Hagerstown Triplex: Income-Generating
For Sale
Contact for pricing
Pending
616 W Franklin St, Hagerstown, MD 21740
Fully rented triplex in Hagerstown, generating $3,175 monthly income.
Property Size2,715 SF
Days on Market325
Property Features for 616 W Franklin St
General Information
Standard status
Pending
Size
2,715 SF
Class
C
Total Parking Spaces
3
Property subtype
Multifamily
Zoning
RMED
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1895
Year Renovated
2021
Buildings
1
Stories
3
Units
3
Listing Agency:
RG Realty Inc
(240) 203-6393
Listed By:
Roberto Gonzalez · License #MD 598229
Source:
Crexi
Added: Oct 2, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:51PM
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 = 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
$28,479
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
8.50%
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%
$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
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
$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 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%
$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
NOI $28,479 @ 7.0% cap · market cap 8.50%
Second Best
Apartment 5plus
$365.0K
$319.4K – $425.9K
NOI $25,552 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$602.2K
$527.0K – $702.6K
NOI $42,157 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
