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$ 8,900,000
Est. payment | /mo
62,706 SqFt
$ 8,900,000
Est. payment | /mo
62,706 SqFt
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 62,706 sqft
Price per Sqft $141
MLS Listing ID MDWA2025850
Originating Board BRIGHT
Year Built 1954
Annual Tax Amount $47,216
Tax Year 2024
Lot Size 4 Sqft
Property Description
Welcome to a timeless multi-family community that blends mid-century character with modern enhancements. Built in 1954, on a 4.414 acres lot. this vintage complex comprises 66 thoughtfully designed units: 19 one-bedroom and 47 two-bedroom apartments, plus one additional unit allocated for office use (not included in the residential analysis). Each residential unit is equipped with a full bathroom featuring a tub with shower, sink, and toilet, all complemented by ceramic tile flooring. Fixtures have been updated on an as-needed basis, ensuring comfort and functionality.
The property features two large buildings, divided into nine distinct sections with unique rooflines and entrances, adding architectural charm best appreciated from an aerial view. A central foyer, stairwell, and common corridor on each floor enhance accessibility, while laundry facilities on the basement level add convenience. The grounds include a paved parking area with 46 designated spaces and a state-of-the-art 24-hour video monitoring system, ensuring tenant security.
Situated in a vibrant yet serene community, the location is second to none. The property is near the Longmeadow Shopping Center, anchored by the Amish Market, and Stone House Square, featuring big-box anchors like Lowe’s and Weis. Both retail hubs are within walking distance and flank SR 60, north of Northern Avenue. Nearby, the prestigious Fountain Head Country Club—established in 1924—adds a touch of opulence to the area with its golf course winding through an enclave of upper-bracket homes. Across the highway lies a newer office facility hosting JLG Industries, an expansion of the office sector in the north end.
Proposed development plans include utilizing two acres of land fronting Northern Avenue for two potential commercial pads, further enhancing the area’s growth prospects. The property's proximity to these amenities and its strategic position north of Hagerstown's city limits, characterized by modern subdivision-style developments, add to its appeal.
Since acquisition in 2017, over $1.5 million has been invested in updates, including freshly painted units, refinished hardwood floors, new light fixtures, and upgraded kitchen flooring. Common areas have been revitalized with modern touches, from the foyer and stairwells to the laundry facilities. The central boiler, replaced in 2012, provides efficient gas heating for the entire complex, while tenants independently manage air conditioning via window units.
With tenants paying their own utilities through a Ratio Utility Billing System (RUBS), this property offers an attractive value-add opportunity. A proactive leasing strategy has significantly reduced vacancies, positioning the property as a desirable and profitable asset.
Schedule a private tour today to explore this unique blend of vintage charm, modern amenities, and prime location. Don’t miss out on this exceptional investment opportunity.
The property features two large buildings, divided into nine distinct sections with unique rooflines and entrances, adding architectural charm best appreciated from an aerial view. A central foyer, stairwell, and common corridor on each floor enhance accessibility, while laundry facilities on the basement level add convenience. The grounds include a paved parking area with 46 designated spaces and a state-of-the-art 24-hour video monitoring system, ensuring tenant security.
Situated in a vibrant yet serene community, the location is second to none. The property is near the Longmeadow Shopping Center, anchored by the Amish Market, and Stone House Square, featuring big-box anchors like Lowe’s and Weis. Both retail hubs are within walking distance and flank SR 60, north of Northern Avenue. Nearby, the prestigious Fountain Head Country Club—established in 1924—adds a touch of opulence to the area with its golf course winding through an enclave of upper-bracket homes. Across the highway lies a newer office facility hosting JLG Industries, an expansion of the office sector in the north end.
Proposed development plans include utilizing two acres of land fronting Northern Avenue for two potential commercial pads, further enhancing the area’s growth prospects. The property's proximity to these amenities and its strategic position north of Hagerstown's city limits, characterized by modern subdivision-style developments, add to its appeal.
Since acquisition in 2017, over $1.5 million has been invested in updates, including freshly painted units, refinished hardwood floors, new light fixtures, and upgraded kitchen flooring. Common areas have been revitalized with modern touches, from the foyer and stairwells to the laundry facilities. The central boiler, replaced in 2012, provides efficient gas heating for the entire complex, while tenants independently manage air conditioning via window units.
With tenants paying their own utilities through a Ratio Utility Billing System (RUBS), this property offers an attractive value-add opportunity. A proactive leasing strategy has significantly reduced vacancies, positioning the property as a desirable and profitable asset.
Schedule a private tour today to explore this unique blend of vintage charm, modern amenities, and prime location. Don’t miss out on this exceptional investment opportunity.
Location
State MD
County Washington
Zoning RH
Interior
Hot Water Natural Gas
Heating Central
Cooling Window Unit(s)
Heat Source Natural Gas
Exterior
Garage Spaces 46.0
Water Access N
Accessibility None
Total Parking Spaces 46
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
Middle Schools Northern
High Schools North Hagerstown
School District Washington County Public Schools
Others
Tax ID 2221010731
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
Listed by Roberto G. Gonzalez • RG Realty, Inc.
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Tim Fisler
REALTOR®