K $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%
$445,600
Cap Rate 7%
$318,286
Cap Rate 9%
$247,556
Alternative Uses
Best Use
Multifamily LT 5
$318.3K
$278.5K – $371.3K
NOI $22,280 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$285.6K
$249.9K – $333.2K
NOI $19,990 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$471.1K
$412.3K – $549.7K
NOI $32,980 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,241
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?
Duplex - Two updated residences offer private outdoor space and separately metered electric service.
Where is this duplex located?
The property is located at 135 FAIRGROUND AVE Hagerstown, MD.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 2,124‑square‑foot duplex with 2 residential units; Each unit includes 3 bedrooms and 1 full bathroom; Updated kitchens and bathrooms with stainless appliances
