Five-Unit Brick Apartment
For Sale
$574,900
671 HIGHLAND Way, Hagerstown, MD 21740
Multi-Family, HAGERSTOWN, MD
Property Size4,666 SF
Lot Size0.58 Acres
Price / SF$123.21
Days on Market95
Property Features for 671 HIGHLAND Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
10
Parking features
Driveway
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
4,666 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
4960
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Colonial, Victorian
Listing Agency:
Real Estate Innovations · Coldwell Banker Real Estate
(301) 745-1500
Listed By:
Alice J Guy · License #80505
(717) 977-9031
Added: Jul 8
Changed: Sep 16
Last Checked: Oct 10 at 2:06PM
MLS# MDWA2038430
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 4,666-square-foot apartment property contains five units and is fully rented. The brick building dates to 1900 and combines Victorian and Colonial architectural elements, with hot-water heating, window-unit cooling, driveway parking, and basement space. Rear steps are currently being installed.
The property occupies 0.58 acres in Hagerstown, within walking distance of Hagerstown City Park. Four leases run annually, while one unit is leased month to month. The reported capitalization rate is 9%.
The property occupies 0.58 acres in Hagerstown, within walking distance of Hagerstown City Park. Four leases run annually, while one unit is leased month to month. The reported capitalization rate is 9%.
Key Highlights
- Five fully rented apartment units
- 4,666 square feet on 0.58 acres
- 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.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Victorian-Colonial property with driveway parking, basement space, and fully leased units.
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 fully rented apartment units; 4,666 square feet on 0.58 acres; 9% cap rate
