Six-Unit Apartment
For Sale
Under Contract
$1,175,000
629 OAK HILL Avenue, Hagerstown, MD 21740
MULTI_FAMILY - Colonial - HAGERSTOWN, MD
Property Size8,319 SF
Lot Size0.52 Acres
Price / SF$141.24
Days on Market53
Property Features for 629 OAK HILL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
Garage - Detached
High school
NORTH 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 Under Contract
Size
8,319 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Annual Amount
5315
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1918
Number of units
4
Building materials
Stucco, Brick
Architectural style
Colonial
Listing Agency:
RG Realty, Inc.
(240) 203-6393
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Added: Jun 19
Changed: Jul 2
Last Checked: Aug 10 at 4:06PM
MLS# MDWA2037974
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.
629 Oak Hill Avenue is a recently restored six-unit apartment building offering six unusually large two-bedroom, one-bath residences. Each unit is laid out with approximately eight rooms, including a kitchen, dining room, living room, den, sunroom, private porch, and storage. Historic character is preserved throughout, with original woodwork, French doors, abundant windows, covered porches, and a fireplace feature in each apartment. Each unit is served by its own HVAC system, supporting independent heating and cooling.
The property includes off-street parking and basement storage for additional tenant use. A coin-operated laundry room is also available on-site, producing approximately $300 per month, and there is a detached four-car garage on the property for added utility.
This setup can work well for tenants seeking space and individuality within each unit, including private porches and room-rich interiors supported by separate HVAC systems. For buyers and operators, the combination of preserved historic details, unit-by-unit mechanical service, and practical site amenities such as parking, basement storage, laundry, and a detached garage provides a straightforward foundation for managing a multi-family asset with multiple income touchpoints.
The property includes off-street parking and basement storage for additional tenant use. A coin-operated laundry room is also available on-site, producing approximately $300 per month, and there is a detached four-car garage on the property for added utility.
This setup can work well for tenants seeking space and individuality within each unit, including private porches and room-rich interiors supported by separate HVAC systems. For buyers and operators, the combination of preserved historic details, unit-by-unit mechanical service, and practical site amenities such as parking, basement storage, laundry, and a detached garage provides a straightforward foundation for managing a multi-family asset with multiple income touchpoints.
Key Highlights
- 6‑unit multifamily in Hagerstown’s Historic North End built in 1918 with Colonial‑style architecture
- Each unit is a 2BR/1BA with approximately eight rooms, including kitchen, dining room, living room, den, sunroom, private porch, and storage
- Historic interior features include original woodwork, French doors, abundant windows, covered porches, and a fireplace feature in each apartment
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
$78,293
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
6.66%
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%
$1,565,860
$1.6M
Cap Rate 7%
$1,118,471
$1.1M
Cap Rate 9%
$869,922
$869.9K
Market Conditions
NOI Build-Up for 8,319 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
$152.7K $18.36/SF
− Vacancy
−$10.4K −$1.25/SF
EGI
$142.4K $17.11/SF
− OpEx
−$64.1K −$7.70/SF
NOI
$78.3K $9.41/SF
Area
Washington County, MD
Vacancy
6.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,565,860
Cap Rate 7%
$1,118,471
Cap Rate 9%
$869,922
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$978.7K – $1.30M
NOI $78,293 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.61M – $2.15M
NOI $129,173 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,512
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?
Apartment building - Restored historic six-unit property with oversized two-bedroom layouts, individual HVAC, off-street parking, and on-site laundry.
Where is this apartment building located?
The property is located at 629 OAK HILL Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 6‑unit multifamily in Hagerstown’s Historic North End built in 1918 with Colonial‑style architecture; Each unit is a 2BR/1BA with approximately eight rooms, including kitchen, dining room, living room, den, sunroom, private porch, and storage; Historic interior features include original woodwork, French doors, abundant windows, covered porches, and a fireplace feature in each apartment
