HAGERSTOWN Multi-Unit Investment
For Sale
$649,000
165 SUMMIT Avenue, Hagerstown, MD 21740
MULTI_FAMILY - Colonial - HAGERSTOWN, MD
Property Size4,811 SF
Lot Size0.16 Acres
Price / SF$134.90
Days on Market97
Property Features for 165 SUMMIT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
5
Parking features
Driveway
Subdivision
CITY OF HAGERSTOWN
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
4,811 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4467
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Real Estate Innovations · Coldwell Banker Real Estate
(301) 745-1500
Listed By:
Alice J Guy · License #80505
(717) 977-9031
Added: May 8
Changed: Jun 9
Last Checked: Aug 12 at 1:06PM
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.
Investment Insights
Based on property information with market context.
This is a five-unit apartment building suitable for investors. The property overlooks the new $95 million Meritus Baseball Park. It features ample parking in the rear for tenants and a shed for maintenance storage. Constructed of brick, the building utilizes common natural gas for heat and water/sewer. The property is located in HAGERSTOWN, MD. The lot size is 0.1632 acres and the building size is 4,811 square feet.
Key Highlights
- 5‑unit apartment building
- Overlooking the new $95MM Meritus Baseball Park
- Ample parking in rear for tenants
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
$45,278
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
6.98%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,616
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building overlooking the new Meritus Baseball Park.
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: 5‑unit apartment building; Overlooking the new $95MM Meritus Baseball Park; Ample parking in rear for tenants
