Turn-Key Duplex
For Sale
$220,000
829 CONCORD STREET, Hagerstown, MD 21740
Fully occupied upper and lower duplex with tenant-paid electric and owner-paid water, sewer, trash, landscaping, and snow removal.
Property Size1,594 SF
Price / SF$138.02
Days on Market78
Property Features for 829 CONCORD STREET
General Information
Standard status
Active
Size
1,594 SF
Property subtype
Duplex
Building Details
Year Built
1904
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(301) 745-9988
Listed By:
Jaime Howe · License #642564
(301) 745-9988
Source:
Cummingsrealtors
Added: Jun 7
Changed: Aug 22
Last Checked: Aug 22 at 3:46AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This turn-key duplex features an upper and lower unit that are fully occupied and currently rented. The property is professionally managed by Bowen Property Management, and both tenants pay their own electric. The owner covers water, sewer, trash, landscaping, and snow removal.
The duplex is located at 829 Concord Street in Hagerstown, Maryland.
With both units leased, the property provides an income-producing residential income setup in a duplex format with defined operating expense responsibilities.
The duplex is located at 829 Concord Street in Hagerstown, Maryland.
With both units leased, the property provides an income-producing residential income setup in a duplex format with defined operating expense responsibilities.
Key Highlights
- 1904‑built upper and lower duplex with both units fully occupied and rented
- Lower unit rents for $985/month with tenant‑paid electric
- Upper unit rents for $875/month with tenant‑paid electric
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
$16,720
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
7.60%
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%
$334,400
$334.4K
Cap Rate 7%
$238,857
$238.9K
Cap Rate 9%
$185,778
$185.8K
Market Conditions
NOI Build-Up for 1,594 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
$25.8K $16.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$23.9K $14.99/SF
− OpEx
−$7.2K −$4.50/SF
NOI
$16.7K $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%
$334,400
Cap Rate 7%
$238,857
Cap Rate 9%
$185,778
Alternative Uses
Best Use
Multifamily LT 5
$238.9K
$209.0K – $278.7K
NOI $16,720 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$214.3K
$187.5K – $250.0K
NOI $15,002 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$353.6K
$309.4K – $412.5K
NOI $24,751 @ 7.0% cap · market cap 11.25%
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 - Fully occupied upper and lower duplex with tenant-paid electric and owner-paid water, sewer, trash, landscaping, and snow removal.
Where is this duplex located?
The property is located at 829 CONCORD STREET 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: 1904‑built upper and lower duplex with both units fully occupied and rented; Lower unit rents for $985/month with tenant‑paid electric; Upper unit rents for $875/month with tenant‑paid electric
