Three-Story 7-Unit Apartment
For Sale
$779,000
16 16-18 Wayside Ave, Hagerstown, MD 21740
Three-story, 7-unit income property with two 2-bedroom units and five 1-bedroom units.
Property Size4,614 SF
Price / SF$168.83
Days on Market135
Property Features for 16 16-18 Wayside Ave
General Information
Standard status
Active
Size
4,614 SF
Additional Details
Business Included
Yes
Multifamily Units
7
Building Details
Year Built
1957
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
Listed By:
Joshua L Woods · License #625976
(301) 745-1620
Source:
Kandorre
Added: Apr 24
Changed: Aug 25
Last Checked: Sep 4 at 9:24AM
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.
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 = 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
$43,424
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
5.57%
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%
$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
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
$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 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%
$868,480
Cap Rate 7%
$620,343
Cap Rate 9%
$482,489
Alternative Uses
Best Use
Apartment 5plus
$620.3K
$542.8K – $723.7K
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
NOI $71,644 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
