Flex Building with Drive-In
For Sale
Contact for pricing
221 McRand Ct, Hagerstown, MD 21740
Industrial General-zoned flex property combining warehouse, office, secured outdoor storage, and an occupied tenant space.
Property Size25,500 SF
Price / SF$156.86
Days on Market155
Property Features for 221 McRand Ct
General Information
Standard status
Active
Size
25,500 SF
Class
A
Property subtype
Industrial
Zoning
Industrial General (IG)
Occupancy
61%
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
2
Building Details
Year Built
2006
Buildings
1
Stories
1
Listing Agency:
Scheer Partners
(240) 315-3103
Listed By:
Julian Etches · License #MD 591326
Source:
Crexi
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 1:55PM
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 Scheer Partners
Investment Insights
Based on property information with market context.
Built in 2006, this 25,500-square-foot flex building combines warehouse and office areas with a 10,026-square-foot suite available for immediate occupancy or lease. The property also includes an existing long-term tenant whose lease was recently renewed, creating an in-place income component alongside the available space.
Warehouse features include two at-grade drive-in doors, an 18-foot clear height, a fenced outdoor storage area, and a large truck court. On-site parking and office improvements support a range of flex and industrial operations. The property is zoned Industrial General (IG) and is located at 221 McRand Ct in Hagerstown, Maryland.
Warehouse features include two at-grade drive-in doors, an 18-foot clear height, a fenced outdoor storage area, and a large truck court. On-site parking and office improvements support a range of flex and industrial operations. The property is zoned Industrial General (IG) and is located at 221 McRand Ct in Hagerstown, Maryland.
Key Highlights
- 25,500‑square‑foot flex building constructed in 2006
- 10,026‑square‑foot space available for immediate occupancy or lease
- Existing long‑term tenant with recently renewed lease
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
$306,373
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
7.66%
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%
$6,127,460
$6.1M
Cap Rate 7%
$4,376,757
$4.4M
Cap Rate 9%
$3,404,144
$3.4M
Market Conditions
NOI Build-Up for 25,500 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
$501.8K $19.68/SF
− Vacancy
−$93.3K −$3.66/SF
EGI
$408.5K $16.02/SF
− OpEx
−$102.1K −$4.00/SF
NOI
$306.4K $12.01/SF
Area
Washington County, MD
Vacancy
18.60%
Lease Rate
$19.68 /SF/Yr
Expense Ratio
25.00%
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%
$6,127,460
Cap Rate 7%
$4,376,757
Cap Rate 9%
$3,404,144
Alternative Uses
Best Use
Office B
$4.38M
$3.83M – $5.11M
NOI $306,373 @ 7.0% cap · market cap 7.66%
Second Best
Flex RnD
$3.20M
$2.80M – $3.73M
NOI $224,011 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$5.66M
$4.95M – $6.60M
NOI $395,952 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
2
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Balanced
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial General-zoned flex property combining warehouse, office, secured outdoor storage, and an occupied tenant space.
Where is this flex space located?
The property is located at 221 McRand Ct Hagerstown, MD.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 25,500‑square‑foot flex building constructed in 2006; 10,026‑square‑foot space available for immediate occupancy or lease; Existing long‑term tenant with recently renewed lease
