Building Details

Year Built 1895

Year Renovated 2021

Buildings 1

Stories 3

Units 3

Listing Agency: RG Realty Inc

Listed By: Roberto Gonzalez · License #MD 598229 Show Phone

Source: Crexi

Added: Oct 2, 2025 Changed: Aug 8 Last Checked: Aug 8 at 2:51PM

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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.

Located at 616 W Franklin Street in Hagerstown, this solid brick three-unit property offers immediate and stable cash flow. The fully rented triplex generates $3,175 per month in gross rental income, totaling $38,100 annually. Each of the three units features two bedrooms and one bath, along with private parking. Each unit is separately metered for electric and equipped with baseboard heating. The building's durable construction, practical layouts, and long-term rental appeal are situated in an established area of Hagerstown, with close proximity to I-70, I-81, and downtown amenities. This stabilized multifamily property with separate utilities is in strong demand in Washington County, making it a straightforward income-producing asset with proven performance. The property size is 2715 square feet.

Key Highlights

• Fully rented triplex generating $3,175 per month ($38,100 annually) in gross rental income.
• Solid brick construction offering durability.
• Each unit is separately metered for electric, with tenants responsible for utilities.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,479

Cap Rate

8.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$569,580 $569.6K

Cap Rate 7%

$406,843 $406.8K

Cap Rate 9%

$316,433 $316.4K

Market Conditions

NOI Build-Up for 2,715 SF

Gross rent

$44.0K $16.20/SF

− Vacancy

−$3.3K −$1.22/SF

EGI

$40.7K $14.99/SF

− OpEx

−$12.2K −$4.50/SF

NOI

$28.5K $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 Rate 5%

$569,580

Cap Rate 7%

$406,843

Cap Rate 9%

$316,433

Alternative Uses

Best Use

Multifamily LT 5

$406.8K

$356.0K – $474.7K (±1% cap)

NOI $28,479 @ 7.0% cap · market cap 8.50%

Second Best

Apartment 5plus

$365.0K

$319.4K – $425.9K (±1% cap)

NOI $25,552 @ 7.0% cap · market cap 7.63%

Theoretical Best

Office A

$602.2K

$527.0K – $702.6K (±1% cap)

NOI $42,157 @ 7.0% cap · market cap 12.59%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Dental Office Florist Skin Care Clinic Storage Facility Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,187

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Fully rented triplex in Hagerstown, generating $3,175 monthly income.

Where is this triplex located?

The property is located at 616 W Franklin St Hagerstown, MD.

What is the asking price?

The asking price for this property is $334,900.

What are key features of this property?

This property features: Fully rented triplex generating $3,175 per month ($38,100 annually) in gross rental income.; Solid brick construction offering durability.; Each unit is separately metered for electric, with tenants responsible for utilities.