Three-Unit Brick
New
For Sale
$325,000
224 FREDERICK STREET, Hagerstown, MD 21740
Two one-bedroom apartments accompany an office/efficiency space, and the main-floor apartment has a private entrance.
Property Size1,964 SF
Price / SF$165.48
Days on Market4
Property Features for 224 FREDERICK STREET
General Information
Standard status
Active
Size
1,964 SF
Property subtype
Triplex
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Construction
brick
Listing Agency:
Charis Realty Group
(301) 831-5099
Listed By:
ALEXANDRA L VASQUEZ
(240) 529-5021
Source:
Cummingsrealtors
Added: Oct 28
Changed: Oct 30
Last Checked: Oct 30 at 2:30PM
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 Charis Realty Group
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Investment Insights
Based on property information with market context.
Built in 1890, this brick property in Hagerstown contains two one-bedroom apartments and a third space configured as an office/efficiency. The main-floor apartment has its own entrance and updated windows, electrical, plumbing, and HVAC. Upstairs, the apartment has updated light fixtures, a range hood, and countertops. All three spaces have been painted throughout.
A large garage, parking for approximately 8-10 vehicles, and additional off-street parking serve the property. Alley access is also available. The property is being sold AS-IS.
A large garage, parking for approximately 8-10 vehicles, and additional off-street parking serve the property. Alley access is also available. The property is being sold AS-IS.
Key Highlights
- Brick building with two one‑bedroom apartments and an office/efficiency space
- Main‑floor apartment has a private entrance and updated windows, electrical, plumbing, and HVAC
- Upstairs apartment includes updated light fixtures, a range hood, and countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,601
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$412,020
$412.0K
Cap Rate 7%
$294,300
$294.3K
Cap Rate 9%
$228,900
$228.9K
Market Conditions
NOI Build-Up for 1,964 SF
Gross rent
$31.8K $16.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$29.4K $14.99/SF
− OpEx
−$8.8K −$4.50/SF
NOI
$20.6K $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 Rate 5%
$412,020
Cap Rate 7%
$294,300
Cap Rate 9%
$228,900
Alternative Uses
Best Use
Multifamily LT 5
$294.3K
$257.5K – $343.4K
NOI $20,601 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$264.1K
$231.1K – $308.1K
NOI $18,484 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$435.7K
$381.2K – $508.3K
NOI $30,496 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,912
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Two one-bedroom apartments accompany an office/efficiency space, and the main-floor apartment has a private entrance.
Where is this triplex located?
The property is located at 224 FREDERICK STREET Hagerstown, MD.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Brick building with two one‑bedroom apartments and an office/efficiency space; Main‑floor apartment has a private entrance and updated windows, electrical, plumbing, and HVAC; Upstairs apartment includes updated light fixtures, a range hood, and countertops
