Property Details

5 unit property--spacious 1 bed/1 bath units with high ceilings. Potential buildout for 6th unit in basement. Updated electric metered separately. Endless potential and possibilities on a blank slate. Great opportunity to welcome luxury apartments to Hagerstown with high ceilings, natural wood finishes, and plenty of natural lighting.

The property is currently vacant and in need of full rehab. Upstairs unit has fire damage that extends to backside of building and fire escape. Estimated $200,000 rehab needed.

Potential gross annual rental income is $66,000 for 5 units and $79,200 for 6 units based on $1,100 market rent per unit-- could extend to $1,500/mo for luxury 1 bedroom apartments.

Points of Interest

Walking distance to Cultural Art Trail, Shops, Restaurants, Maryland Theatre, Entertainment

Commute to surrounding cities via easy access to I-70 and I-81

Walking distance to new $84 Million Stadium

Less than 2 mi. from Meritus Medical Center

Comps

216 N Locust St - 6 Units - Sold for $540,000 on 5/5/2023

60 E Washington St - 6 Units - Sold $675,000 on 1/22/2023

819-821 Washington Ave - 6 Units - Sold for $694,000 on 5/25/2023