Building Details

Year Built 1878

Listing Agency: Berkshire Hathaway HomeServices Homesale Realty

Listed By: Joshua L Woods · License #625976 Show Phone

Source: Localrealestateleaders

Added: Sep 12 Changed: Oct 25 Last Checked: Oct 7 at 4:41PM

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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 Berkshire Hathaway HomeServices Homesale Realty

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Investment Insights

Based on property information with market context.

This 3,020-square-foot mixed-use building combines commercial and residential components within a two-level layout. The lower floor provides space for a commercial unit, while the upper level contains two residential apartments.

Constructed in 1878, the property is located at 221-223 W Franklin St in Hagerstown, Maryland. Its combination of ground-floor commercial space and upstairs apartments supports a range of owner-user or investment configurations, subject to applicable requirements.

Key Highlights

• 3,020‑square‑foot mixed‑use building
• Lower level provides space for a commercial unit
• Two residential apartments on the upper level

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,898

Cap Rate

8.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$597,960 $598.0K

Cap Rate 7%

$427,114 $427.1K

Cap Rate 9%

$332,200 $332.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,020 SF

Gross rent

$54.4K $18.00/SF

− Vacancy

−$6.5K −$2.16/SF

EGI

$47.8K $15.84/SF

− OpEx

−$17.9K −$5.94/SF

NOI

$29.9K $9.90/SF

Area

Washington County, MD

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$597,960

Cap Rate 7%

$427,114

Cap Rate 9%

$332,200

Alternative Uses

Best Use

Mixed Use

$427.1K

$373.7K – $498.3K (±1% cap)

NOI $29,898 @ 7.0% cap · market cap 8.67%

Second Best

Apartment 5plus

$406.0K

$355.3K – $473.7K (±1% cap)

NOI $28,422 @ 7.0% cap · market cap 8.24%

Theoretical Best

Office A

$669.9K

$586.2K – $781.6K (±1% cap)

NOI $46,893 @ 7.0% cap · market cap 13.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Mixed-use properties

Suggested Use

Top Pick Dental Office Real Estate Agency Skin Care Clinic (Bike/Boat/Book/etc) Store Clothing & Fashion Store Locksmith

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

2

Residential units

Location Intelligence

Trade Area within ½ mile

1,938

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two residential apartments are located above lower-level commercial space in this mixed-use building.

Where is this mixed-use property located?

The property is located at 221 221-223 W Franklin St Hagerstown, MD.

What is the asking price?

The asking price for this property is $345,000.

What are key features of this property?

This property features: 3,020‑square‑foot mixed‑use building; Lower level provides space for a commercial unit; Two residential apartments on the upper level