Six-Unit Brick Apartment
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 Market48
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.
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Elliman
Added: Aug 20
Changed: Sep 28
Last Checked: Oct 5 at 6:04PM
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 / Yr
$53,221
Cap Rate
8.87%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
