27-Unit Multifamily
For Sale
Contact for pricing
400 N POTOMAC ST, Hagerstown, MD 21740
Multi-property offering combines one-bedroom apartments with a commercial component.
Property Size8,524 SF
Price / SF$316.75
Days on Market37
Property Features for 400 N POTOMAC ST
General Information
Standard status
Active
Size
8,524 SF
Class
C
Property subtype
Multifamily, Mixed Use
Zoning
Multiple, buyer to verify permitted use and zoning for each parcel
Occupancy
96%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$143,052
Units
Unit Mix
26 x 1BR
Multifamily Units
26
Additional Details
Gross Income
$297,120
Building Details
Year Built
1903
Year Renovated
2022
Buildings
3
Stories
3
Units
27
Tenancy
Multi
Listing Agency:
RG Realty Inc
(240) 203-6393
Listed By:
Roberto Gonzalez · License #MD 598229
Source:
Crexi
Added: Jul 16
Changed: Aug 18
Last Checked: Aug 20 at 12:35PM
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 RG Realty Inc
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 27 units across several nearby properties, including 26 one-bedroom apartments and one commercial space. The properties contain a combined 8,524 square feet and date to 1903. Current occupancy is 96.3%, with 26 of 27 units leased.
The portfolio is concentrated near downtown Hagerstown and includes the property at 400 N Potomac St, Hagerstown, MD 21740. Zoning is identified as multiple, with permitted use and zoning to be verified for each parcel. The multi-property format provides an established operating platform across the apartment and commercial components.
The portfolio is concentrated near downtown Hagerstown and includes the property at 400 N Potomac St, Hagerstown, MD 21740. Zoning is identified as multiple, with permitted use and zoning to be verified for each parcel. The multi-property format provides an established operating platform across the apartment and commercial components.
Key Highlights
- 27 total units: 26 one‑bedroom apartments and one commercial space
- 8,524 square feet across several nearby properties
- 96.3% occupied, with 26 of 27 units leased
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
$84,388
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
3.13%
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%
$1,687,760
$1.7M
Cap Rate 7%
$1,205,543
$1.2M
Cap Rate 9%
$937,644
$937.6K
Market Conditions
NOI Build-Up for 8,524 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
$153.4K $18.00/SF
− Vacancy
−$18.4K −$2.16/SF
EGI
$135.0K $15.84/SF
− OpEx
−$50.6K −$5.94/SF
NOI
$84.4K $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%
$1,687,760
Cap Rate 7%
$1,205,543
Cap Rate 9%
$937,644
Alternative Uses
Best Use
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,388 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,222 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.89M
$1.65M – $2.21M
NOI $132,357 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26
Residential units
Location Intelligence
Trade Area within ½ mile
1,749
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-property offering combines one-bedroom apartments with a commercial component.
Where is this apartment building located?
The property is located at 400 N POTOMAC ST Hagerstown, MD.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 27 total units: 26 one‑bedroom apartments and one commercial space; 8,524 square feet across several nearby properties; 96.3% occupied, with 26 of 27 units leased
