13-Unit Brick Apartment
For Sale
$1,235,000
426 N Locust St, Hagerstown, MD 21740
Fully occupied multifamily property with renovated residences, storage space, and a recently replaced roof.
Property Size4,500 SF
Price / SF$274.44
Days on Market48
Property Features for 426 N Locust St
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$87,000
Units
Unit Mix
13 x 1BR/1BA
Multifamily Units
13
Additional Details
Highway Access
Yes
Amenities
storage space
Building Details
Year Built
1940
Buildings
1
Construction
brick
Listing Agency:
RG Realty, Inc.
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Viewmarylandhomesforsale
Added: Sep 13
Changed: Oct 25
Last Checked: Oct 28 at 8:35AM
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.
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Investment Insights
Based on property information with market context.
This 13-unit brick apartment property contains thirteen 1-bedroom, 1-bathroom residences along with additional storage space. All units are occupied, and most have undergone substantial interior renovations. The roof was replaced approximately one year ago, while each residence is registered lead-free or lead-safe with the Maryland Department of the Environment. Required city inspections have also been completed. The property measures 4,500 square feet and was built in 1940.
Located at 426 N Locust St, the building is positioned in a walkable corridor near downtown Hagerstown, Meritus Medical Center, and the regional highway network. Hagerstown provides access to Interstate 81 and Interstate 70, connecting the area with Baltimore, Washington, D.C., and Philadelphia. Six months of property-specific operating statements are available for review, and the underwriting includes a fully loaded Year 1 pro forma with a projected cap rate of roughly 5.6%.
Located at 426 N Locust St, the building is positioned in a walkable corridor near downtown Hagerstown, Meritus Medical Center, and the regional highway network. Hagerstown provides access to Interstate 81 and Interstate 70, connecting the area with Baltimore, Washington, D.C., and Philadelphia. Six months of property-specific operating statements are available for review, and the underwriting includes a fully loaded Year 1 pro forma with a projected cap rate of roughly 5.6%.
Key Highlights
- 13‑unit building with thirteen 1‑bedroom, 1‑bathroom apartments
- All units currently occupied, with available storage space
- 4,500 square feet; built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,351
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$847,020
$847.0K
Cap Rate 7%
$605,014
$605.0K
Cap Rate 9%
$470,567
$470.6K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$82.6K $18.36/SF
− Vacancy
−$5.6K −$1.25/SF
EGI
$77.0K $17.11/SF
− OpEx
−$34.7K −$7.70/SF
NOI
$42.4K $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%
$847,020
Cap Rate 7%
$605,014
Cap Rate 9%
$470,567
Alternative Uses
Best Use
Apartment 5plus
$605.0K
$529.4K – $705.9K
NOI $42,351 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$998.2K
$873.4K – $1.16M
NOI $69,874 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
13
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,708
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with renovated residences, storage space, and a recently replaced roof.
Where is this apartment building located?
The property is located at 426 N Locust St Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,235,000.
What are key features of this property?
This property features: 13‑unit building with thirteen 1‑bedroom, 1‑bathroom apartments; All units currently occupied, with available storage space; 4,500 square feet; built in 1940
