Lead-Free 4-Unit
For Sale
$699,999
24 HAMILTON AVENUE, Frederick, MD 21701
Downtown residential zoning, basement laundry, and a configuration suited to multifamily occupancy define this Frederick property.
Property Size2,420 SF
Days on Market123
Property Features for 24 HAMILTON AVENUE
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Quadruplex
Zoning
Downtown residential
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$65,820
Taxes and HOA fees
Annual Taxes
$8,747
Amenities
coin-operated washer and dryer
Building Details
Building Size
2,420 SF
Year Built
1910
Listing Agency:
Keller Williams Legacy
(443) 745-2155
Listed By:
William Bowman · License #665647
(443) 745-2155
Source:
Barnesrealestatecompany
Added: Apr 30
Changed: Aug 29
Last Checked: Aug 26 at 6:03AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
Located at 24 Hamilton Ave in Frederick, Maryland, this 2,420-square-foot quadplex contains four residential units, each with one bedroom and one bathroom. The property is certified lead-free and includes a basement with coin-operated laundry equipment. Built in 1910, the building is presented as turnkey in the available property information.
The property sits just outside downtown Frederick and is zoned for Downtown residential use. The lot is described as large enough to accommodate additional parking, and the zoning may support consideration of additional units. One unit may be delivered vacant for an owner-occupant, subject to the purchaser’s preference.
The property sits just outside downtown Frederick and is zoned for Downtown residential use. The lot is described as large enough to accommodate additional parking, and the zoning may support consideration of additional units. One unit may be delivered vacant for an owner-occupant, subject to the purchaser’s preference.
Key Highlights
- Four‑unit quadplex with 2,420 square feet
- Each unit includes 1 bedroom and 1 bathroom
- Certified lead‑free property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,820
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$716,400
$716.4K
Cap Rate 7%
$511,714
$511.7K
Cap Rate 9%
$398,000
$398.0K
Market Conditions
NOI Build-Up for 2,420 SF
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.
Gross rent
$53.7K $22.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$51.2K $21.15/SF
− OpEx
−$15.4K −$6.34/SF
NOI
$35.8K $14.80/SF
Area
Frederick County, MD
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$716,400
Cap Rate 7%
$511,714
Cap Rate 9%
$398,000
Alternative Uses
Best Use
Multifamily LT 5
$511.7K
$447.8K – $597.0K
NOI $35,820 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$470.4K
$411.6K – $548.8K
NOI $32,926 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$896.7K
$784.6K – $1.05M
NOI $62,771 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 21701, MD
39,629
Population
18,914
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
998
Density / Sq Mi
$102,306
Median Household Income
$59,381
Median Earnings
$1,607
Median Rent
$404,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Downtown residential zoning, basement laundry, and a configuration suited to multifamily occupancy define this Frederick property.
Where is this quadplex located?
The property is located at 24 HAMILTON AVENUE Frederick, MD.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Four‑unit quadplex with 2,420 square feet; Each unit includes 1 bedroom and 1 bathroom; Certified lead‑free property
