Brick Duplex with Commercial Lower
For Sale
$275,000
228 E WASHINGTON Street, Hagerstown, MD 21740
MULTI_FAMILY - Other - HAGERSTOWN, MD
Property Size2,048 SF
Lot Size0.15 Acres
Price / SF$134.28
Days on Market121
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
High school
SOUTH HAGERSTOWN SR
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
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 Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Added: Apr 1
Changed: Jul 7
Last Checked: Jul 30 at 9:06PM
MLS# MDWA2035248
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.
Investment Insights
Based on property information with market context.
This well-maintained solid brick over-under duplex offers a flexible mixed-use configuration. The lower unit is currently designated for commercial use and includes a fully equipped kitchen and a full bathroom. The upper unit provides a spacious three-bedroom, one-bath layout with updates including a remodeled bathroom and updated flooring. Recent capital improvements include a roof replaced in 2019, a new heat pump installed in June 2025, and a new hot water heater in 2025. A large, privacy-fenced yard adds outdoor space for residents and operators.
The property is located at 228 E Washington Street in Hagerstown, Maryland, in Washington County. It is described as centrally located with excellent accessibility, supporting a range of owner-occupant and income-focused strategies.
For buyers seeking a live-work setup, the layout allows an owner to occupy the upper unit while operating a business in the commercial lower level. For investors, the existing commercial use in the lower unit and the residential use in the upper unit provide two distinct income components, subject to compliance with applicable requirements. Owner financing is available to qualified buyers. FHA financing is not eligible due to the commercial component. Conversion of the lower level to full residential use is possible subject to approvals.
The property is located at 228 E Washington Street in Hagerstown, Maryland, in Washington County. It is described as centrally located with excellent accessibility, supporting a range of owner-occupant and income-focused strategies.
For buyers seeking a live-work setup, the layout allows an owner to occupy the upper unit while operating a business in the commercial lower level. For investors, the existing commercial use in the lower unit and the residential use in the upper unit provide two distinct income components, subject to compliance with applicable requirements. Owner financing is available to qualified buyers. FHA financing is not eligible due to the commercial component. Conversion of the lower level to full residential use is possible subject to approvals.
Key Highlights
- Well‑maintained solid brick over‑under duplex built in 1895 with off‑street parking
- Lower unit designated for commercial use with kitchen and full bathroom; flexible for small business or mixed‑use
- Upper unit features a 3‑bedroom, 1‑bath layout with remodeled bathroom and updated flooring
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 |
2,048 SF · lease $19.68/SF/yr · vacancy 18.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$351.5K
$307.6K – $410.1K
NOI $24,606 @ 7.0% cap · market cap 8.95%
Second Best
Multifamily LT 5
$306.9K
$268.5K – $358.0K
NOI $21,482 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$454.3K
$397.5K – $530.0K
NOI $31,800 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,722
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Solid brick over-under duplex with an equipped commercial-ready lower unit and updated upper residence.
Where is this duplex located?
The property is located at 228 E WASHINGTON Street Hagerstown, MD.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Well‑maintained solid brick over‑under duplex built in 1895 with off‑street parking; Lower unit designated for commercial use with kitchen and full bathroom; flexible for small business or mixed‑use; Upper unit features a 3‑bedroom, 1‑bath layout with remodeled bathroom and updated flooring
