Building Details

Buildings 1

Construction brick

Listing Agency: Real Estate Innovations Show Phone

Listed By: Alice J Guy · License #80505 Show Phone

Source: Davidyungmann.myrealestateplatform

Added: May 9 Changed: Oct 3 Last Checked: Oct 16 at 8:26AM

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Investment Insights

Based on property information with market context.

This five-unit brick apartment building at 165 Summit Ave in Hagerstown, Maryland, was constructed in 1900. The property includes rear parking for tenants, a separate shed for maintenance storage, and common natural-gas heating. Water and sewer service support the building’s residential operations.

The building overlooks a baseball park and is positioned in a walkable, bike-friendly setting. Walk Score is 89, Bike Score is 71, and Transit Score is 30, indicating access to nearby pedestrian and cycling routes along with some transit service.

Key Highlights

• Five‑unit brick apartment building constructed in 1900
• Rear parking available for tenants
• Separate shed provides maintenance storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,278

Cap Rate

6.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$905,560 $905.6K

Cap Rate 7%

$646,829 $646.8K

Cap Rate 9%

$503,089 $503.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,811 SF

Gross rent

$88.3K $18.36/SF

− Vacancy

−$6.0K −$1.25/SF

EGI

$82.3K $17.11/SF

− OpEx

−$37.0K −$7.70/SF

NOI

$45.3K $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%

$905,560

Cap Rate 7%

$646,829

Cap Rate 9%

$503,089

Alternative Uses

Best Use

Apartment 5plus

$646.8K

$566.0K – $754.6K (±1% cap)

NOI $45,278 @ 7.0% cap · market cap 6.98%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.07M

$933.8K – $1.25M (±1% cap)

NOI $74,703 @ 7.0% cap · market cap 11.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Dental Office Locksmith Pet Grooming Service Garden Center Clothing & Fashion Store

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

5

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,962

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

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Frequently Asked Questions

What type of property is this?

Apartment building - Brick multifamily property with rear parking, maintenance storage, and shared natural-gas heating.

Where is this apartment building located?

The property is located at 165 SUMMIT AVE Hagerstown, MD.

What is the asking price?

The asking price for this property is $649,000.

What are key features of this property?

This property features: Five‑unit brick apartment building constructed in 1900; Rear parking available for tenants; Separate shed provides maintenance storage