Two-Unit Duplex with Detached
For Sale
$284,900
904 906 Chestnut St, Hagerstown, MD 21740
Fully occupied duplex with separately metered utilities and a detached garage serving both residential units.
Property Size1,724 SF
Price / SF$165.26
Days on Market174
Property Features for 904 906 Chestnut St
General Information
Standard status
Active
Size
1,724 SF
Property subtype
Multi-Family
Building Details
Year Built
1938
Listing Agency:
The Glocker Group Realty Results
(301) 992-8467
Listed By:
Christian L Dickerson · License #602651
Source:
Baltimoreharfordhomesforsale
Added: Mar 11
Changed: Aug 29
Last Checked: Aug 30 at 5:51PM
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 The Glocker Group Realty Results
Investment Insights
Based on property information with market context.
This 1,724-square-foot duplex contains two 2-bedroom, 1-bath residences arranged in an up-and-down configuration. Both units are currently rented, and each has its own electric meter. A detached 2-car garage adds dedicated vehicle and storage space. Property improvements include replacement windows and a 200-amp electrical panel.
Built in 1938, the property is located at 904–906 Chestnut St in Hagerstown, Maryland. The two-unit layout, separate electrical metering, and existing rental occupancy provide a straightforward residential income property configuration.
Built in 1938, the property is located at 904–906 Chestnut St in Hagerstown, Maryland. The two-unit layout, separate electrical metering, and existing rental occupancy provide a straightforward residential income property configuration.
Key Highlights
- Two 2‑bedroom, 1‑bath units in an up‑and‑down duplex layout
- 1,724 square feet with both units currently rented
- Separate electric meters for each 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
$18,084
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
6.35%
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%
$361,680
$361.7K
Cap Rate 7%
$258,343
$258.3K
Cap Rate 9%
$200,933
$200.9K
Market Conditions
NOI Build-Up for 1,724 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
$27.9K $16.20/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$25.8K $14.99/SF
− OpEx
−$7.8K −$4.50/SF
NOI
$18.1K $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%
$361,680
Cap Rate 7%
$258,343
Cap Rate 9%
$200,933
Alternative Uses
Best Use
Multifamily LT 5
$258.3K
$226.1K – $301.4K
NOI $18,084 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$231.8K
$202.8K – $270.4K
NOI $16,225 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$382.4K
$334.6K – $446.2K
NOI $26,769 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
425
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 duplex with separately metered utilities and a detached garage serving both residential units.
Where is this duplex located?
The property is located at 904 906 Chestnut St Hagerstown, MD.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in an up‑and‑down duplex layout; 1,724 square feet with both units currently rented; Separate electric meters for each unit
