Six-Unit Brick Apartment
New
For Sale
$600,000
429 N LOCUST St, Hagerstown, MD 21740
Fully leased residential property with original architectural details and a roof replaced in 2021.
Property Size5,655 SF
Days on Market2
Property Features for 429 N LOCUST St
General Information
Standard status
Active
Size
5,655 SF
Property subtype
Investment
Occupancy
100%
Financials
Asking Price
$600,000
Gross Income
$64,980
Average Monthly Rent
$902
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,991
Building Details
Building Size
5,655 SF
Year Built
1918
Buildings
1
Stories
3
Units
4
Construction
brick
Tenancy
Multi
Listing Agency:
RG Realty, Inc.
(301) 991-0207
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:40AM
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.
Located at 429 N Locust Street, this three-story brick apartment building contains six one-bedroom, one-bath units averaging approximately 942 square feet. The 1918 property retains period features including hardwood floors, French pocket doors, bay windows, and radiator heat. All six units are currently leased, and three leases are scheduled to roll within the next twelve months.
The property is professionally managed by Tristate Property Management, LLC. Its Hagerstown setting is within roughly one mile of Downtown Hagerstown Square, Meritus Medical Center, and Hagerstown Community College, with access to I-81 and I-70. WalkScore is 59, BikeScore is 70, and TransitScore is 19.
The property is professionally managed by Tristate Property Management, LLC. Its Hagerstown setting is within roughly one mile of Downtown Hagerstown Square, Meritus Medical Center, and Hagerstown Community College, with access to I-81 and I-70. WalkScore is 59, BikeScore is 70, and TransitScore is 19.
Key Highlights
- Six‑unit multifamily building with six one‑bedroom, one‑bath apartments
- Units average approximately 942 square feet each
- Three‑story brick construction dating to 1918
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
$53,221
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
8.87%
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%
$1,064,420
$1.1M
Cap Rate 7%
$760,300
$760.3K
Cap Rate 9%
$591,344
$591.3K
Market Conditions
NOI Build-Up for 5,655 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
$103.8K $18.36/SF
− Vacancy
−$7.1K −$1.25/SF
EGI
$96.8K $17.11/SF
− OpEx
−$43.5K −$7.70/SF
NOI
$53.2K $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 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%
$1,064,420
Cap Rate 7%
$760,300
Cap Rate 9%
$591,344
Alternative Uses
Best Use
Apartment 5plus
$760.3K
$665.3K – $887.0K
NOI $53,221 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,808 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased residential property with original architectural details and a roof replaced in 2021.
Where is this apartment building located?
The property is located at 429 N LOCUST St Hagerstown, MD.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Six‑unit multifamily building with six one‑bedroom, one‑bath apartments; Units average approximately 942 square feet each; Three‑story brick construction dating to 1918
