426 N Locust Street

Fully Occupied | 13 One-Bedroom Apartments | Recent Renovations | Portfolio Purchase Option

This 13-unit apartment building at 424–426 N Locust Street offers an established rental investment near downtown Hagerstown, Maryland. All thirteen apartments have tenants, and the asking price is $1,300,000.

Buyers can purchase the building individually or as part of a larger Hagerstown-area multifamily portfolio from the same ownership group. This flexibility allows investors to choose the scale of their acquisition.

13-Unit Apartment Building Highlights

• Thirteen one-bedroom, one-bathroom apartments
• Fully occupied brick building
• Additional storage space available
• Major interior renovations in most units
• Asking price: $1,300,000

Renovations and Property Condition

Ownership replaced the roof approximately one year before the current offering. Most apartments have also received major interior renovations and show well. These improvements help limit immediate renovation needs for the next owner.

The units are registered as lead-free or lead-safe with the Maryland Department of the Environment. In addition, the property has completed required city inspections.

Operating Income and Year 1 Projection

Six months of actual operating statements from the property’s management company support this offering. The statements cover this building specifically, rather than a portfolio-wide estimate.

• Trailing annualized net operating income: Approximately $87,000.
• Projected Year 1 net operating income: Approximately $73,000.
• Projected capitalization rate: Roughly 5.6% at the $1,300,000 asking price.

The Year 1 pro forma includes vacancy, management, real estate taxes, insurance, and reserves. It is a projection, separate from the trailing operating results. Meanwhile, one legacy unit rents below market, offering potential rent growth at turnover.

Location Near Downtown Hagerstown

The building sits in an established residential corridor near downtown Hagerstown. The region offers access to Interstate 81 and Interstate 70, with connections to Baltimore, Washington, D.C., and Philadelphia.

Healthcare, logistics, distribution, and financial services support the local economy. Meritus Health is among the region’s healthcare employers. The property also offers access to the regional highway network and Meritus Medical Center.

Request Investment Details

Contact Roberto Gonzalez to learn more about this 13-unit apartment building. Request the operating statements, review the Year 1 assumptions, and discuss showing availability or the broader portfolio purchase option.

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