SOLD - MultiFamily
RG Realty Inc.
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265-267 S Prospect St The subject is located within the Hagerstown multi-family market and the Downtown/Maugansville multi-family submarket for statistical purposes.
Zoning – RMED (Residential Medium Density) with Historic Overlay according to City of Hagerstown. The use category permits multi-family dwellings. The subject represent a legally conforming use.
265-267 S Prospect St This 3 stories all brick building with spectacular curb appeal and with plenty of upside potential, located in a quiet suburban street near City park and features 8- One bedroom units, approximately 510 Sq. Ft. each. All units are separately metered for electric, There is a functional and adequate floor plan with ample closet space. Coin operated laundry facilities are available at the rear lower level of building. Lead Certificates & City Inspections are available upon request.
The property has been professionally owned and operated. The property is well maintained making it a strong opportunity. The apartments maintain historically high occupancy with quality tenants, leasing rates haven’t raised and are still approx. $100-$150 below market, offering room for upside without additional CAPEX.
The property enjoys the close proximity to the popular Art & Entertainment District in Hagerstown and in walking distance from the new University of Maryland, the new Public Library and the new Maryland Theater. Property offers Easy Access to Major Traffic Roads
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