Fully Rented 5-Unit
16 S Mulberry St, Hagerstown, MD 21740
For Sale
$525,000
Turnkey investment property with value-add potential in Hagerstown, MD.
Property Size4,316 SF
Price / SF$121.64
Days on Market242
Property Features for 16 S Mulberry St
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
RG Realty, Inc.
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Localrealestateleaders
Added: Mar 11
Changed: Oct 26
Last Checked: Oct 7 at 5:17PM
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.
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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
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,052
Businesses Nearby
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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
$241,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Hagerstown, MD
Properties on Market for Apartment buildings in Hagerstown
Vacancy Rate% for Multifamily in South region
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.
