SOLD - MultiFamily
510 E Washington St, Hagerstown MD This is a rare investment opportunity to secure a stable and successful income with this 16 unit garden style apartment complex featuring on-site laundry. The property was built in 1973, and is composed of 14 large 1BR apartments approximately 675 sq.ft and 2 Studios, off-street parking spaces as well as an unbeatable location. The property is located directly across the municipal Golf Course on a spacious lot, giving it a quaint and uniquely private feel. The property is well maintained making it a strong opportunity. 510 E Washington St, apartments maintain historically high occupancy with quality tenants, leasing rates haven’t raised and are still approx. $100-$175 below market, offering room for upside without additional CAPEX In garden apartment communities across the country, the average rents are rising quickly and occupancy rates are high. “It’s a really attractive type of development to own and operate.
Garden apartment communities are performing much better even though many of them are older properties in less desirable locations. The demand for these units is strong because they are often the best housing available at their price point.