Mixed-Use Building with
382 S CLEVELAND Avenue Hagerstown, MD 21740
New
For Sale
$650,000
MULTI_FAMILY - HAGERSTOWN, MD
Property Size5,602 SF
Lot Size0.25 Acres
Price / SF$116.03
Days on Market1
Property Features for 382 S CLEVELAND Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking
- 11
- Parking features
- Parking Lot
- Standard status
- Active
- Size
- 5,602 SF
- Lot size
- 0.25 Acres
Taxes and HOA fees
- Tax Annual Amount
- 5023
Utilities
- Heating system
- Central
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1962
- Number of units
- 4
- Building materials
- Brick
Listing Agency:
EXP Realty, LLC
(888) 860-7369
Listed By:
Yahaira Diaz · License #5010456
(240) 418-9074
Added: Jul 24
Last Checked: Jul 24 at 2:06AM
MLS# MDWA2038732
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property combines income-producing residential apartments with a substantial first-floor commercial space. The upper level includes three residential apartments, providing an immediate rental component. The expansive first floor is configured with six private office or exam rooms, four half bathrooms, and a kitchen, supporting a range of commercial uses based on buyer verification.
The building sits on a corner location just behind the new Hagerstown SportsPlex/Field House and includes 12 parking spaces plus two garages. The property is equipped with a sprinkler system.
With both residential and office/exam room components under one roof, the layout is designed to support multiple revenue streams. Any change of use or redevelopment potential should be confirmed through the City of Hagerstown during due diligence.
The building sits on a corner location just behind the new Hagerstown SportsPlex/Field House and includes 12 parking spaces plus two garages. The property is equipped with a sprinkler system.
With both residential and office/exam room components under one roof, the layout is designed to support multiple revenue streams. Any change of use or redevelopment potential should be confirmed through the City of Hagerstown during due diligence.
Key Highlights
- Mixed‑use building built in 1962 with brick construction, central heating, and window unit(s) cooling
- Upper level has 3 residential apartments for immediate rental income
- Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.8k | $16.20 |
| − Vacancy | −$6.8k | −$1.22 |
| EGI | $83.9k | $14.99 |
| − OpEx | −$25.2k | −$4.50 |
| NOI | $58.8k | $10.49 |
5,602 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Touchstone Realty
Real Estate Agency
Lardizabal E R ...
Physician
FAQs
What type of property is this?
Triplex - Corner property features first-floor office/exam rooms and three residential apartments above with on-site parking and garages.
Where is this triplex located?
The property is located at 382 S CLEVELAND Avenue 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: Mixed‑use building built in 1962 with brick construction, central heating, and window unit(s) cooling; Upper level has 3 residential apartments for immediate rental income; Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
