Five-Unit Brick Apartment
165 SUMMIT Avenue, Hagerstown, MD 21740
For Sale
$649,000
Multi-Family, HAGERSTOWN, MD
Property Size4,811 SF
Lot Size0.16 Acres
Price / SF$134.90
Days on Market191
Property Features for 165 SUMMIT Avenue
General Information
Property type
Property subtype
Rooms
Parking
Parking features
Subdivision
Elementary school district
Middle school district
High school district
Standard status
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Number of units
Building materials
Architectural style
Listing Agency:
Real Estate Innovations · Coldwell Banker Real Estate
(301) 745-1500
Listed By:
Alice J Guy · License MD #80505
(717) 977-9031
Added: May 8
Changed: Oct 19
Last Checked: Nov 14 at 12:06AM
MLS# MDWA2036864
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.
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Investment Insights
Based on property information with market context.
This five-unit apartment property contains 4,811 square feet on a 0.1632-acre lot. Built in 1900 with a Colonial architectural style, the building has brick construction, a basement, forced-air heating, and window-unit cooling. Common natural gas heat and shared water and sewer service support the apartments, while a rear driveway provides tenant parking. A separate shed offers space for maintenance storage.
The property at 165 Summit Avenue in Hagerstown, Maryland, overlooks Meritus Baseball Park and is located in ZIP Code 21740. Its five-unit configuration, established construction, on-site parking, and dedicated storage area provide a straightforward multifamily layout.
The property at 165 Summit Avenue in Hagerstown, Maryland, overlooks Meritus Baseball Park and is located in ZIP Code 21740. Its five-unit configuration, established construction, on-site parking, and dedicated storage area provide a straightforward multifamily layout.
Key Highlights
- Five‑unit apartment building with 4,811 square feet
- Built in 1900 with brick construction and Colonial architecture
- Situated on a 0.1632‑acre lot at 165 Summit Avenue
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
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
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
NOI $74,703 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,962
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
$241,600
Median Home Value
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Market
Average Price Trend$/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 - Colonial-style property with shared utilities, rear tenant parking, and maintenance storage.
Where is this apartment building located?
The property is located at 165 SUMMIT Avenue 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 apartment building with 4,811 square feet; Built in 1900 with brick construction and Colonial architecture; Situated on a 0.1632‑acre lot at 165 Summit Avenue
