Turnkey Tavern and Restaurant
For Sale
$600,000
21400 LEITER STREET, Hagerstown, MD 21742
Turnkey tavern and restaurant with bar, kitchen, walk-in cooler, and covered rear deck, plus two income-producing apartments.
Property Size3,790 SF
Price / SF$158.31
Days on Market84
Property Features for 21400 LEITER STREET
General Information
Standard status
Active
Size
3,790 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Liquor License
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,751
Amenities
Central Air
3
Instant Hot Water
Metal, Asphalt
Parking.
Lot.
Building Details
Year Built
1900
Stories
2
Listing Agency:
RE/MAX Results
(301) 698-5005
Listed By:
Brenda Myers · License #650485
(443) 398-4492
Source:
Xome
Added: Jun 14
Changed: Sep 2
Last Checked: Sep 5 at 3:42AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This well-maintained tavern and restaurant property is offered as a turnkey operation. The main level includes a spacious bar area, dedicated band and entertainment space, separate lounge area, two restrooms, a kitchen, and a walk-in cooler. There is also a covered rear deck overlooking the outdoor entertainment area.
The sale includes the real estate, business assets located on the property, and a Class D Liquor License, along with furniture, fixtures, equipment, and kitchen and bar equipment (unless specifically excluded by the Seller). The second floor provides two income-producing apartments: a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit. Additional storage is available in the attic and basement.
Ample parking is available in both the front and rear of the property, supporting on-site guest access. The outdoor area is set up for an additional bar and seating, designed to support dining and live music events.
The sale includes the real estate, business assets located on the property, and a Class D Liquor License, along with furniture, fixtures, equipment, and kitchen and bar equipment (unless specifically excluded by the Seller). The second floor provides two income-producing apartments: a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit. Additional storage is available in the attic and basement.
Ample parking is available in both the front and rear of the property, supporting on-site guest access. The outdoor area is set up for an additional bar and seating, designed to support dining and live music events.
Key Highlights
- Turnkey tavern and restaurant sale includes the real estate, business, Class D liquor license, and included furniture, fixtures, and equipment
- Main level features a spacious bar area, dedicated band/entertainment space, separate lounge, two restrooms, kitchen, and walk‑in cooler
- Covered rear deck overlooks the outdoor entertainment area with an outdoor bar, Tiki Bar, and additional seating
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
$39,755
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
6.63%
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%
$795,100
$795.1K
Cap Rate 7%
$567,929
$567.9K
Cap Rate 9%
$441,722
$441.7K
Market Conditions
NOI Build-Up for 3,790 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
$61.4K $16.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$56.8K $14.99/SF
− OpEx
−$17.0K −$4.50/SF
NOI
$39.8K $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%
$795,100
Cap Rate 7%
$567,929
Cap Rate 9%
$441,722
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.6K
NOI $39,755 @ 7.0% cap · market cap 6.63%
Second Best
Specialty Retail
$548.8K
$480.2K – $640.3K
NOI $38,416 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$840.7K
$735.6K – $980.8K
NOI $58,849 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21742, MD
33,069
Population
14,099
Households
2.3
Avg Household Size
42
Median Age
30%
College-Educated
90%
High-School Grad
46.5 sq mi
ZIP Area
711
Density / Sq Mi
$80,533
Median Household Income
$45,717
Median Earnings
$1,267
Median Rent
$280,100
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.
Similar Off Market Nearby
- Stop N' Shop Liquors — 21123 Leitersburg Pike, Hagerstown, MD 21742
- Leitersburg Tavern — 21400 Leiter St, Hagerstown, MD 21742
- Leitersburg Pub — 21400 Leiter St, Hagerstown, MD 21742
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey tavern and restaurant with bar, kitchen, walk-in cooler, and covered rear deck, plus two income-producing apartments.
Where is this bar & pub located?
The property is located at 21400 LEITER STREET Hagerstown, MD.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Turnkey tavern and restaurant sale includes the real estate, business, Class D liquor license, and included furniture, fixtures, and equipment; Main level features a spacious bar area, dedicated band/entertainment space, separate lounge, two restrooms, kitchen, and walk‑in cooler; Covered rear deck overlooks the outdoor entertainment area with an outdoor bar, Tiki Bar, and additional seating
