Two-Unit Duplex with
New
For Sale
$379,900
608 N MULBERRY STREET, Hagerstown, MD 21740
One unit is vacant, while the other remains occupied by a long-term tenant.
Property Size2,502 SF
Price / SF$151.84
Days on Market5
Property Features for 608 N MULBERRY STREET
General Information
Standard status
Active
Size
2,502 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Samson Properties
(240) 439-5318
Listed By:
Maria Angelica Salamanca · License #676159
(240) 439-5318
Source:
Cummingsrealtors
Added: Aug 7
Changed: Aug 9
Last Checked: Aug 11 at 6:10AM
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 Samson Properties
Investment Insights
Based on property information with market context.
Built in 1900, this 2,502-square-foot duplex contains two residential units with matching layouts. Each unit offers three bedrooms and one full bathroom, providing a consistent configuration across the property.
One unit is currently vacant and available for occupancy. The second is occupied by a tenant who has remained in place for approximately 16 years, creating an established rental arrangement. The property is located at 608 N Mulberry Street in Hagerstown, Maryland.
One unit is currently vacant and available for occupancy. The second is occupied by a tenant who has remained in place for approximately 16 years, creating an established rental arrangement. The property is located at 608 N Mulberry Street in Hagerstown, Maryland.
Key Highlights
- Two‑unit duplex with 2,502 square feet
- Each unit includes 3 bedrooms and 1 full bathroom
- One unit is vacant and ready for occupancy
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
$26,245
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
6.91%
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%
$524,900
$524.9K
Cap Rate 7%
$374,929
$374.9K
Cap Rate 9%
$291,611
$291.6K
Market Conditions
NOI Build-Up for 2,502 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
$40.5K $16.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$37.5K $14.99/SF
− OpEx
−$11.2K −$4.50/SF
NOI
$26.2K $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%
$524,900
Cap Rate 7%
$374,929
Cap Rate 9%
$291,611
Alternative Uses
Best Use
Multifamily LT 5
$374.9K
$328.1K – $437.4K
NOI $26,245 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$336.4K
$294.3K – $392.5K
NOI $23,547 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$555.0K
$485.6K – $647.5K
NOI $38,850 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
594
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One unit is vacant, while the other remains occupied by a long-term tenant.
Where is this duplex located?
The property is located at 608 N MULBERRY STREET Hagerstown, MD.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,502 square feet; Each unit includes 3 bedrooms and 1 full bathroom; One unit is vacant and ready for occupancy
