Mixed-Use Property with
For Sale
$650,000
382 S Cleveland Ave, Hagerstown, MD 21740
The property combines professional office space, residential apartments, garages, and a sprinkler system.
Property Size5,602 SF
Price / SF$116.03
Days on Market89
Property Features for 382 S Cleveland Ave
General Information
Standard status
Active
Size
5,602 SF
Total Parking Spaces
12
Property subtype
Residential Income
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$5,023
Building Details
Buildings
1
Listing Agency:
EXP Realty, LLC
(888) 860-7369
Listed By:
Yahaira Diaz · License #RSR005222
(240) 418-9074
Source:
Exprealty
Added: Jul 17
Changed: Oct 12
Last Checked: Oct 12 at 10:31PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 5,602-square-foot mixed-use building, constructed in 1962, combines a commercial first floor with three residential apartments above. The lower level includes six private office or exam rooms, four half bathrooms, and a kitchen. Two garages, 12 parking spaces, and a sprinkler system are also included. The property previously operated as a daycare and medical office, providing established layouts for those uses.
Located at 382 S Cleveland Ave in Hagerstown, the corner property sits behind the Hagerstown SportsPlex/Field House. Its setting places the building within a commercial and entertainment district, with the source information noting visibility and access from the corner position. Any zoning, permitted-use, or potential residential conversion questions should be verified with the City of Hagerstown.
Located at 382 S Cleveland Ave in Hagerstown, the corner property sits behind the Hagerstown SportsPlex/Field House. Its setting places the building within a commercial and entertainment district, with the source information noting visibility and access from the corner position. Any zoning, permitted-use, or potential residential conversion questions should be verified with the City of Hagerstown.
Key Highlights
- 5,602‑square‑foot mixed‑use building constructed in 1962
- Three residential apartments provide income‑producing upper‑level space
- First floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,762
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,240
$1.2M
Cap Rate 7%
$839,457
$839.5K
Cap Rate 9%
$652,911
$652.9K
Market Conditions
NOI Build-Up for 5,602 SF
Gross rent
$90.8K $16.20/SF
− Vacancy
−$6.8K −$1.22/SF
EGI
$83.9K $14.99/SF
− OpEx
−$25.2K −$4.50/SF
NOI
$58.8K $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 Rate 5%
$1,175,240
Cap Rate 7%
$839,457
Cap Rate 9%
$652,911
Alternative Uses
Best Use
Office B
$961.5K
$841.3K – $1.12M
NOI $67,306 @ 7.0% cap · market cap 10.35%
Second Best
Healthcare Medical
$956.8K
$837.2K – $1.12M
NOI $66,975 @ 7.0% cap · market cap 10.30%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,985 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,022
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 Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines professional office space, residential apartments, garages, and a sprinkler system.
Where is this mixed-use property located?
The property is located at 382 S Cleveland Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,602‑square‑foot mixed‑use building constructed in 1962; Three residential apartments provide income‑producing upper‑level space; First floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
