Over-Under Duplex with 4-Car
For Sale
$220,000
630 SALEM Avenue, Hagerstown, MD 21740
MULTI_FAMILY - Colonial - HAGERSTOWN, MD
Property Size1,498 SF
Lot Size0.06 Acres
Price / SF$146.86
Days on Market55
Property Features for 630 SALEM Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
4
Parking features
Driveway, On Street
Appliances
Microwave, Refrigerator, Stove
Elementary school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Middle school district
WASHINGTON COUNTY PUBLIC SCHOOLS
High school district
WASHINGTON COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,498 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
2067
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1904
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Realty Centre
(240) 309-6000
Listed By:
Andrew J Hopley · License #645497
(301) 275-2352
Added: Jun 18
Changed: Jul 9
Last Checked: Aug 11 at 8:06PM
MLS# MDWA2037836
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.
This over-under duplex contains two 1-bedroom, 1-bath units. The lower level unit is currently rented on a month-to-month lease with a long-term tenant, while the upper unit is vacant and ready for owner occupancy or a new tenant. Exterior improvements include replacement of both the flat roof and shingle roof, along with new gutters completed in 2025.
The property is located at 630 Salem Avenue in Hagerstown, Washington County, MD. The driveway provides parking for up to four vehicles, and the home is described as being near shopping, restaurants, and Hagerstown’s entertainment district. Easy access to Route 81 and Route 70 is noted for commuting.
For investors, the existing occupied unit provides immediate rental activity while leaving the upper unit available to bring online. Owner-occupants can also use the vacant upper unit while benefiting from the income from the lower level. With updated exterior roofing and gutter work from 2025, the property may appeal to buyers looking for a residential income asset that has already addressed major exterior items.
The property is located at 630 Salem Avenue in Hagerstown, Washington County, MD. The driveway provides parking for up to four vehicles, and the home is described as being near shopping, restaurants, and Hagerstown’s entertainment district. Easy access to Route 81 and Route 70 is noted for commuting.
For investors, the existing occupied unit provides immediate rental activity while leaving the upper unit available to bring online. Owner-occupants can also use the vacant upper unit while benefiting from the income from the lower level. With updated exterior roofing and gutter work from 2025, the property may appeal to buyers looking for a residential income asset that has already addressed major exterior items.
Key Highlights
- Over‑under duplex with 2 units on Salem Ave in Hagerstown
- Each unit has 1 bedroom and 1 full bath
- Lower unit rented month‑to‑month for $1,000/month with a 20‑year tenant
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
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
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 - Well-maintained over-under duplex with a month-to-month lower unit and a vacant upper unit, each with 1 bed and 1 bath.
Where is this duplex located?
The property is located at 630 SALEM Avenue 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: Over‑under duplex with 2 units on Salem Ave in Hagerstown; Each unit has 1 bedroom and 1 full bath; Lower unit rented month‑to‑month for $1,000/month with a 20‑year tenant
