Mixed-Use Property with 3
For Sale
$650,000
382 S CLEVELAND Avenue, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size5,602 SF
Lot Size0.25 Acres
Price / SF$116.03
Days on Market46
Property Features for 382 S CLEVELAND Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
11
Parking features
Parking Lot
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
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
Changed: Sep 5
Last Checked: Sep 7 at 4:06PM
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 5,602-square-foot mixed-use building contains three residential apartments on the upper level and a commercial first floor with six private office or exam rooms, four half bathrooms, and a kitchen. The property includes two garages, a parking lot, and a sprinkler system. Brick construction dates to 1962, with central heating and window-unit cooling. The first-floor configuration previously supported daycare and medical-office operations, providing a layout suited to several professional or institutional uses, subject to applicable approvals.
The property occupies a corner position at 382 S Cleveland Avenue in Hagerstown, Maryland, near the Hagerstown SportsPlex and Field House. Its location in Washington County places the building within an established commercial and entertainment area. The upper-level apartments provide residential functionality alongside the ground-floor commercial space.
The property occupies a corner position at 382 S Cleveland Avenue in Hagerstown, Maryland, near the Hagerstown SportsPlex and Field House. Its location in Washington County places the building within an established commercial and entertainment area. The upper-level apartments provide residential functionality alongside the ground-floor commercial space.
Key Highlights
- 5,602‑square‑foot mixed‑use building
- Three upper‑level residential apartments
- First floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
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
$55,460
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
8.53%
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%
$1,109,200
$1.1M
Cap Rate 7%
$792,286
$792.3K
Cap Rate 9%
$616,222
$616.2K
Market Conditions
NOI Build-Up for 5,602 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
$100.8K $18.00/SF
− Vacancy
−$12.1K −$2.16/SF
EGI
$88.7K $15.84/SF
− OpEx
−$33.3K −$5.94/SF
NOI
$55.5K $9.90/SF
Area
Washington County, MD
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,109,200
Cap Rate 7%
$792,286
Cap Rate 9%
$616,222
Alternative Uses
Best Use
Office B
$961.5K
$841.3K – $1.12M
NOI $67,306 @ 7.0% cap · market cap 10.35%
Second Best
Mixed Use
$792.3K
$693.3K – $924.3K
NOI $55,460 @ 7.0% cap · market cap 8.53%
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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combines residential units with a configurable first-floor commercial layout and on-site parking.
Where is this mixed-use property 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: 5,602‑square‑foot mixed‑use building; Three upper‑level residential apartments; First floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen
