8-Unit Brick Apartment
400 MITCHELL AVENUE, Hagerstown, MD 21740
For Sale
$899,000
Eight matching two-bedroom apartments each include a rear balcony and entrances at both the front and rear.
Property Size8,628 SF
Price / SF$104.20
Days on Market11
Property Features for 400 MITCHELL AVENUE
General Information
Standard status
Size
Property subtype
Site & Location
Highway Access
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
rear balcony
Building Details
Year Built
Buildings
Construction
Listing Agency:
Inch & Co. Real Estate, LLC
(717) 904-4500
Listed By:
Bradley J Bygall · License #5024639
(717) 798-0995
Source:
Cummingsrealtors
Added: Oct 28
Changed: Nov 6
Last Checked: Nov 6 at 9:13AM
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 Inch & Co. Real Estate, LLC
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Investment Insights
Based on property information with market context.
Built in 1929, this all-brick apartment property contains eight units, each with two bedrooms, one bathroom, a rear balcony, and dual entrances. The uniform floor plans provide a consistent configuration across the building.
The property is at 400 Mitchell Ave in Hagerstown, just off Burhans Boulevard. Shopping, restaurants, public transportation, and major highways are accessible from the area.
The property is at 400 Mitchell Ave in Hagerstown, just off Burhans Boulevard. Shopping, restaurants, public transportation, and major highways are accessible from the area.
Key Highlights
- Eight apartments, each with 2 bedrooms and 1 bathroom
- All‑brick construction; built in 1929
- Rear balcony and dual entrances in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,201
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,624,020
$1.6M
Cap Rate 7%
$1,160,014
$1.2M
Cap Rate 9%
$902,233
$902.2K
Market Conditions
NOI Build-Up for 8,628 SF
Gross rent
$158.4K $18.36/SF
− Vacancy
−$10.8K −$1.25/SF
EGI
$147.6K $17.11/SF
− OpEx
−$66.4K −$7.70/SF
NOI
$81.2K $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 Rate 5%
$1,624,020
Cap Rate 7%
$1,160,014
Cap Rate 9%
$902,233
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,201 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,971 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,549
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
$241,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Hagerstown, MD
Properties on Market for Apartment buildings in Hagerstown
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight matching two-bedroom apartments each include a rear balcony and entrances at both the front and rear.
Where is this apartment building located?
The property is located at 400 MITCHELL AVENUE Hagerstown, MD.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Eight apartments, each with 2 bedrooms and 1 bathroom; All‑brick construction; built in 1929; Rear balcony and dual entrances in every unit
