Six-Unit Brick Apartment
For Sale
$600,000
429 N LOCUST Street, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size5,655 SF
Lot Size0.07 Acres
Price / SF$106.10
Days on Market48
Property Features for 429 N LOCUST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Middle school
NORTHERN
High school
NORTH HAGERSTOWN
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
5,655 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
5991
Utilities
Heating system
Steam
Cooling system
Window Unit(s)
Building Details
Year built
1918
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Added: Aug 19
Changed: Sep 17
Last Checked: Oct 5 at 7:06PM
MLS# MDWA2039522
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story brick apartment building contains six one-bedroom, one-bath residences averaging approximately 942 square feet. Constructed in 1918, the property features hardwood floors, French pocket doors, bay windows, steam heat, and window-unit cooling. The roof was replaced in 2021, and the building is fully leased with professionally managed operations.
The property sits on a 0.0746-acre parcel near Downtown Hagerstown, with access to I-81 and I-70. Downtown Hagerstown Square, Meritus Medical Center, and Hagerstown Community College are each located within roughly one mile. The surrounding area includes healthcare, logistics, financial services, and manufacturing employers.
The property sits on a 0.0746-acre parcel near Downtown Hagerstown, with access to I-81 and I-70. Downtown Hagerstown Square, Meritus Medical Center, and Hagerstown Community College are each located within roughly one mile. The surrounding area includes healthcare, logistics, financial services, and manufacturing employers.
Key Highlights
- Six one‑bedroom, one‑bath apartments averaging approximately 942 square feet each
- Three‑story brick building constructed in 1918
- 100% leased with six occupied units
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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Current Use
Lease Details
6
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
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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 occupied multifamily property with spacious one-bedroom units and original architectural details.
Where is this apartment building located?
The property is located at 429 N LOCUST Street 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 one‑bedroom, one‑bath apartments averaging approximately 942 square feet each; Three‑story brick building constructed in 1918; 100% leased with six occupied units
