Quadplex with Garage
New
For Sale
$398,000
600 FREDERICK St, Hagerstown, MD 21740
Four residential units and associated garage space are currently leased, supporting multiple rental streams.
Property Size2,560 SF
Days on Market4
Property Features for 600 FREDERICK St
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,587
Building Details
Building Size
2,560 SF
Year Built
1920
Units
4
Tenancy
Multi
Listing Agency:
Corner House Reatly
(410) 790-5082
Listed By:
Morgan H Muse · License #650115
(410) 790-5082
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 9:41AM
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 Corner House Reatly
Investment Insights
Based on property information with market context.
Located at 600 & 602 Frederick Street in Hagerstown, this multifamily property was built in 1920 and contains four residential units. The property also includes eight garage bays, with all residential units occupied and each garage bay rented, creating separate residential and garage rental components.
The property is near shopping, dining, commuter routes, and other local amenities. Its Walk Score is 79, classified as Very Walkable, while its Bike Score is 73, classified as Very Bikeable. The Transit Score is 28, classified as Some Transit. Scheduled appointments are required, and tenants should not be disturbed.
The property is near shopping, dining, commuter routes, and other local amenities. Its Walk Score is 79, classified as Very Walkable, while its Bike Score is 73, classified as Very Bikeable. The Transit Score is 28, classified as Some Transit. Scheduled appointments are required, and tenants should not be disturbed.
Key Highlights
- Four residential units in a quadplex configuration
- Eight garage bays provide an additional rental component
- All four residential units are currently occupied
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
$26,853
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
6.75%
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%
$537,060
$537.1K
Cap Rate 7%
$383,614
$383.6K
Cap Rate 9%
$298,367
$298.4K
Market Conditions
NOI Build-Up for 2,560 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
$41.5K $16.20/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$38.4K $14.99/SF
− OpEx
−$11.5K −$4.50/SF
NOI
$26.9K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$537,060
Cap Rate 7%
$383,614
Cap Rate 9%
$298,367
Alternative Uses
Best Use
Multifamily LT 5
$383.6K
$335.7K – $447.6K
NOI $26,853 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$344.2K
$301.2K – $401.6K
NOI $24,093 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$567.9K
$496.9K – $662.5K
NOI $39,750 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
822
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units and associated garage space are currently leased, supporting multiple rental streams.
Where is this quadplex located?
The property is located at 600 FREDERICK St Hagerstown, MD.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Four residential units in a quadplex configuration; Eight garage bays provide an additional rental component; All four residential units are currently occupied
