228 E WASHINGTON Street, Hagerstown, MD 21740
MULTI_FAMILY - Other - HAGERSTOWN, MD
- Added:
- Apr 1, 2026
- Days on Market:
- 76
- Last Refresh:
- Jun 15 at 3:06 pm
Property Features for 228 E WASHINGTON Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Off Street
- Interior features
- Kitchen - Table Space
- Standard status
- Active
- Size
- 2,048 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4185
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1895
- Number of units
- 2
- Building materials
- Brick
- Architectural style
- Other
Listing agent Roberto G. Gonzalez License #598229 (301) 991-0207
Listing office RG Realty, Inc. 12907 Oak Hill Avenue, SMITHSBURG, MD (240) 203-6393
Listing date Apr 1, 2026
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Flexible over‑under duplex suitable for owner‑occupancy, investment, or mixed‑use.
- Lower unit equipped for commercial use with kitchen and full bathroom; potential for residential conversion (subject to approvals).
- Spacious, updated three‑bedroom, one‑bath upper unit with remodeled bathroom and new flooring.
- Significant recent upgrades: roof (2019), heat pump (2025), and hot water heater (2025).
- Large, privacy‑fenced yard.
- Centrally located with excellent accessibility.
Overview
The property is located at 228 E Washington Street in Hagerstown, Maryland (Washington County) and is positioned for straightforward accessibility given its central location.
Ownership options are broad, including living in the upper unit while operating a business in the lower space. Note that FHA financing is not eligible due to the commercial component. The seller notes the lower level may be convertible to full residential use subject to approvals, which could expand future use possibilities. Recent major improvements include a roof replacement in 2019, a new heat pump installed in June 2025, and a new hot water heater in 2025.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.3k | $19.68 |
| − Vacancy | −$7.5k | −$3.66 |
| EGI | $32.8k | $16.02 |
| − OpEx | −$8.2k | −$4.00 |
| NOI | $24.6k | $12.01 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Hagerstown
- County
- Washington
- State
- Maryland
- Longitude
- -77.71504
- Latitude
- 39.64002
