Hagerstown Four-Unit Investment
For Sale
$445,000
25 S LOCUST St, Hagerstown, MD 21740
Four-unit building in downtown Hagerstown with off-street parking.
Property Size3,548 SF
Lot Size0.12 Acres
Days on Market171
Property Features for 25 S LOCUST St
General Information
Standard status
Active
Size
3,548 SF
Lot size
0.12 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,152
Building Details
Building Size
3,548 SF
Year Built
1920
Units
4
Listing Agency:
Keller Williams Realty
(571) 233-2763
Listed By:
Paul Vincent Sneeringer III · License #5003407
(571) 233-2763
Source:
Elliman
Added: Mar 10
Changed: Aug 13
Last Checked: Aug 26 at 11:07AM
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 Realty
Investment Insights
Based on property information with market context.
This four-unit building is located in downtown Hagerstown. The property features two units with one bedroom and one bathroom, and two units with two bedrooms and one bathroom. Off-street parking is available. The building is well-maintained, presenting an investment opportunity.
Key Highlights
- Four‑unit building - Ideal for investors
- Downtown Hagerstown location
- Contains two 1/1 bath units and two 2/1 bath units
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
$37,217
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
8.36%
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%
$744,340
$744.3K
Cap Rate 7%
$531,671
$531.7K
Cap Rate 9%
$413,522
$413.5K
Market Conditions
NOI Build-Up for 3,548 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
$57.5K $16.20/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$53.2K $14.99/SF
− OpEx
−$16.0K −$4.50/SF
NOI
$37.2K $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 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%
$744,340
Cap Rate 7%
$531,671
Cap Rate 9%
$413,522
Alternative Uses
Best Use
Multifamily LT 5
$531.7K
$465.2K – $620.3K
NOI $37,217 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$477.0K
$417.4K – $556.5K
NOI $33,391 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$787.0K
$688.7K – $918.2K
NOI $55,092 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,112
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit building in downtown Hagerstown with off-street parking.
Where is this quadplex located?
The property is located at 25 S LOCUST St Hagerstown, MD.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Four‑unit building - Ideal for investors; Downtown Hagerstown location; Contains two 1/1 bath units and two 2/1 bath units
