Building Details

Year Built 1957

Stories 3

Listing Agency: Berkshire Hathaway HomeServices Homesale Realty

Listed By: Joshua L Woods · License #625976 Show Phone

Source: Kandorre

Added: Apr 24 Changed: Sep 12 Last Checked: Oct 4 at 2:36PM

Report an Issue

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 three-story apartment building offers 7 rental units with a mix of two 2-bedroom units and five 1-bedroom units, providing a straightforward configuration for residential income. The property is positioned as an investment opportunity with an established unit count and bedroom variety within the same building.

The property is located close to major commuter routes and everyday conveniences, with access to shopping in the surrounding area. This combination can support tenant needs for both commuting and daily errands.

Overall, the building’s unit mix is clearly defined, with 1- and 2-bedroom layouts making up the full 7-unit offering.

Key Highlights

• Three‑story 7‑unit income property
• Unit mix includes two 2‑bedroom units and five 1‑bedroom units
• Close to major commuter routes, shopping, and everyday conveniences

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,424

Cap Rate

5.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$868,480 $868.5K

Cap Rate 7%

$620,343 $620.3K

Cap Rate 9%

$482,489 $482.5K

Market Conditions

NOI Build-Up for 4,614 SF

Gross rent

$84.7K $18.36/SF

− Vacancy

−$5.8K −$1.25/SF

EGI

$79.0K $17.11/SF

− OpEx

−$35.5K −$7.70/SF

NOI

$43.4K $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 Rate 5%

$868,480

Cap Rate 7%

$620,343

Cap Rate 9%

$482,489

Alternative Uses

Best Use

Apartment 5plus

$620.3K

$542.8K – $723.7K (±1% cap)

NOI $43,424 @ 7.0% cap · market cap 5.57%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.02M

$895.6K – $1.19M (±1% cap)

NOI $71,644 @ 7.0% cap · market cap 9.20%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Skin Care Clinic Big Box & Wholesale Store Dental Office HVAC Service Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

1,512

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Five-Unit Brick Apartment Building

165 SUMMIT Avenue, Hagerstown, MD 21740

$649,000

4,811 SF

View details

Five-Unit Brick Apartment Building

671 HIGHLAND Way, Hagerstown, MD 21740

$574,900

4,666 SF

View details

13-Unit Brick Apartment Building

426 N Locust St, Hagerstown, MD 21740

$1,300,000

4,500 SF

View details

Fully Rented 5-Unit Building

16 S Mulberry St, Hagerstown, MD 21740

$525,000

4,316 SF

View details

Six-Unit Brick Apartment Building

429 N LOCUST Street, Hagerstown, MD 21740

$600,000

5,655 SF

View details

Five-Unit Apartment Building

601 HIGHLAND Way, Hagerstown, MD 21740

$625,000

6,568 SF

View details

8-Unit Mixed-Use Apartment Building

400 N POTOMAC Street, Hagerstown, MD 21740

$800,000

8,524 SF

View details

Six-Unit Multifamily Property

401 S Potomac St, Hagerstown, MD 21740

$650,000

7,778 SF

View details

Four-Story Apartment Building with Garage

154 154-158 Potomac, Hagerstown, MD 21740

$1,400,000

12,736 SF

View details

Colonial Apartment Duplex

838 Hamilton Boulevard, Hagerstown, MD 21742

$419,900

1,626 SF

View details

Mixed-Use Property with 12 Units

600 Potomac Ave, Hagerstown, MD 21740

$825,000

View details

Multifamily Property with 1BR Layouts

100 East Ave, Hagerstown, MD 21740

$650,000

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Three-story, 7-unit income property with two 2-bedroom units and five 1-bedroom units.

Where is this apartment building located?

The property is located at 16 16-18 Wayside Ave Hagerstown, MD.

What is the asking price?

The asking price for this property is $779,000.

What are key features of this property?

This property features: Three‑story 7‑unit income property; Unit mix includes two 2‑bedroom units and five 1‑bedroom units; Close to major commuter routes, shopping, and everyday conveniences