Colonial Duplex With Fully Rented
For Sale
$419,900
838 HAMILTON Boulevard, Hagerstown, MD 21742
Multi-Family, HAGERSTOWN, MD
Property Size1,626 SF
Lot Size0.07 Acres
Price / SF$258.24
Days on Market136
Property Features for 838 HAMILTON Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
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
1,626 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
2948
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1913
Number of units
2
Building materials
Brick, Stone
Architectural style
Colonial
Listing Agency:
Mackintosh , Inc.
(301) 790-1700
Listed By:
Brian Richards · License #661852
(301) 800-9065
Added: Apr 8
Changed: Aug 19
Last Checked: Aug 21 at 9:06PM
MLS# MDWA2035486
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 Colonial duplex is well maintained and offered as a single package with both sides being sold together. Both sides include fully rented residential units. Side 838 features two one-bedroom units that share heat and a laundry area, plus one three-bedroom unit. Each side has separate gas meters, and each unit has its own electric meter. Construction materials include brick and stone, and the property is heated with forced air and cooled with window unit(s). The configuration also includes a basement.
The property sits on a 0.067-acre lot and includes on-street parking.
Built in 1913, this duplex presents a straightforward income-focused setup with multiple unit types and individually metered electricity, while heat on the two one-bedroom units is shared within side 838.
The property sits on a 0.067-acre lot and includes on-street parking.
Built in 1913, this duplex presents a straightforward income-focused setup with multiple unit types and individually metered electricity, while heat on the two one-bedroom units is shared within side 838.
Key Highlights
- Both sides (836 and 838) sold together
- Side 838: two one‑bedroom units share heat and laundry
- Side 838: one three‑bedroom unit
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
$17,056
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
4.06%
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%
$341,120
$341.1K
Cap Rate 7%
$243,657
$243.7K
Cap Rate 9%
$189,511
$189.5K
Market Conditions
NOI Build-Up for 1,626 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
$26.3K $16.20/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$24.4K $14.99/SF
− OpEx
−$7.3K −$4.50/SF
NOI
$17.1K $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%
$341,120
Cap Rate 7%
$243,657
Cap Rate 9%
$189,511
Alternative Uses
Best Use
Multifamily LT 5
$243.7K
$213.2K – $284.3K
NOI $17,056 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$218.6K
$191.3K – $255.1K
NOI $15,303 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$360.7K
$315.6K – $420.8K
NOI $25,248 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 21742, MD
33,069
Population
14,099
Households
2.3
Avg Household Size
42
Median Age
30%
College-Educated
90%
High-School Grad
46.5 sq mi
ZIP Area
711
Density / Sq Mi
$80,533
Median Household Income
$45,717
Median Earnings
$1,267
Median Rent
$280,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Colonial duplex with one- and three-bedroom units, separate utility meters, and on-street parking.
Where is this duplex located?
The property is located at 838 HAMILTON Boulevard Hagerstown, MD.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Both sides (836 and 838) sold together; Side 838: two one‑bedroom units share heat and laundry; Side 838: one three‑bedroom unit
