345 N Potomac St,HAGERSTOWN, MD 21740
HAGERSTOWN, MD 21740
Description
Presenting a distinctive seven-unit residential investment property located at 345 N Potomac Street in Hagerstown. The offering includes a substantial historic brick building containing six apartments, together with a separate two-bedroom cottage located at 3 W North Avenue. The main building offers approximately 8,093 square feet and sits on a prominent 19,090 square foot corner parcel with strong street presence, paved parking, garage and storage space. The six-unit building consists of one two-bedroom apartment, four one-bedroom apartments, and one three-bedroom apartment. Five of the six units are currently occupied, producing approximately $6,025 per month in existing rental income. The current market rent indicated for the main building is approximately $7,125 per month, providing immediate upside through the lease up of the vacant one-bedroom unit and continued professional management. The separate cottage contains two bedrooms and one bathroom and is presently vacant. Its indicated market rent is approximately $1,750 per month, creating another meaningful opportunity for a purchaser to increase income shortly after acquisition. Based on the current rent roll, the property generates approximately $72,300 in annual in place rent, with total projected market rent of approximately $106,500 annually once the vacant apartment and cottage are leased. The combination of existing income, two available units, varied apartment sizes, off street parking, garage and storage areas, and a recognizable historic brick exterior makes this a strong value add opportunity for an investor seeking scale in the Hagerstown rental market.
Details
| MLS # | MDWA2038736 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Year | 1940 |
| Days On Site | 85 |
| Listing Provided By | RG Realty, Inc. | Roberto G. Gonzalez |
Features
| Units | 6 |
|---|---|
| Zoning | RO |
| Acreage | 0.44 |
Interior
| Cooling | Window Unit(s) |
|---|---|
| Heating Yes / No | Yes |
| Heating | Steam |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Garage Yes / No | No |
|---|
Taxes
| Tax Annual Amount | 5218 |
|---|
Area Information
| State | MD |
|---|---|
| County | WASHINGTON MD |
| City | HAGERSTOWN |
| Zip Code | 21740 |
| Area | WASHINGTON MD |
| School District | WASHINGTON COUNTY PUBLIC SCHOOLS |
| High School | NORTH HAGERSTOWN |
| Listing VS Median (in 21740) | |
Price: $799,000 low | high Med: $289,995 On site: 85 low | high Med: 127.5 | |
Market Activity 21740
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Learn More About This Property
| State | MD |
|---|---|
| County | WASHINGTON MD |
| City | HAGERSTOWN |
| Zip Code | 21740 |
| Area | WASHINGTON MD |
| School District | WASHINGTON COUNTY PUBLIC SCHOOLS |
| High School | NORTH HAGERSTOWN |
| Listing VS Median (in 21740) | |
Price: $799,000 low | high Med: $289,995 On site: 85 low | high Med: 127.5 | |
