Turnkey 5-Unit Apartment
For Sale
$525,000
16 S MULBERRY Street, Hagerstown, MD 21740
MULTI_FAMILY - Colonial - HAGERSTOWN, MD
Property Size4,316 SF
Lot Size0.17 Acres
Price / SF$121.64
Days on Market270
Property Features for 16 S MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Alley
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
4,316 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
5072
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1914
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Added: Nov 24, 2025
Changed: Jul 17
Last Checked: Aug 21 at 12:06PM
MLS# MDWA2032918
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.
This well-maintained turnkey 5-unit apartment building is offered for sale with the units configured as four 1-bedroom units and one 2-bedroom unit plus an additional office/den. Unit layouts include living room and dining room areas, kitchens, bedrooms, and bathrooms across the first and second floors, along with a main-level living space for one 1-bedroom unit and an office/den in the upper-level 2-bedroom unit.
Off-street parking is available at the rear of the property. The building is located at 16 S Mulberry Street in Hagerstown, Maryland (Washington County).
The unit mix provides separate dwelling layouts across multiple levels, including the currently rented unit(s) identified in the breakdown for Unit 18, with additional space and rooming configuration described for the other units. Property size is listed as 4,316 square feet on a 0.17-acre lot.
Off-street parking is available at the rear of the property. The building is located at 16 S Mulberry Street in Hagerstown, Maryland (Washington County).
The unit mix provides separate dwelling layouts across multiple levels, including the currently rented unit(s) identified in the breakdown for Unit 18, with additional space and rooming configuration described for the other units. Property size is listed as 4,316 square feet on a 0.17-acre lot.
Key Highlights
- Brick 5‑unit Colonial building built in 1914
- Fully rented unit mix: four 1‑bedroom units and one 2‑bedroom unit
- Additional office/den space included in one of the 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
$40,619
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
7.74%
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%
$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
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
$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 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%
$812,380
Cap Rate 7%
$580,271
Cap Rate 9%
$451,322
Alternative Uses
Best Use
Apartment 5plus
$580.3K
$507.7K – $677.0K
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
NOI $67,017 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Turnkey business
Opportunity
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 5-unit apartment building with four 1-bedroom units, one 2-bedroom unit, and rear off-street parking.
Where is this apartment building located?
The property is located at 16 S MULBERRY Street 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: Brick 5‑unit Colonial building built in 1914; Fully rented unit mix: four 1‑bedroom units and one 2‑bedroom unit; Additional office/den space included in one of the units
