SOLD $2,300,000 - Apartment Building, Commercial, MultiFamily, Retail Pads
Diverse Commercial Real Estate Portfolio in Hagerstown: Integrating Residential, Office, Warehouse, and Retail Spaces” Don’t miss this extraordinary investment opportunity, featuring a comprehensive portfolio of 23 fully leased units across four parcels with a dynamic mix of residential, commercial, and a fast-food restaurant space. This unique collection offers a blend of 11 residential apartments, a commercial storefront, 3 detached cottages, 3 brick townhouses, a commercial Flex property with warehouse space, and a partially equipped drive-thru restaurant. Each component of this diverse portfolio contributes to a robust and versatile investment landscape, promising significant growth and value addition potential.
This Diverse Commercial Real Estate Portfolio offers a prime investment opportunity, poised for significant growth and value enhancement. Strategic rent adjustments and improvements can substantially increase its value and income. Its diverse unit mix, full occupancy, and location in a high-traffic area ensure stability and a broad tenant appeal, promising long-term success and stable income.
Total Units: 23, encompassing a diverse mix of residential, commercial spaces, and a drive-thru restaurant, each contributing to the portfolio’s appeal and income potential.
– Residential and Commercial Mix: Central to this portfolio is a two-story building with 11 apartments and a commercial storefront, plus 3 detached cottages, making up 15 units. Enhanced with ample storage, a rear garage, and private parking, the property ensures tenant convenience. Central air and separate electric meters in each unit offer comfort and efficiency.
– Expansion and Diversity: Adding to the portfolio, a row of 3 occupied brick townhouses on Baltimore St contributes an additional 5,000 sq ft, increasing the unit count to 18. This expansion not only diversifies the portfolio but also opens up new opportunities for value enhancement and income growth.
– Drive-Thru Restaurant: Complementing the portfolio is a drive-thru restaurant on an adjacent parcel, featuring 2 drive-thru windows, outdoor seating, a pylon sign, walk-up service, and extra dry storage with two curb cuts, perfect for any fast-food chain, increasing the unit count to 23.
– Additional Combination Unit: Newly added is a combination of a 4-unit complex, including a 3,250 sq ft warehouse, a smaller 1,500 sq ft warehouse, 1,100 sq ft of office space, and a large 1-bedroom apartment, rounding the total unit count to 23. This addition further enhances the portfolio’s multifaceted investment appeal and growth potential, now with even more diversified space suitable for a variety of uses.
Investment Highlights
– Prime Location: Positioned in a prime area with R1 zoning, the portfolio offers ample opportunities for strategic rent increases and operational improvements, enhancing its value-add potential.
– Value-Add Opportunity: The long-term occupancy of most units without recent rent adjustments presents a ripe opportunity for revenue growth across the residential and commercial spaces.
– Comprehensive Offering: With over 15,000 sq ft of combined space, this portfolio not only provides diversified income streams but also sets the stage for long-term investment growth and scalability.
