Mixed-Use Corner Building with
For Sale
$650,000
Pending
382 South Cleveland Avenue, Hagerstown, MD 21740
Corner property with first-floor office/exam rooms, upper residential apartments, and onsite parking including garages.
Property Size5,602 SF
Days on Market12
Property Features for 382 South Cleveland Avenue
General Information
Standard status
Pending
Size
5,602 SF
Total Parking Spaces
12
Property subtype
Multi-Family / Fee Simple
Units
Multifamily Units
3
Office Units
6
Additional Details
Sprinkler System
Yes
Building Details
Year Built
1962
Listing Agency:
EXP Realty, LLC
(240) 418-9074
Listed By:
Yahaira Diaz · License #5010456
(240) 418-9074
Source:
Compass
Added: Jul 20
Changed: Jul 21
Last Checked: Jul 30 at 12:21PM
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 mixed-use corner building includes an expansive first floor with six private office/exam rooms, four half bathrooms, and a kitchen. The property also features three residential apartments on the upper level, providing separate rental income from the residential component. Parking includes 12 spaces and two garages, and the building is equipped with a sprinkler system.
The property is located on South Cleveland Avenue in Washington County, Maryland, and is described as being just behind the new Hagerstown SportsPlex/Field House. The listing indicates it is in an area experiencing commercial and entertainment growth.
Previously operated as a daycare and before that as a medical office, the first-floor configuration is described as versatile for a range of commercial uses, with any redevelopment changes noted as subject to buyer verification and City approval. Buyers are encouraged to perform their own due diligence regarding zoning, permitted uses, and redevelopment possibilities.
The property is located on South Cleveland Avenue in Washington County, Maryland, and is described as being just behind the new Hagerstown SportsPlex/Field House. The listing indicates it is in an area experiencing commercial and entertainment growth.
Previously operated as a daycare and before that as a medical office, the first-floor configuration is described as versatile for a range of commercial uses, with any redevelopment changes noted as subject to buyer verification and City approval. Buyers are encouraged to perform their own due diligence regarding zoning, permitted uses, and redevelopment possibilities.
Key Highlights
- Mixed‑use building built in 1962 with 3 residential apartments on the upper level.
- Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen.
- Previously operated as a daycare and before that as a medical office, supporting flexible commercial uses.
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 authorities.
Property Analytics
Current Use
Lease Details
6
Office units
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,607
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?
Triplex - Corner property with first-floor office/exam rooms, upper residential apartments, and onsite parking including garages.
Where is this triplex located?
The property is located at 382 South 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 3 residential apartments on the upper level.; Expansive first floor includes 6 private office/exam rooms, 4 half bathrooms, and a kitchen.; Previously operated as a daycare and before that as a medical office, supporting flexible commercial uses.
