Duplex with Rear
For Sale
$315,000
914-916 Salem Avenue, Hagerstown, MD 21740
Two residential units offer separate living areas, fenced outdoor space, and flexibility for an owner-occupant or rental strategy.
Property Size2,233 SF
Price / SF$141.07
Days on Market171
Property Features for 914-916 Salem Avenue
General Information
Standard status
Active
Size
2,233 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RMOD
Property Condition
Severity
Repairs Needed
Evidence
structurally rehabilitated and is completely prepared for interior finishing
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,960
Amenities
fenced yard
balcony
back porch
attic and basement space
No
https://pictureperfectllctours.com/914-Salem-Ave/idx
No Pool
Deck(s), Porch(es)
Building Details
Year Built
1903
Listing Agency:
Sullivan Select, LLC.
(301) 991-1471
Listed By:
Mary Beth G Herrera · License #612596
(301) 991-1471
Source:
Compass
Added: Mar 14
Changed: Aug 29
Last Checked: Aug 31 at 1:04AM
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 Sullivan Select, LLC.
Investment Insights
Based on property information with market context.
This duplex at 914-916 Salem Avenue contains two residential units with generally similar layouts. The right-side residence includes a family room, a second flexible living or dining room, a large kitchen, rear porch access, three bedrooms, one full bathroom, an upstairs balcony, and attic and basement storage. Each unit has its own rear garage, while the property also includes a fenced yard and deck or porch areas.
The left-side unit has undergone structural rehabilitation and is prepared for interior completion. Permits were obtained and all inspections passed, allowing the next owner to finish the space according to preference. The property is zoned RMOD, sits within Hagerstown city limits, and is near shopping, dining, medical facilities, and major interstates. Built in 1903, the property measures 2233 square feet.
The left-side unit has undergone structural rehabilitation and is prepared for interior completion. Permits were obtained and all inspections passed, allowing the next owner to finish the space according to preference. The property is zoned RMOD, sits within Hagerstown city limits, and is near shopping, dining, medical facilities, and major interstates. Built in 1903, the property measures 2233 square feet.
Key Highlights
- Two‑unit duplex at 914‑916 Salem Avenue, Hagerstown, MD 21740
- Each unit includes its own rear garage
- Right‑side unit offers three bedrooms and one full bathroom
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
$23,423
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
7.44%
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%
$468,460
$468.5K
Cap Rate 7%
$334,614
$334.6K
Cap Rate 9%
$260,256
$260.3K
Market Conditions
NOI Build-Up for 2,233 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
$36.2K $16.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$33.5K $14.99/SF
− OpEx
−$10.0K −$4.50/SF
NOI
$23.4K $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%
$468,460
Cap Rate 7%
$334,614
Cap Rate 9%
$260,256
Alternative Uses
Best Use
Multifamily LT 5
$334.6K
$292.8K – $390.4K
NOI $23,423 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$300.2K
$262.7K – $350.3K
NOI $21,016 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$495.3K
$433.4K – $577.9K
NOI $34,673 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
377
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 - Two residential units offer separate living areas, fenced outdoor space, and flexibility for an owner-occupant or rental strategy.
Where is this duplex located?
The property is located at 914-916 Salem Avenue Hagerstown, MD.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex at 914‑916 Salem Avenue, Hagerstown, MD 21740; Each unit includes its own rear garage; Right‑side unit offers three bedrooms and one full bathroom
