Turn-Key Duplex Investment
For Sale
Contact for pricing
821-823 Concord St, Hagerstown, MD 21740
Well-maintained duplex with strong cash flow and built-in rent growth.
Property Size2,396 SF
Price / SF$150.25
Days on Market184
Property Features for 821-823 Concord St
General Information
Standard status
Active
Size
2,396 SF
Class
C
Property subtype
Multifamily
Building Details
Year Built
1923
Listing Agency:
RG Realty Inc
(240) 203-6393
Listed By:
Roberto Gonzalez · License #MD 598229
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 8 at 3:13PM
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 RG Realty Inc
Investment Insights
Based on property information with market context.
Located at 821–823 Concord Street, this well-maintained duplex offers a stabilized investment opportunity with strong cash flow and built-in rent growth. The property consists of two residential units, each configured as 3 bedrooms and 1.5 bathrooms. The 821 unit is leased at a current rent of $1,648 per month, with scheduled increases to $1,697 and $1,748 in future lease years. The 823 unit is leased at $1,576 per month. Both tenants are responsible for their own utilities. For 2025, the property generated total rental income of $37,927.74. Operating expenses were $7,895.20, consisting primarily of property taxes, insurance, and routine repairs and maintenance. As a result, the property produced a Net Operating Income of $30,032.54. Both units are occupied by reliable tenants under long-term leases with scheduled rent escalations. The property represents a turn-key duplex investment with strong cash flow, tenant-paid utilities, contractual rent growth, and long-term appreciation potential, well suited for investors focused on dependable income and portfolio growth. The property size is 2396 square feet.
Key Highlights
- Strong Cash Flow: Net Operating Income of $30,032.54 in 2025 demonstrates a strong operating margin.
- Turn‑Key Investment: No deferred maintenance allows for immediate, stabilized, low‑maintenance ownership.
- Tenant‑Paid Utilities: Tenants responsible for their own utilities, creating an efficient operating structure.
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
$25,133
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
6.98%
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%
$502,660
$502.7K
Cap Rate 7%
$359,043
$359.0K
Cap Rate 9%
$279,256
$279.3K
Market Conditions
NOI Build-Up for 2,396 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
$38.8K $16.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$35.9K $14.99/SF
− OpEx
−$10.8K −$4.50/SF
NOI
$25.1K $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%
$502,660
Cap Rate 7%
$359,043
Cap Rate 9%
$279,256
Alternative Uses
Best Use
Multifamily LT 5
$359.0K
$314.2K – $418.9K
NOI $25,133 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$322.1K
$281.9K – $375.8K
NOI $22,550 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$531.5K
$465.1K – $620.1K
NOI $37,204 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
278
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 duplex with strong cash flow and built-in rent growth.
Where is this duplex located?
The property is located at 821-823 Concord St Hagerstown, MD.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Strong Cash Flow: Net Operating Income of $30,032.54 in 2025 demonstrates a strong operating margin.; Turn‑Key Investment: No deferred maintenance allows for immediate, stabilized, low‑maintenance ownership.; Tenant‑Paid Utilities: Tenants responsible for their own utilities, creating an efficient operating structure.
