SOLD $575,000 - Commercial, Multi Family
40 E Washington St, Hagerstown, MD 21740, USA
VALUE-ADD OPPORTUNITY to acquire a downtown Mixed Use 16 Unit mid-rise garden-style multifamily building, comprised by 14 residential and 2 commercial units, fully separated electric by baseboard heating, two separated deeds, 2 separate buildings.
The property is a historic, four story, apartment building located on the south side of East Washington Street, east of Potomac Street and west of Locust Street within central business district of the City of Hagerstown in Washington County, large brick, retail apartment building containing 12, 626 square feet and housing a total of 14 apartment units and two commercial units. This circa 1900-built structure is also known as “The DCS Properties” and has been utilized as apartments for many years. The apartment unit mix includes all two bedroom/one bathroom units in two styles. The building also has hallways. There are approximately 9 on-site parking spaces provided, On-street parking is also available along East Washington Street. Additionally, the subject is located across the alleyway from the 202-space South Potomac Street public parking deck. Remodeled in early 1990’s and renovated in mid-2000. There are two entrance ways along the East Washington Street frontage: the main entrance to the upper floors is in the center of the building frontage and leads to the stairway to the upstairs apartments, and two entrances on either side of the main entrance lead directly into the two commercial units. Hagerstown is the 6th largest city in Maryland, located in the western part of Maryland. Hagerstown is within a historic district. Many of the buildings in the city were built between the late 1700’s and 20th century. Hagerstown is 50 miles away from Washington DC and just over 60 miles to Baltimore. Market vacancy rate is about 4% and rent growth typically averaging slightly over 2%. There has been very little new multi-famiy development in the area since 2016.
The Multi-family real estate investment is the process of acquiring properties that provide housing for many diverse families . Unlike investing in a single residential home that you rent out to a single individual or family, multi-family buildings have several separate residences . Multi-family buildings ranges from a two unit duplex to a Mid-rise garden style or a huge apartment complex , but regardless of the size,these types of properties can be an amazing investment so long as you know what is involved with finding a property and understand the need of being a good landlord. It is usually the most cumbersome domains of Asset Development, Finance, Management & Financial Earnings for any individual, agent, investors and property sellers or even a bank or a financial institution. With financial pundits & experts extolling the features of a good asset for financial wealth, real estate project or marketing is now playing an ever-growing role for today’s financial health & results.
Call Roberto Gonzalez today at 301-991-0207
- All Brick
- All Brick Corner Building
- All new Replacement Windows
- Downtown Hagerstown
- Fully separated/metered electric
- Good access to essential support services
- Great Visibility
- highly visible location
- Historic District
- Many possible uses
- Near City Park
- New Replacement Windows
- Off Street parking
- Retail Exposure
- Separated Electric Service
- Zoned CCMU