Fully Occupied
For Sale
$359,000
314 Key Avenue, Hagerstown, MD 21740
Two residential units offer matching three-bedroom, one-bath layouts within city limits and RMOD zoning.
Property Size2,052 SF
Price / SF$174.95
Days on Market206
Property Features for 314 Key Avenue
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RMOD
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,236
Amenities
No
No Pool
Building Details
Year Built
1950
Listing Agency:
Berkshire Hathaway Home Services Bowen Realty
(301) 745-1620
Listed By:
Joshua L Woods · License #625976
Source:
Compass
Added: Feb 6
Changed: Aug 29
Last Checked: Aug 29 at 7:39PM
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 Berkshire Hathaway Home Services Bowen Realty
Investment Insights
Based on property information with market context.
This duplex at 314 Key Avenue in Hagerstown, Maryland, contains two residential units totaling 2,052 square feet. Each unit is configured with three bedrooms and one bathroom, and the property was constructed in 1950. Both units are currently occupied, providing an established residential income configuration.
The property is within Hagerstown city limits and is zoned RMOD. Nearby context includes shopping, restaurants, schools, and parks, with access to I-70 and I-81 supporting regional commuting. The assigned school district is Washington County Public Schools.
The property is within Hagerstown city limits and is zoned RMOD. Nearby context includes shopping, restaurants, schools, and parks, with access to I-70 and I-81 supporting regional commuting. The assigned school district is Washington County Public Schools.
Key Highlights
- Two‑unit duplex with 2,052 square feet
- Both units feature 3 bedrooms and 1 bathroom
- Fully occupied residential 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
$21,524
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
6.00%
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%
$430,480
$430.5K
Cap Rate 7%
$307,486
$307.5K
Cap Rate 9%
$239,156
$239.2K
Market Conditions
NOI Build-Up for 2,052 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
$33.2K $16.20/SF
− Vacancy
−$2.5K −$1.22/SF
EGI
$30.7K $14.99/SF
− OpEx
−$9.2K −$4.50/SF
NOI
$21.5K $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%
$430,480
Cap Rate 7%
$307,486
Cap Rate 9%
$239,156
Alternative Uses
Best Use
Multifamily LT 5
$307.5K
$269.1K – $358.7K
NOI $21,524 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$275.9K
$241.4K – $321.9K
NOI $19,312 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$455.2K
$398.3K – $531.0K
NOI $31,862 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
256
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 - Two residential units offer matching three-bedroom, one-bath layouts within city limits and RMOD zoning.
Where is this duplex located?
The property is located at 314 Key Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,052 square feet; Both units feature 3 bedrooms and 1 bathroom; Fully occupied residential property
