Over-Under Duplex with
For Sale
$220,000
630 Salem Ave, Hagerstown, MD 21740
Two one-bedroom units, updated roofing, and driveway parking create a practical residential income property.
Property Size1,498 SF
Price / SF$146.86
Days on Market82
Property Features for 630 Salem Ave
General Information
Standard status
Active
Size
1,498 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1904
Buildings
1
Listing Agency:
Keller Williams Realty Centre
(301) 275-2352
Listed By:
Andrew J Hopley · License #645497
Source:
Baltimoreharfordhomesforsale
Added: Jun 12
Changed: Aug 30
Last Checked: Aug 31 at 5:31PM
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 Keller Williams Realty Centre
Investment Insights
Based on property information with market context.
This 1,498-square-foot over-under duplex, built in 1904, contains two separate one-bedroom, one-bath units. The lower apartment is occupied under a month-to-month lease, while the upper apartment is vacant and available for an owner occupant or a future tenant. The property offers a flexible setup for continued rental use or living in one unit while leasing the other.
Exterior work completed in 2025 includes replacement of both the flat and shingle roof systems, along with all gutters. A private driveway accommodates up to four vehicles. Located on Salem Ave in Hagerstown, the duplex is near shopping, restaurants, and the city's entertainment district, with access to Route 81 and Route 70 for regional commuting.
Exterior work completed in 2025 includes replacement of both the flat and shingle roof systems, along with all gutters. A private driveway accommodates up to four vehicles. Located on Salem Ave in Hagerstown, the duplex is near shopping, restaurants, and the city's entertainment district, with access to Route 81 and Route 70 for regional commuting.
Key Highlights
- 1,498 SF over‑under duplex with two 1‑bedroom, 1‑bath units
- Lower unit occupied on a month‑to‑month lease; upper unit is vacant
- Flat roof, shingle roof, and all gutters replaced in 2025
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
$15,713
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
7.14%
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%
$314,260
$314.3K
Cap Rate 7%
$224,471
$224.5K
Cap Rate 9%
$174,589
$174.6K
Market Conditions
NOI Build-Up for 1,498 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
$24.3K $16.20/SF
− Vacancy
−$1.8K −$1.22/SF
EGI
$22.4K $14.99/SF
− OpEx
−$6.7K −$4.50/SF
NOI
$15.7K $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%
$314,260
Cap Rate 7%
$224,471
Cap Rate 9%
$174,589
Alternative Uses
Best Use
Multifamily LT 5
$224.5K
$196.4K – $261.9K
NOI $15,713 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$201.4K
$176.2K – $235.0K
NOI $14,098 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$332.3K
$290.8K – $387.7K
NOI $23,260 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
795
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?
Duplex - Two one-bedroom units, updated roofing, and driveway parking create a practical residential income property.
Where is this duplex located?
The property is located at 630 Salem Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,498 SF over‑under duplex with two 1‑bedroom, 1‑bath units; Lower unit occupied on a month‑to‑month lease; upper unit is vacant; Flat roof, shingle roof, and all gutters replaced in 2025
