Building Details

Building Size 2,122 SF

Year Built 1856

Units 3

Tenancy Multi

Listing Agency: Keller williams realty advantage m***@kw.com Show Phone

Listed By: Megan E Icenhour · License #5022553 Show Phone

Source: Elliman

Added: Jun 16 Changed: Aug 7 Last Checked: Aug 9 at 8:35AM

Report an Issue

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 Keller williams realty advantage

Investment Insights

Based on property information with market context.

This for-sale triplex is fully occupied, with all three units currently rented. The property is being presented as an income-producing residential income asset, generating $3,216 per month in gross rental income, or $38,592 annually, based on the information provided. Buyer due diligence is required to verify unit details, zoning, rental licensing, income, expenses, utilities, and intended use.

The property is located in Sharpsburg within Washington County, offering convenient access to Hagerstown, Shepherdstown, Boonsboro, and nearby commuter routes. Local amenities are also noted as being accessible from the property.

For an investor seeking a multi-unit holding with current occupancy, this triplex offers immediate rental status as described in the public remarks. It may also fit buyers looking to add to an existing portfolio with a residential income property where performance and operating terms are subject to verification during the underwriting process.

Key Highlights

• 1856‑built fully occupied triplex generating $3,216/month gross rental income ($38,592/year)
• All three units are currently rented, providing income from day one
• Washington County location with convenient access to Hagerstown, Shepherdstown, Boonsboro, and commuter routes

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

$22,259

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

6.57%

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%

$445,180 $445.2K

Cap Rate 7%

$317,986 $318.0K

Cap Rate 9%

$247,322 $247.3K

Market Conditions

NOI Build-Up for 2,122 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

$34.4K $16.20/SF

− Vacancy

−$2.6K −$1.22/SF

EGI

$31.8K $14.99/SF

− OpEx

−$9.5K −$4.50/SF

NOI

$22.3K $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%

$445,180

Cap Rate 7%

$317,986

Cap Rate 9%

$247,322

Alternative Uses

Best Use

Multifamily LT 5

$318.0K

$278.2K – $371.0K (±1% cap)

NOI $22,259 @ 7.0% cap · market cap 6.57%

Second Best

Apartment 5plus

$285.3K

$249.6K – $332.9K (±1% cap)

NOI $19,971 @ 7.0% cap · market cap 5.89%

Theoretical Best

Office A

$470.7K

$411.9K – $549.2K (±1% cap)

NOI $32,949 @ 7.0% cap · market cap 9.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Auto Parts Store Electrical Service Real Estate Agency Garden Center Hair Salon Parking Lot & Garage

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

3

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

104

Businesses Nearby

Explore this area Business Placement

Demographics for 21782, MD

3,866

Population

1,683

Households

2.3

Avg Household Size

47

Median Age

25%

College-Educated

93%

High-School Grad

29.3 sq mi

ZIP Area

132

Density / Sq Mi

$89,375

Median Household Income

$52,377

Median Earnings

$1,124

Median Rent

$295,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Fully Rented Triplex Income Property

202 E CHAPLINE Street, Sharpsburg, MD 21782

$338,995

2,122 SF

View details

Historic Sharpsburg House Renovation

117 E Main St, Sharpsburg, MD 21782

$375,000

View details

Frequently Asked Questions

What type of property is this?

Triplex - Fully occupied triplex with established rental income and convenient access to area commuter routes and amenities.

Where is this triplex located?

The property is located at 202 E CHAPLINE St Sharpsburg, MD.

What is the asking price?

The asking price for this property is $338,995.

What are key features of this property?

This property features: 1856‑built fully occupied triplex generating $3,216/month gross rental income ($38,592/year); All three units are currently rented, providing income from day one; Washington County location with convenient access to Hagerstown, Shepherdstown, Boonsboro, and commuter routes