Two-Unit Duplex with Bonus
For Sale
$290,000
301 North Mulberry Street, Hagerstown, MD 21740
Well-maintained income property with separate layouts, included appliances, and convenient access to local roads and daily amenities.
Property Size2,296 SF
Price / SF$126.31
Days on Market257
Property Features for 301 North Mulberry Street
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RMED
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR+bonus/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,937
Amenities
No
2+ Access Exits
No Pool
Building Details
Year Built
1888
Buildings
1
Listing Agency:
The Agency DC
(240) 258-2668
Listed By:
Alejandro Luis A Martinez · License #588690
(240) 258-2668
Source:
Compass
Added: Dec 18, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:17PM
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 The Agency DC
Investment Insights
Based on property information with market context.
This 2,296-square-foot duplex, built in 1888, contains two distinct residential units. Unit 301 offers three bedrooms and one full bathroom, while Unit 303 includes one bedroom, a bonus room, and one full bathroom. The bonus room can function as an office, den, or guest space. Appliances are included in both units, and the property is zoned RMED.
Located at 301 North Mulberry Street in Hagerstown, the property is outside city limits and near local parks, neighborhood shops, and everyday conveniences. Local roads provide access to the surrounding area, with highway access a short drive away. The property is served by Washington County Public Schools.
Located at 301 North Mulberry Street in Hagerstown, the property is outside city limits and near local parks, neighborhood shops, and everyday conveniences. Local roads provide access to the surrounding area, with highway access a short drive away. The property is served by Washington County Public Schools.
Key Highlights
- 2,296‑square‑foot duplex with two separate residential units
- Unit 301 includes 3 bedrooms and 1 full bathroom
- Unit 303 offers 1 bedroom, a bonus room, and 1 full bathroom
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
$24,084
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
8.30%
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%
$481,680
$481.7K
Cap Rate 7%
$344,057
$344.1K
Cap Rate 9%
$267,600
$267.6K
Market Conditions
NOI Build-Up for 2,296 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
$37.2K $16.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$34.4K $14.99/SF
− OpEx
−$10.3K −$4.50/SF
NOI
$24.1K $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%
$481,680
Cap Rate 7%
$344,057
Cap Rate 9%
$267,600
Alternative Uses
Best Use
Multifamily LT 5
$344.1K
$301.1K – $401.4K
NOI $24,084 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$308.7K
$270.1K – $360.1K
NOI $21,608 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$509.3K
$445.6K – $594.2K
NOI $35,651 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,931
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained income property with separate layouts, included appliances, and convenient access to local roads and daily amenities.
Where is this duplex located?
The property is located at 301 North Mulberry Street Hagerstown, MD.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 2,296‑square‑foot duplex with two separate residential units; Unit 301 includes 3 bedrooms and 1 full bathroom; Unit 303 offers 1 bedroom, a bonus room, and 1 full bathroom
