Gut-Renovated Downtown
For Sale
Contact for pricing
Pending
34 W Franklin St, Hagerstown, MD 21740
Fully gut-renovated multifamily with 7 units, furnished options, shared office space, and 14 off-street parking spaces.
Property Size5,660 SF
Days on Market231
Property Features for 34 W Franklin St
General Information
Standard status
Pending
Size
5,660 SF
Total Parking Spaces
14
Property subtype
Multifamily
Zoning
CC-MU
Additional Details
Furnished
Yes
Multifamily Units
7
Amenities
surface parking lot
courtyard
terrace deck
shared office space
Building Details
Year Built
1900
Year Renovated
2024
Units
7
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: Jan 28
Changed: Sep 10
Last Checked: Sep 15 at 4:38AM
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 Kevin Landolphi
Investment Insights
Based on property information with market context.
The Franklin is a fully gut-renovated multifamily asset featuring 7 units with a mix of studio, one-bedroom, two-bedroom, and three-bedroom layouts. Completed by current ownership in 2024, the property includes a 14-space surface parking lot, a courtyard, a terrace deck, and shared office space. Unit finishes and features include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers. Four units are furnished and were operated as short-term or vacation rentals when vacant.
The property is located at 34 W Franklin St in Hagerstown, positioned in the downtown area within walking distance of local shops, restaurants, breweries, and community events.
Additional information includes an Economic Rehabilitation Incentive Grant from the City of Hagerstown through the 2029–2030 tax year.
The property is located at 34 W Franklin St in Hagerstown, positioned in the downtown area within walking distance of local shops, restaurants, breweries, and community events.
Additional information includes an Economic Rehabilitation Incentive Grant from the City of Hagerstown through the 2029–2030 tax year.
Key Highlights
- 7‑unit multifamily fully gut‑renovated in 2024 with a unit mix of studios, 1BR/1BA, 2BR/2BA, and 3BR/2BA
- 14‑space surface parking lot plus courtyard and terrace deck
- Apartment finishes include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in‑unit washer/dryers
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
$53,268
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
3.95%
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%
$1,065,360
$1.1M
Cap Rate 7%
$760,971
$761.0K
Cap Rate 9%
$591,867
$591.9K
Market Conditions
NOI Build-Up for 5,660 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
$103.9K $18.36/SF
− Vacancy
−$7.1K −$1.25/SF
EGI
$96.9K $17.11/SF
− OpEx
−$43.6K −$7.70/SF
NOI
$53.3K $9.41/SF
Area
Washington County, MD
Vacancy
6.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,065,360
Cap Rate 7%
$760,971
Cap Rate 9%
$591,867
Alternative Uses
Best Use
Apartment 5plus
$761.0K
$665.9K – $887.8K
NOI $53,268 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,886 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully gut-renovated multifamily with 7 units, furnished options, shared office space, and 14 off-street parking spaces.
Where is this apartment building located?
The property is located at 34 W Franklin St Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 7‑unit multifamily fully gut‑renovated in 2024 with a unit mix of studios, 1BR/1BA, 2BR/2BA, and 3BR/2BA; 14‑space surface parking lot plus courtyard and terrace deck; Apartment finishes include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in‑unit washer/dryers
