Multifamily Property with
For Sale
$299,995
141 South Mulberry Street, Hagerstown, MD 21740
Multifamily asset with a vacant unit, off-street parking, and RO zoning.
Property Size2,112 SF
Lot Size0.07 Acres
Price / SF$142.04
Days on Market195
Property Features for 141 South Mulberry Street
General Information
Standard status
Active
Size
2,112 SF
Lot size
0.07 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
RO
Additional Details
Gross Income
$11,436
Taxes and HOA fees
Annual Taxes
$3,033
Amenities
No Pool
Building Details
Year Built
1908
Listing Agency:
Keller Williams Realty Advantage
(304) 671-2881
Listed By:
Megan E Icenhour · License #WVS250303977
(304) 671-2881
Source:
Compass
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 Keller Williams Realty Advantage
Investment Insights
Based on property information with market context.
This multifamily property contains 2,112 square feet on a 0.07-acre lot and includes a vacant unit within a layout designed to accommodate multiple rental units. Off-street parking is provided in a dedicated lot, adding a practical site feature for occupants.
Built in 1908, the property is located at 141 South Mulberry Street in Hagerstown, Maryland, within city limits. The zoning designation is RO. Washington County Public Schools serves the property.
Built in 1908, the property is located at 141 South Mulberry Street in Hagerstown, Maryland, within city limits. The zoning designation is RO. Washington County Public Schools serves the property.
Key Highlights
- 2,112‑square‑foot multifamily property
- Situated on a 0.07‑acre lot
- Layout accommodates multiple rental units
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
6.63%
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
Apartment 5plus
$284.0K
$248.5K – $331.3K
NOI $19,877 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$468.5K
$409.9K – $546.6K
NOI $32,794 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Multifamily property - Multifamily asset with a vacant unit, off-street parking, and RO zoning.
Where is this multifamily property located?
The property is located at 141 South Mulberry Street Hagerstown, MD.
What is the asking price?
The asking price for this property is $299,995.
What are key features of this property?
This property features: 2,112‑square‑foot multifamily property; Situated on a 0.07‑acre lot; Layout accommodates multiple rental units
