Occupied Quadplex with 8 Garage
New
For Sale
$398,000
600 FREDERICK Street, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size2,560 SF
Lot Size0.18 Acres
Price / SF$155.47
Days on Market5
Property Features for 600 FREDERICK Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Interior features
Floor Plan - Traditional, Kitchen - Eat-In, Kitchen - Table Space, Primary Bath(s)
Appliances
Oven/Range - Electric, Refrigerator
Subdivision
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
2,560 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
5587
Utilities
Heating system
Other (Heating)
Building Details
Year built
1920
Number of units
4
Architectural style
Colonial
Listing Agency:
Corner House Realty
(443) 499-3839
Listed By:
Morgan H Muse · License #650115
(410) 790-5082
Added: Aug 20
Last Checked: Aug 24 at 6:06AM
MLS# MDWA2039156
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 1920-built Colonial quadplex contains four residential units within 2,560 square feet. The property includes traditional floor plans, eat-in kitchen areas, primary baths, electric ranges, refrigerators, and a basement. Heating is identified as other in the available property information.
Eight garage bays complement the residential component, and each bay is currently rented. The property is situated on 0.1837 acres at 600 Frederick Street in Hagerstown, Maryland, near shopping, dining, commuter routes, and other local amenities. On-street parking is also identified. Scheduled appointments are required for access, and tenants should not be disturbed.
Eight garage bays complement the residential component, and each bay is currently rented. The property is situated on 0.1837 acres at 600 Frederick Street in Hagerstown, Maryland, near shopping, dining, commuter routes, and other local amenities. On-street parking is also identified. Scheduled appointments are required for access, and tenants should not be disturbed.
Key Highlights
- Four residential units in a 2,560‑square‑foot quadplex
- Eight garage bays, all currently rented
- Fully occupied property with established tenants
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
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 - Fully occupied residential property with additional leased garage-bay space and established tenant arrangements.
Where is this quadplex located?
The property is located at 600 FREDERICK Street 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 2,560‑square‑foot quadplex; Eight garage bays, all currently rented; Fully occupied property with established tenants
