UNDER CONTRACT $3,475,000 - Apartments, Multi Family
1306 Potomac Ave, Hagerstown, Md
1306 Potomac Ave, Hagerstown, Md- RG REALTY INC. as exclusive agent is pleased to present the unique opportunity to acquire the Potomac Living Center a 40-unit garden style three-story classic brick residential apartment complex located in a quiet suburban street, comprised of two (2) two and three story masonry apartment buildings originally constructed in 1954. On a total lot size of 2.090 Acres or 90,866 square feet, the buildings are in close proximity to each other. This allows for a single management team to lease and maintain the property. It is currently configured as a 40-unit apartment complex containing eight (8) studio units, eighteen (18) one-bedroom/one-bath units, and fourteen (14) two-bedroom/one-bath units. Each studio unit contains a central living area, a kitchen area, and a full bathroom. Each one-bedroom unit contains a living/dining area, a kitchen area, a bedroom, and a full bath. Each two-bedroom unit contains a living/dining area, a kitchen area, two (2) bedrooms, and a full bath. Total gross building area is approximately 32,814 square feet according to tax records. The subject garage units, located along the rear alley of the subject property, are constructed of block with shingle roof. The subject property includes a total of twenty (20) garage/storage units arranged in two (2) blocks of ten (10) units each. the complex also features a Centralized stairwells and a small laundry facility in each building.
The apartments are spacious and well designed with most having been upgraded in the past, undergone renovations of the interiors and the entire exterior.These renovations included replacing all windows, replacing over 30,000 square feet of wood flooring, replacing all drain lines, updating/repairs to all electrical systems, updating of laundry areas, installation of new plumbing lines, replacement of all exterior and unit entry doors, replacement of stairway treads, landscaping, replacement of garage unit doors, and significant roof repairs. Renovations are substantially completed. currently all units are rented and with opportunity to raise rents without any improvements.
The property includes no dedicated on-site parking for the residential units, as there is no surface parking lot, and the garage units are leased separately. However, ample street parking is available in the surrounding area.
- All Brick
- All new Replacement Windows
- Desirable Community
- Fully Occupied
- Fully separated/metered electric
- Good access to essential support services
- Great Rental History
- High Traffic Count
- Higher quality construction
- highly visible location
- New Replacement Windows
- New Roof
- Newer Roof
- North End
- Off Street parking
- Separated Electric Service