Five-Unit Apartment
For Sale
$574,900
671 HIGHLAND WAY, Hagerstown, MD 21740
Fully leased residential income property with annual and month-to-month tenancy arrangements.
Property Size4,666 SF
Price / SF$123.21
Days on Market74
Property Features for 671 HIGHLAND WAY
General Information
Standard status
Active
Size
4,666 SF
Property subtype
Multi-family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
New Rear steps being installed now
Additional Details
Cap Rate
9%
Multifamily Units
5
Listing Agency:
Real Estate Innovations
(301) 745-1500
Listed By:
Alice J Guy · License #80505
(717) 977-9031
Source:
Sandrasellstheshore
Added: Aug 5
Changed: Oct 1
Last Checked: Oct 16 at 8:53AM
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 Real Estate Innovations
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Investment Insights
Based on property information with market context.
This 4,666-square-foot apartment building, constructed in 1900, contains five residential units that are fully rented. Four leases run annually, while one tenancy is month to month. Rear steps are currently being installed, adding a defined improvement to the property.
The building is within walking distance of Hagerstown City Park. The property is reported at a 9% cap rate and has remained under the same ownership for several years, providing an established operating history for review.
The building is within walking distance of Hagerstown City Park. The property is reported at a 9% cap rate and has remained under the same ownership for several years, providing an established operating history for review.
Key Highlights
- Five‑unit apartment building with all units currently rented
- 4,666 square feet; built in 1900
- 9% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,913
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$878,260
$878.3K
Cap Rate 7%
$627,329
$627.3K
Cap Rate 9%
$487,922
$487.9K
Market Conditions
NOI Build-Up for 4,666 SF
Gross rent
$85.7K $18.36/SF
− Vacancy
−$5.8K −$1.25/SF
EGI
$79.8K $17.11/SF
− OpEx
−$35.9K −$7.70/SF
NOI
$43.9K $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 Rate 5%
$878,260
Cap Rate 7%
$627,329
Cap Rate 9%
$487,922
Alternative Uses
Best Use
Apartment 5plus
$627.3K
$548.9K – $731.9K
NOI $43,913 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$905.6K – $1.21M
NOI $72,451 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
412
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased residential income property with annual and month-to-month tenancy arrangements.
Where is this apartment building located?
The property is located at 671 HIGHLAND WAY Hagerstown, MD.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Five‑unit apartment building with all units currently rented; 4,666 square feet; built in 1900; 9% cap rate
