Renovated Two-Unit
New
For Sale
$349,900
201 Avon Rd, Hagerstown, MD 21740
Updated duplex with two vacant apartments, separate garages, and flexible owner-occupant or rental use.
Property Size1,924 SF
Price / SF$181.86
Days on Market6
Property Features for 201 Avon Rd
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
ceiling fans
washer/dryer
deck
Building Details
Year Built
1944
Buildings
1
Listing Agency:
Absolute Real Estate
Listed By:
James Oliver Gross · License #525508
(301) 788-7888
Source:
Baltimoreharfordhomesforsale
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 11:49AM
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 Absolute Real Estate
Investment Insights
Based on property information with market context.
Built in 1944 and measuring 1,924 square feet, this duplex contains two separate two-bedroom, one-bathroom apartments. Both units are vacant, offering flexibility for an owner occupant, extended household arrangement, or rental use. The first-floor apartment has an updated kitchen with new countertops, sink, stove, and microwave, along with refreshed flooring, paint, ceiling fans, and an HVAC system that is three years old. The second floor also features new flooring, paint, and blinds.
The property sits on a corner lot at 201 Avon Rd in Hagerstown, Maryland. A detached 14/40 two-car garage serves the property, and a separate one-car garage is also included. The garages have new roofs. Additional features include a three-year-old Trex deck, newer washers and dryers for both units, newer hot water heaters, and a new roof installed August 22nd.
The property sits on a corner lot at 201 Avon Rd in Hagerstown, Maryland. A detached 14/40 two-car garage serves the property, and a separate one-car garage is also included. The garages have new roofs. Additional features include a three-year-old Trex deck, newer washers and dryers for both units, newer hot water heaters, and a new roof installed August 22nd.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bathroom
- Both units are vacant
- 1,924 SF duplex on a corner lot
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
$20,182
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
5.77%
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%
$403,640
$403.6K
Cap Rate 7%
$288,314
$288.3K
Cap Rate 9%
$224,244
$224.2K
Market Conditions
NOI Build-Up for 1,924 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
$31.2K $16.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$28.8K $14.99/SF
− OpEx
−$8.6K −$4.50/SF
NOI
$20.2K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$403,640
Cap Rate 7%
$288,314
Cap Rate 9%
$224,244
Alternative Uses
Best Use
Multifamily LT 5
$288.3K
$252.3K – $336.4K
NOI $20,182 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$258.7K
$226.3K – $301.8K
NOI $18,107 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$426.8K
$373.4K – $497.9K
NOI $29,875 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
460
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
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with two vacant apartments, separate garages, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 201 Avon Rd Hagerstown, MD.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bathroom; Both units are vacant; 1,924 SF duplex on a corner lot
