17-Unit Multifamily
New
For Sale
$2,700,000
15149 BLOYERS Avenue, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size9,859 SF
Lot Size2.72 Acres
Price / SF$273.86
Days on Market2
Property Features for 15149 BLOYERS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Parking Lot
High school
CLEAR SPRING
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
9,859 SF
Lot size
2.72 Acres
Taxes and HOA fees
Tax Annual Amount
7801
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1973
Number of units
4
Building materials
Combination, Frame, Vinyl Siding
Listing Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Krystal Stewart · License #679847
(813) 323-0463
Added: Sep 24
Last Checked: Sep 24 at 11:06PM
MLS# MDWA2040394
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.
The 9,859-square-foot multifamily property spans 2.72 acres and comprises four buildings with 17 units: eight two-bedroom apartments, eight one-bedroom apartments, and one four-bedroom single-family home. All units are leased. Improvements include metal roofs with a 30-year warranty, updated interiors and kitchens, a new septic system, and a paved parking lot. The property also has lead-free certification and professional management.
Interior updates include LED recessed lighting, waterproof laminate flooring, revised trim, and redesigned kitchens with upgraded cabinetry and countertops; select kitchens have stainless-steel appliances. Heating is electric baseboard, and cooling is provided by window units. The property is in Washington County, outside city limits.
Interior updates include LED recessed lighting, waterproof laminate flooring, revised trim, and redesigned kitchens with upgraded cabinetry and countertops; select kitchens have stainless-steel appliances. Heating is electric baseboard, and cooling is provided by window units. The property is in Washington County, outside city limits.
Key Highlights
- 17 units across four buildings: eight two‑bedroom units, eight one‑bedroom units, and one four‑bedroom single‑family home
- 9,859 square feet on 2.72 acres
- All units are leased
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
Check the figures for this property
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 contain a fully leased mix of apartments and a single-family home.
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: eight two‑bedroom units, eight one‑bedroom units, and one four‑bedroom single‑family home; 9,859 square feet on 2.72 acres; All units are leased
