17-Unit Apartment
New
For Sale
$2,700,000
15149 Bloyers Avenue, Hagerstown, MD 21740
Four buildings offer a mix of apartment units and a single-family home, with upgraded interiors and paved parking.
Property Size9,859 SF
Price / SF$273.86
Days on Market5
Property Features for 15149 Bloyers Avenue
General Information
Standard status
Active
Size
9,859 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Units
Unit Mix
8 x Two-Bedroom Units, 8 x One-Bedroom Units, 1 x Four-Bedroom Single-Family Home
Multifamily Units
17
Building Details
Year Built
1973
Buildings
4
Listing Agency:
RG Realty,Inc.
Listed By:
Krystal Stewart
Source:
Deepcreeklake
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:46AM
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 RG Realty,Inc.
Investment Insights
Based on property information with market context.
This 17-unit apartment property comprises four buildings and 9,859 square feet. The unit mix includes eight two-bedroom apartments, eight one-bedroom apartments, and one four-bedroom single-family home. Built in 1973, the property is fully occupied and professionally managed. Improvements include updated kitchens, LED recessed lighting, waterproof laminate flooring, refreshed trim, a new septic system, and paved parking. Metal roofs were installed on all buildings and carry a 30-year warranty. The property also has lead-free certification.
Situated in the county, the property has no city taxes. Its setting is described as providing access to regional amenities and commuter routes.
Situated in the county, the property has no city taxes. Its setting is described as providing access to regional amenities and commuter routes.
Key Highlights
- 17 units across four buildings; 9,859 square feet
- Unit mix: eight two‑bedroom units, eight one‑bedroom units, and one four‑bedroom single‑family home
- 100% occupied and professionally managed
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
$92,786
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
3.44%
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%
$1,855,720
$1.9M
Cap Rate 7%
$1,325,514
$1.3M
Cap Rate 9%
$1,030,956
$1.0M
Market Conditions
NOI Build-Up for 9,859 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
$181.0K $18.36/SF
− Vacancy
−$12.3K −$1.25/SF
EGI
$168.7K $17.11/SF
− OpEx
−$75.9K −$7.70/SF
NOI
$92.8K $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%
$1,855,720
Cap Rate 7%
$1,325,514
Cap Rate 9%
$1,030,956
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,786 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,086 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
34
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?
Apartment building - Four buildings offer a mix of apartment units and a single-family home, with upgraded interiors and paved parking.
Where is this apartment building located?
The property is located at 15149 Bloyers Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 17 units across four buildings; 9,859 square feet; Unit mix: eight two‑bedroom units, eight one‑bedroom units, and one four‑bedroom single‑family home; 100% occupied and professionally managed
