429 N Locust Street

Fully Occupied | Six Spacious One-Bedroom Apartments | Professional Management

This six-unit multifamily investment at 429–431 N Locust Street sits just north of downtown Hagerstown, Maryland. The three-story brick building offers six one-bedroom, one-bath apartments and an asking price of $600,000.

Built in 1918, the property combines original character with an existing rental income stream. Long-tenured residents occupy all six apartments.

Six-Unit Multifamily Investment Highlights

• Six one-bedroom, one-bath apartments
• Approximately 942 square feet per apartment on average
• 100% leased
• Roof replaced in 2021
• Asking price: $600,000, or $100,000 per unit

Spacious Apartments with Original Character

The apartments feature hardwood flooring, French pocket doors between principal rooms, bay windows, and radiator heat. Their generous layouts offer approximately 942 square feet per unit.

Current Rent and Projected Returns

The current rent roll totals $5,415 per month, or $64,980 in annualized gross rent. Average rent is approximately $902 per unit per month. These figures describe gross rent, before operating expenses.

The offering uses a $1,000 monthly one-bedroom market rent assumption. Compared with current rents, that assumption suggests potential income growth as units turn over.

• Year 1 pro forma cap rate: Approximately 4.9% at current in-place rents.
• Potential cap rate: Approximately 5.9% if turnover units achieve the offering’s market rent assumption.

Both cap rates are projections. The offering identifies leases for Units 2N, 3N, and 431 as rolling within its next 12-month period. Request the current rent roll and lease dates to evaluate that timing.

Management and Operating Opportunities

Tristate Property Management, LLC manages the building. It also manages nearby RG Realty-listed properties at 400 N Potomac Street and 424–426 N Locust Street. Together, these properties may offer buyers opportunities to coordinate management and maintenance.

Ownership currently pays all electric, gas, water, sewer, and trash costs. Buyers can evaluate utility sub-metering or a ratio utility billing system as potential operating changes. Any implementation would depend on applicable requirements and lease terms.

In addition, laundry or off-street parking could provide future income if feasible and available. The current operations do not include these potential income sources.

Hagerstown Location

The property sits in an established residential area near downtown Hagerstown. Access to I-81 and I-70 connects the region with Baltimore, Washington, D.C., and the broader Mid-Atlantic corridor.

Healthcare, logistics, financial services, and manufacturing contribute to the regional employment base.

Request the Financial Package

Contact Roberto Gonzalez for details about this six-unit multifamily investment. The financial package, current rent roll, and showing instructions are available upon request. Review the income, expenses, and lease schedule as you assess the property.

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