Building Details

Year Built 1914

Listing Agency: RG Realty, Inc.

Listed By: Roberto G. Gonzalez · License #598229 Show Phone

Source: Localrealestateleaders

Added: Mar 11 Changed: Sep 12 Last Checked: Oct 4 at 3:48PM

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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 well-maintained 5-unit property is a turnkey investment, fully rented with reliable long-term tenants. The building features four 1-bedroom units and one 2-bedroom unit with an additional office/den. Off-street parking is available at the rear of the property. Unit 16 (First Floor) includes a living room, dining room, kitchen, bedroom, and bathroom. Unit 16 (Second Floor) features a living room, dining room, kitchen, bedroom, bathroom, and office/den. Unit 16 ½ has a main level with a living room and kitchen, and a second level with a bedroom and bathroom. Unit 18 (First Floor) contains a living room, kitchen, bedroom, and bathroom. Unit 18 (Second Floor), currently rented, also includes a living room, kitchen, bedroom, and bathroom. This property offers excellent value-add potential through rent increases to market rates, as current rents are significantly below market. With strong occupancy, room to grow income, and minimal upkeep needed, this is a great opportunity for both new and seasoned investors.

Key Highlights

• Fully rented 5‑unit turnkey building providing immediate income.
• Significant value‑add potential through rent increases to market rates.
• Well‑maintained property requiring minimal upkeep.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,619

Cap Rate

7.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$812,380 $812.4K

Cap Rate 7%

$580,271 $580.3K

Cap Rate 9%

$451,322 $451.3K

Market Conditions

NOI Build-Up for 4,316 SF

Gross rent

$79.2K $18.36/SF

− Vacancy

−$5.4K −$1.25/SF

EGI

$73.9K $17.11/SF

− OpEx

−$33.2K −$7.70/SF

NOI

$40.6K $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%

$812,380

Cap Rate 7%

$580,271

Cap Rate 9%

$451,322

Alternative Uses

Best Use

Apartment 5plus

$580.3K

$507.7K – $677.0K (±1% cap)

NOI $40,619 @ 7.0% cap · market cap 7.74%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$957.4K

$837.7K – $1.12M (±1% cap)

NOI $67,017 @ 7.0% cap · market cap 12.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Florist Pet Grooming Service Clothing & Fashion Store Tanning Salon

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

Location Intelligence

Trade Area within ½ mile

2,052

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

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Frequently Asked Questions

What type of property is this?

Apartment building - Turnkey investment property with value-add potential in Hagerstown, MD.

Where is this apartment building located?

The property is located at 16 S Mulberry St Hagerstown, MD.

What is the asking price?

The asking price for this property is $525,000.

What are key features of this property?

This property features: Fully rented 5‑unit turnkey building providing immediate income.; Significant value‑add potential through rent increases to market rates.; Well‑maintained property requiring minimal upkeep.