Mixed-Use Building with
New
For Sale
$345,000
221 221-223 W Franklin St, Hagerstown, MD 21740
Two residential apartments are located above lower-level commercial space in this mixed-use building.
Property Size3,020 SF
Price / SF$114.24
Days on Market3
Property Features for 221 221-223 W Franklin St
General Information
Standard status
Active
Size
3,020 SF
Additional Details
Multifamily Units
2
Building Details
Year Built
1878
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
Listed By:
Joshua L Woods · License #625976
(301) 745-1620
Source:
Localrealestateleaders
Added: Sep 12
Last Checked: Sep 13 at 3:48PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This 3,020-square-foot mixed-use building combines commercial and residential components within a two-level layout. The lower floor provides space for a commercial unit, while the upper level contains two residential apartments.
Constructed in 1878, the property is located at 221-223 W Franklin St in Hagerstown, Maryland. Its combination of ground-floor commercial space and upstairs apartments supports a range of owner-user or investment configurations, subject to applicable requirements.
Constructed in 1878, the property is located at 221-223 W Franklin St in Hagerstown, Maryland. Its combination of ground-floor commercial space and upstairs apartments supports a range of owner-user or investment configurations, subject to applicable requirements.
Key Highlights
- 3,020‑square‑foot mixed‑use building
- Lower level provides space for a commercial unit
- Two residential apartments on the upper level
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
$29,898
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
8.67%
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%
$597,960
$598.0K
Cap Rate 7%
$427,114
$427.1K
Cap Rate 9%
$332,200
$332.2K
Market Conditions
NOI Build-Up for 3,020 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
$54.4K $18.00/SF
− Vacancy
−$6.5K −$2.16/SF
EGI
$47.8K $15.84/SF
− OpEx
−$17.9K −$5.94/SF
NOI
$29.9K $9.90/SF
Area
Washington County, MD
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$597,960
Cap Rate 7%
$427,114
Cap Rate 9%
$332,200
Alternative Uses
Best Use
Mixed Use
$427.1K
$373.7K – $498.3K
NOI $29,898 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$406.0K
$355.3K – $473.7K
NOI $28,422 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$669.9K
$586.2K – $781.6K
NOI $46,893 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,938
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
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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?
Mixed-use property - Two residential apartments are located above lower-level commercial space in this mixed-use building.
Where is this mixed-use property located?
The property is located at 221 221-223 W Franklin St Hagerstown, MD.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 3,020‑square‑foot mixed‑use building; Lower level provides space for a commercial unit; Two residential apartments on the upper level
