Building Details

Year Built 1904

Buildings 1

Listing Agency: Keller Williams Realty Centre

Listed By: Andrew J Hopley · License #645497 Show Phone

Source: Baltimoreharfordhomesforsale

Added: May 13 Changed: Oct 1 Last Checked: Oct 16 at 9:04AM

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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.

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 / Yr

$15,713

Cap Rate

7.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$314,260 $314.3K

Cap Rate 7%

$224,471 $224.5K

Cap Rate 9%

$174,589 $174.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,498 SF

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 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 (±1% cap)

NOI $15,713 @ 7.0% cap · market cap 7.86%

Second Best

Apartment 5plus

$201.4K

$176.2K – $235.0K (±1% cap)

NOI $14,098 @ 7.0% cap · market cap 7.05%

Theoretical Best

Office A

$332.3K

$290.8K – $387.7K (±1% cap)

NOI $23,260 @ 7.0% cap · market cap 11.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Pharmacy Skin Care Clinic (Bike/Boat/Book/etc) Store Veterinary Clinic Florist Storage Facility

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

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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 $199,900.

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