Renovated Apartment Building For
For Sale
$1,850,000
453 W Antietam St, Hagerstown, MD 21740
Recently renovated 14-unit apartment building with major capital improvements.
Property Size12,240 SF
Price / SF$151.14
Days on Market157
Property Features for 453 W Antietam St
General Information
Standard status
Active
Size
12,240 SF
Building Details
Year Built
1905
Listing Agency:
RG Realty, Inc.
Listed By:
Roberto G. Gonzalez · License #598229
(240) 203-6393
Source:
Premierehomegroup
Added: Apr 24
Changed: Sep 15
Last Checked: Sep 26 at 9:29AM
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 recently renovated 14-unit apartment building has undergone major capital improvements. Approximately 90% of the electrical service and plumbing systems have been replaced. The property features a new roof, new flooring throughout, and fully updated kitchens. Each unit is equipped with new mini split heating and air conditioning systems. The building is now entering stabilization with two vacant units, offering an opportunity to increase rental income. The property is currently generating $14,650 in monthly rental income. The bike score is 59, making it bikeable. The walk score is 80, indicating it is very walkable. The transit score is 28, suggesting some transit options are available.
Key Highlights
- Recently renovated with new roof, flooring, and updated kitchens.
- Approximately 90% of electrical and plumbing systems replaced.
- New mini‑split heating and air conditioning systems in each unit.
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
$115,195
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
6.23%
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%
$2,303,900
$2.3M
Cap Rate 7%
$1,645,643
$1.6M
Cap Rate 9%
$1,279,944
$1.3M
Market Conditions
NOI Build-Up for 12,240 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
$224.7K $18.36/SF
− Vacancy
−$15.3K −$1.25/SF
EGI
$209.4K $17.11/SF
− OpEx
−$94.3K −$7.70/SF
NOI
$115.2K $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%
$2,303,900
Cap Rate 7%
$1,645,643
Cap Rate 9%
$1,279,944
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,195 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,057 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,379
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 - Recently renovated 14-unit apartment building with major capital improvements.
Where is this apartment building located?
The property is located at 453 W Antietam St Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Recently renovated with new roof, flooring, and updated kitchens.; Approximately 90% of electrical and plumbing systems replaced.; New mini‑split heating and air conditioning systems in each unit.
