Renovated Duplex with Detached
For Sale
$349,900
201 AVON Road, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size1,924 SF
Lot Size0.27 Acres
Price / SF$181.86
Days on Market201
Property Features for 201 AVON Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
10
Parking features
Driveway, Offsite, Carport, On Street
Interior features
Walk-in Closet(s), Window Treatments
Appliances
WaterHeater, Washer/Dryer Stacked, Refrigerator, Oven/Range - Electric, Built-In Microwave, Microwave
Elementary school
SALEM AVENUE
Middle school
WESTERN HEIGHTS
High school
SOUTH 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
1,924 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
3518
Utilities
Heating system
Baseboard, Heat Pump (Heating), Electric (Heating)
Amenities
washer/dryer
deck
Building Details
Year built
1944
Number of units
2
Building materials
Vinyl Siding, Concrete
Architectural style
Cape Cod
Listing Agency:
Absolute Real Estate
Listed By:
James Oliver Gross · License #525508
(301) 788-7888
Added: Feb 26
Changed: Sep 13
Last Checked: Sep 15 at 2:06PM
MLS# MDWA2034442
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 Cape Cod duplex contains two separate 2-bedroom, 1-bathroom apartments within a 1,924-square-foot residence built in 1944. Both units are vacant and have received updates, including new flooring and paint. The first-floor apartment also has a refreshed kitchen with new countertops, sink, stove, and microwave, while the second floor includes new blinds. Each unit has its own washer and dryer and hot water heater.
The property occupies a 0.2666-acre corner lot in Hagerstown, Maryland. Exterior improvements include a new roof installed August 22nd, a detached 14/40 two-car garage with a newer roof, and a detached one-car garage with a newer roof. The first-floor HVAC system is three years old, and the upper unit includes a newer Trex deck that is three years old. Parking features include a driveway, carport, offsite parking, and on-street parking.
The property occupies a 0.2666-acre corner lot in Hagerstown, Maryland. Exterior improvements include a new roof installed August 22nd, a detached 14/40 two-car garage with a newer roof, and a detached one-car garage with a newer roof. The first-floor HVAC system is three years old, and the upper unit includes a newer Trex deck that is three years old. Parking features include a driveway, carport, offsite parking, and on-street parking.
Key Highlights
- Two 2‑bedroom, 1‑bathroom apartments; both units are vacant
- 1,924 square feet on a 0.2666‑acre corner lot
- Detached 14/40 two‑car garage plus separate one‑car garage
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two vacant apartments support owner occupancy, family use, or rental use.
Where is this duplex located?
The property is located at 201 AVON Road 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 2‑bedroom, 1‑bathroom apartments; both units are vacant; 1,924 square feet on a 0.2666‑acre corner lot; Detached 14/40 two‑car garage plus separate one‑car garage
