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 Market200
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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
Listed By:
Andrew Borsa · License #MD 667628
(240) 315-3103
Source:
Crexi
Added: Mar 30
Changed: Oct 10
Last Checked: Oct 15 at 12:12AM
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 / Yr
$306,373
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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
