HAGERSTOWN Multifamily Investment
For Sale
$224,995
141 S MULBERRY Street, Hagerstown, MD 21740
MULTI_FAMILY - Other - HAGERSTOWN, MD
Property Size2,112 SF
Lot Size0.07 Acres
Price / SF$106.53
Days on Market184
Property Features for 141 S MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Parking Lot
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,112 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3033
Utilities
Heating system
Forced Air, Baseboard, Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1908
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Realty Advantage
(304) 901-4886
Listed By:
Megan E Pantalena · License #5022553
(304) 671-2881
Added: Feb 18
Changed: Jul 24
Last Checked: Aug 21 at 6:06AM
MLS# MDWA2034320
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is an investor opportunity with immediate income and upside potential. The fully occupied duplex currently generates $2,253 per month in rental income, with utility reimbursement averaging approximately $350 per month to help offset operating expenses. Tenants are responsible for utilities. The property offers 2,112 finished square feet on a 0.07 acre lot in an area with consistent rental demand and convenient access to shopping, dining, commuter routes, and downtown Hagerstown amenities. This presents a strong opportunity for investors seeking an income producing multifamily property with long term potential. The property is located in HAGERSTOWN, MD.
Key Highlights
- Fully occupied duplex generating $2,253/month in rental income (utility reimbursement averages about $350/month); tenants are responsible for utilities.
- 2,112 finished SF duplex on a 0.07‑acre lot.
- Brick construction with electric and forced‑air heating plus baseboard heating.
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
$19,877
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
8.83%
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%
$397,540
$397.5K
Cap Rate 7%
$283,957
$284.0K
Cap Rate 9%
$220,856
$220.9K
Market Conditions
NOI Build-Up for 2,112 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
$38.8K $18.36/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$36.1K $17.11/SF
− OpEx
−$16.3K −$7.70/SF
NOI
$19.9K $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%
$397,540
Cap Rate 7%
$283,957
Cap Rate 9%
$220,856
Alternative Uses
Best Use
Multifamily LT 5
$316.5K
$276.9K – $369.2K
NOI $22,154 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$284.0K
$248.5K – $331.3K
NOI $19,877 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$468.5K
$409.9K – $546.6K
NOI $32,794 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,912
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 - Fully occupied duplex generating income with upside potential in Hagerstown.
Where is this duplex located?
The property is located at 141 S MULBERRY Street Hagerstown, MD.
What is the asking price?
The asking price for this property is $224,995.
What are key features of this property?
This property features: Fully occupied duplex generating $2,253/month in rental income (utility reimbursement averages about $350/month); tenants are responsible for utilities.; 2,112 finished SF duplex on a 0.07‑acre lot.; Brick construction with electric and forced‑air heating plus baseboard heating.
